Tuesday, September 1, 2009

Dumb Labor Move

Let me start by saying that I am a Union man as was my Father and his Father before him. So despite my conservative beliefs I do believe that if it were not for Organized Labor we would all be still working for a substandard wage, on a six day schedule and have no protection from the whims of robber barons.

So I am perplexed, when the trend in this country is to having pensions funded on things like 401k and 457 funds why the AFL-CIO would join with Senator Reid to propose this little brainstorm.

The nation’s largest labor union and some allied Democrats are pushing a new tax that would hit big investment firms such as Goldman Sachs reaping billions of dollars in profits while the rest of the economy sputters.

The AFL-CIO, one of the Democratic Party’s most powerful allies, would like to assess a small tax — about a tenth of a percent — on every stock transaction.

Small and medium-sized investors would hardly notice such a tax, but major trading firms, such as Goldman, which reported $3.44 billion in profits during the second quarter of 2009, may see this as a significant threat to their profits.

What is so hard to understand. All people, blue collar and white collar earn their keep. Why is it so hard to understand that keeping Washington (this time with the help of organized labor) out of our wallets? Are you that stupid?

The rest here.

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