Posts tagged Treasury Department
Court sides with Biden administration in dismissing federal employee union’s effort to eradicate debt default threat
October 20, 2023 // NAGE argued the debt ceiling should not stand for several reasons. Congress sets funding priorities, the union said, and a default scenario that requires the president to pay down some obligations and not others undermines that constitutional structure. Complying with the debt ceiling is inherently unconstitutional, therefore, unless and until Congress sets a roadmap for the exact spending schedules during a default. Similarly, the union argued, the president cannot simply cease making all payments during a default because the 14th Amendment to the Constitution prohibits the government from failing to pay its debts. The debt ceiling could place President Biden in an “impossible position,” it added, without legislative permission or constitutional authority for proceeding.
Opinion: FACT CHECK: Does Unionization Have Positive Spillover Economic Effects?
September 21, 2023 // Most notably, a 2021 Harvard University report found that right-to-work states boasted more positive spillover effects. Compared to unionized areas, right-to-work (RTW) states boast 1.6% higher employment, 1.4% higher labor participation, and 0.34% lower disability receipts. The study also found RTW laws are “associated with lower childhood poverty rates and greater upward mobility”—with “children at the 25th percentile of the parental income distribution during childhood have a 1.7 percentage point higher probability of reaching the top income quintile during adulthood if they grew up in a RTW location.” Greater upward mobility is also observed in states that give workers latitude over joining a union or not. Moreover, right-to-work laws are shown to improve the well-being of both non-unionized and unionized workers.
Trucking giant Yellow shuts down: The 99-year-old company which has almost 30,000 staff and 12,000 big-rigs ceases operations immediately
July 31, 2023 // Yellow is saddled with some $1.5 billion in debt as of late March, including $729.2 million owed to the federal government for a controversial pandemic-era loan the Treasury Department extended on national security grounds in 2020. A June 2023 congressional report concluded the Treasury Department dodged its own policies to issue the loan and the previous administration had made a mistake in doing so. In May, Yellow reported a loss of $54.6 million, a decline of $1.06 per share, for its first quarter of 2023. Operating revenue was about $1.16 billion in the period.
An Easy Fix to IRS Tax Filing Delays: Don’t Pay IRS Employees to Abandon Their Posts in Lieu of Union Work
January 24, 2022 // Ensuring that IRS employees spend tax-filing season doing their jobs rather than working for their union is a commonsense step in the right direction.