Newt Gingrich (and Jeb Bush): Allow voters to send their states into bankruptcy
In today’s Los Angeles Times, Newt Gingrich and Jeb Bush have double-bylined an argument for a federal law to permit state bankruptcies. From the op-ed:
“The figures for next year’s budgets are staggering. California, which faces a $25.4-billion budget shortfall, will pay $100,000+ pensions to more than 12,000 state and municipal retirees this year. A Stanford study puts the state’s unfunded pension obligations at more than half a trillion dollars. Illinois has a $15-billion budget deficit, prompting its governor and lame-duck Legislature to hike its personal income tax rate by 66%. New York, where 73% of the government workforce is unionized, is staring at a $10-billion deficit.
“…[A]s with municipal bankruptcy, a new bankruptcy law would allow states in default or in danger of default to reorganize their finances free from their union contractual obligations. In such a reorganization, a state could propose to terminate some, all or none of its government employee union contracts and establish new compensation rates, work rules, etc. The new law could also allow states an opportunity to reform their bloated, broken and underfunded pension systems for current and future workers. The lucrative pay and benefits packages that government employee unions have received from obliging politicians over the years are perhaps the most significant hurdles for many states trying to restore fiscal health.
“…[T]he new law should provide for triggering mechanisms to initiate the bankruptcy process that respect the sovereignty of the people of a state. A state legislature acting by a majority vote, with the governor, would fit this test. The new federal bankruptcy law should also allow those states that provide for the right of initiative, like California, to put the question to voters whether they support a reorganization of their state government under the U.S. Bankruptcy Code.”
A popular vote on whether to send a state into bankruptcy? Think of the TV ads.
- By Jim Galloway, Political Insider
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71 comments Add your comment
TrickleDownStupid
January 27th, 2011
2:19 pm
Isn’t it true that a few years ago, the GOP pushed through legislation that would make it harder for individuals to file bankruptcy?
Aubre Boone
January 27th, 2011
2:27 pm
The Republicans won’t be satisfied until they destroy this country and blame it on the Democrats and others who they consider enemies.
Jeff and the Camaros
January 27th, 2011
2:34 pm
To Trickle Down–you are right on!
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2:53 pm
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khc
January 27th, 2011
2:54 pm
let’s give tax breaks to wealthy and take away benefits to police and teachers….where is the shared pain and Trickledown you are so correct about repub hypocrisy
Smarty
January 27th, 2011
2:54 pm
How about TERM LIMITS for all these clowns!! OF course their pension would not be involved.
Bill
January 27th, 2011
2:55 pm
Trickle down, Indeed it is. So, if you get laid off or ill, and it prevents you from paying your bills, you are stuck. On the other hand, if politicians mishandle public money, I guess all is forgiven.
Dr. J
January 27th, 2011
2:55 pm
Four comments? Does anybody read the AJC?
Bill
January 27th, 2011
2:58 pm
This is a very thinly disguised effort to put the last nail in the union coffin. Forget about the union contracts for a minute, what about the social contract. For decades, state employees have been told that, even though we can pay them what they would make in the private sector, they had better job security, and better benefits. Now, we are ready to renege on decades of promises we made.
Certainly, there is much belt tightening that needs to be done, but we made promises to these people. Raise my taxes, please.
blue dog
January 27th, 2011
3:00 pm
Georgia state employees pensions are not bloated and the pension fund is solvent dispute Perdue underfunding it the last few years. My concern is that once states bankrupt unchallenged, it will influence our GOP majority legislature to continue this underfunding, artificially creating a crisis requiring Ga to bankrupt…all in the name of smaller government.
Jane
January 27th, 2011
3:00 pm
Let’s start by eliminating all pensions for elected officials. it’s easy for them to place blame on hardworking and for the most part underpaid government employees when they’ve lived their whole lives on the backs of the taxpayers.
Observer
January 27th, 2011
3:01 pm
Newt Gingrich is a putz.
JP
January 27th, 2011
3:02 pm
So politicians on both sides demonize people who declare bankruptcy, yet want to allow states to break their committments to their own employees. Will the states still be allowed to cut taxes for everyone?
Business Man
January 27th, 2011
3:02 pm
This is actually a really good idea. Now if they would make Congressional pensions need based, we would be talking.
crudmudgeon
January 27th, 2011
3:04 pm
The GOP has laid out there agenda quite clearly. Bust all the unions, squeeze government till it is reduced to only the military and kill off all social programs. So, here we have the majority of folks in this country that rely heavily on government for social security, Medicare, disability payments, the VA etc. voting for Republicans who want to kill off everything that supports them. I can’t understand how completely idiotic that is? AND on top of that the GO-Pee-r’s think that taking 1 trillion out of the economy by reducing government spending (in the middle of a recession that they created) will somehow help the economy? Say instead we kill off all the corporate influence and see how the economy does? Makes sense that those corporations that rob us (ie big banks, Halliburton, drug companies etc) ought to have the least infuence doesn’t it?
I believe that somehow government DID build a vast majority of the infrastructure we all enjoy. Like Universities, the interstate highways and basically all roads and bridges, NASA, Homeland Security, the Military, libraries, schools, medical research etc etc. I believe somehow we’ve gotten our money’s worth. But of course the GO-Pee-er’s would rather use all the infrastructure for free and when its time to rebuild and expand those systems they want to pull all the money away and let it all go to dust. And we wonder why our country is going to hell?
Hey, have you seen the story about small towns all over the US that are removing their paved roads and leaving them dirt? We’re reverting to third world status because we don’t want to pay for it.
Michael
January 27th, 2011
3:04 pm
They just want to bust pensions and blame labor unions (democrats). Georgia and Atlanta’s pension issues surely didn’t come from unions. Catchwords for “liberal” include democrat, gay, labor union, environmental, black, minority, trial lawyer, and California.
When they made bankruptcy laws more stingy in 2005 and stopped mortgage cramdown in 2009 they invoked the “sanctity of contract” with your credit card company and bank. Bankruptcy deform passed the house and senate easily because of bipartisan payments by the banks to both parties.
JP
January 27th, 2011
3:05 pm
“The lucrative pay and benefits packages that government employee unions have received from obliging politicians over the years are perhaps the most significant hurdles for many states trying to restore fiscal health”
Pretty typical – politicians give state workers generous pay and retirement packages, then blame them for the financial mess they are in, then job them over and take away their benefits.
Centrist
January 27th, 2011
3:07 pm
Politicians who pandered for votes are the ones who kept adding goodies to government employees contracts/pensions. The current pay rates and pension liabilities are way out of line with the private sector and ability for taxpayers to pay, so something has to give. It won’t happen voluntarily unless the unions are forced – the only way is via bankruptcy or at least the plausible threat. There are certainly possible fair ways to phase in pension changes now, but they will be a lot more draconian if this problem is kicked further down the road – which is the likely political way.
Blaming the GOP for such past largess and pointing out the most logical solution is typical of most readers here.
poison pen
January 27th, 2011
3:13 pm
Centrist, you are absolutely correct, I am against letting states off the hook for all of their poor decisions. To all the liberals out there, please be advised that it was the Dems who pander to the unions in order to get their votes, so don’t put all the blame on the Repubs.
Marlboro Man
January 27th, 2011
3:16 pm
The federal gov’t should bail them (read loan) like they did the big banks.
I sang Dixie...
January 27th, 2011
3:21 pm
Good. I hope it passes, then that cesspool named the City of Atlanta can get their pension mess straightened out. 20% of the annual revenue is spent on pensions and retirees, and that’s a crock. Enough is enough. People in the private sector don’t get pensions that often in today’s times. Something needs to be done about it now. And to those who whine about it, sometimes life isnt fair.
killerj
January 27th, 2011
3:27 pm
I have a better idea,lets do away with government taxes and install a fair tax that everyone pays from food to clothing to roads etc and get rid of the most wasteful products of all, politicians!
Truth
January 27th, 2011
3:28 pm
The pensions are too rich. The states need this to get their financial house in order. I hate it for the state workers but the math doesn’t add up.
Truth
January 27th, 2011
3:29 pm
Killerj:
I agree 100%. We need the Fair Tax immediately. Everyone needs to pay taxes. How can the state or federal government function when 40+% of the population doesn’t pay any taxes.
markie mark
January 27th, 2011
3:39 pm
@ Centrist – well stated
Rural Educaiton
January 27th, 2011
3:42 pm
Can we please dispense with this 40% don’t pay any taxes, it is not true. Everyone pays taxes in the form of sales tax, fees, ect… . We do have people who don’t make enough money to pay the minimum tax, but be also have wealthy citizens who throught the use of expensive accoutants who also avoid paying income tax. When Warren Buffett pays less tax per dollar (dividends) than his secretary does (salary) we have a problem.
Just Wait
January 27th, 2011
3:51 pm
If people would take the time to investigate, they would find that the majority of government employees are not paid the huge salaries the Republicans proclaim. Most are barely above the poverty rate. It is the few managers, directors and specialty areas that garner the bigger pay checks. It was the promise of a decent retirement that keep these people working to pick up your trash, fix your sewers, and protect your homes on the job. It was the politicians that you elected that chose to underfund the programs that are to blame. Lets put the blame where it belongs.
slk
January 27th, 2011
3:52 pm
Sure…………..just as soon as Jeb and good ole’ newt have an ofice and recieve NO pay, NO health isurance of anykind…….take rides to work(not their own),rent not own a home……..their kids won’t be able to afford school…….I guess they could flip burgers……no unemployment, not set to recieve social security………..no food stamps…..no doctor visits……..but then remember who newt is…….the one who left his dying wifes’ side……..so compassion????????????????yeh, right.
john H.
January 27th, 2011
3:53 pm
This idea of allowing states to file for a new Bankruptcy Code is a horrible idea on so many levels. The Bush legacy. California needs to raise property taxes or the Feds need to bail them out.
deegee
January 27th, 2011
3:54 pm
What happens to the state’s credit rating after it declares bankruptcy? When will they be able to float a bond again?
Isn’t this issue with the states a precursor of what’s to come on a national level? The population is getting older. We aren’t doing a good job of educating our young so that they can compete for high paying jobs. We won’t allow an estimated 10 million illegal immigrant workers a chance to become a part of the mainstream. We are doing our best to discourage educated immigrants from entering the country with our antiquated immigration system. Who do they think is going to support a large population of old people? We need more bright, industrious young people. That’s the way the world has always worked regardless of whether there was government assistance or not.
Centrist
January 27th, 2011
3:56 pm
While it is true it was (and is) the politicians who underfunded platinum pensions (and grant golden contracts), what is the solution at this point? The “raise taxes” crowd ignore how this results in less economic activity and actual revenue. At some point the bubble has to burst if it is not purposely deflated.
blue dog
January 27th, 2011
3:57 pm
Georgia is a ‘right to work state’, where employees can be fired “without cause”, as long as it was not due to “discrimination”. This includes state employees. Beginning with new hires in 1996, state employees can be fired “without a hearing”. Georgia state employees salaries are among the lowest paid in the nation…there is nothing generous about our salaries or our pensions. Employees paid 8 1/2 % of their salary to fund their pensions, then in 1982, the legislature absorbed the employees contribution in lieu of a one time pay raise…so, we still paid for a large portion of the fund out of our salaries…it is just that now we do not get credit for those contributions.
I worked for over 30 years to earn my pension…which, as I said, I was a major contributor to the funds health. Now, for the first time…I feel vulnerable…my security blanket…my pension is subject to the political whims of a few…I guarantee you these politicians are not even aware of our contributions to the fund…they think it is fully paid for out of the state’s treasury. So, it is OK to steal the money I paid into the fund…because the state refuses to pay their share of the contribution to make the fund fully solvent. I don’t know California’s funding formula…but you on this blog that think it’s OK to bankrupt our pension fund in Georgia needs to think again…we paid for most of this pension ourselves. Again, This is not California…
khc
January 27th, 2011
4:03 pm
for all you folks agreeing with newt, how bout the slate gets wiped clean for everyone…let’s take newt’s pension accrual and everybody’s 401k or company pension and social security pension …that should about do it…..
balancing the problem on one group what a truly remarkable lack of understanding of what caused the meltdown…
will top 1% be happy when they have 99%of income and wealth…..can you say french revolution
GENE MCDANIEL
January 27th, 2011
4:05 pm
Yep, come to work for us for 25 years and you can retire with a full pension. Because they spent to much on people not working, now you want to cut me loose cause you spent all the money on crap. Rule of the Thunderdome – “Bust a deal, face the wheel!” This is BS!!
Bob Walling
January 27th, 2011
4:18 pm
Hey Y’all: A Northern Boy Here. This is my first time reading your area’s paper and the your comments. WHO YA! I am glad to find people with common sense in the South (not the Mob Mentality that we have here in Arizona). I am with all of you who see the ultimate danger the Conservatives are preparing us for.
JP
January 27th, 2011
4:22 pm
Let’s make sure ALL politician’s pensions are wiped out too if a state declares bankruptcy.
atlmom
January 27th, 2011
4:26 pm
The solution is no pensions. why is that so difficult? there is a reason that companies have stopped having pensions. People should be responsible for themselves, companies should contribute (or not) to individuals’ 401ks, and let’s be done with it. This is just crazy. Whoever thought the govt could keep their hands off money – or properly fund something – forever? no, they are always going to raid someone else’s money when they have the chance, that’s what they do.
So stop with the fallacy that the govt can possibly manage a pension fund – they can’t just like large companies can’t. let’s get our act together and face reality.
No Dog in this Hunt
January 27th, 2011
4:26 pm
At the state, it takes 30 years to reach ‘full’ retirement. Not 25.
Also, when GM went bankrupt, its creditors (including the employees)ended up owning the assets and the share owners (for a state, that would be citizens) were wiped out. The leadership (elected officials)were all fired. As long as we can seize and sell of the assets of the state to replace our pensions, I am okay with it. Especially the roads. This is an odd way to achieve privitazation but as a future stockholder, I’m all for it. Tolls for everyone.
atlmom
January 27th, 2011
4:29 pm
Better yet, JP – if you don’t allow elected politicians to have pensions at all (they are ‘exempt’ from soc sec. now – where do I get that deal?) _ and have them rely on Soc sec – then they won’t really want to serve for 30 + years, they will go get a ‘real’ job!
blue dog
January 27th, 2011
4:35 pm
Atlmon
Georgia State employees paid for their pensions our of their salaries as I mentioned above. New hires beginning jan 2009, get 1/2 pension, 1/2 401K.
No Dog in this Hunt
January 27th, 2011
4:35 pm
atlmom: Until the Perdue administration, the state’s pension fund was well funded and ran smoothly. People accepted lessor pay to work for the state with the understanding that their compensation included a pension. The state has changed this for new employees by ending the pension plan but has not replaced it with competitive salaries. That is why the state had 14,000 ufilled jobs when Governor Deal took office.
Look at the advertised positions and you will see that things like food inspectors make $20,000 per year, less than $2,000 per month. Under the old plan, that person could expect a pension of $1,000 per month after 30 years of service. Under the new plan, they get $500. I bet that food inspector feels guilty for robbing the state while they keep you and your kids from getting sick.
RetiredSoldier
January 27th, 2011
4:53 pm
Folks there is no more money to bail anyone or anything out. We are over 14 trillion dollars in debt with the federal government adding another 1.5 trillion this year. This madness has to stop.
Remenber if the law is changed it can only be done if the democratic senate votes for it and Obama signs it into law. If that happens don’t just blame the republicans.
At some point sanity must come into play and stop the crazy spending or we are all doomed. Shouldn’t we expect govenment to handle their monetary affairs like you and me? Is that unreasonable?
Tosh.No
January 27th, 2011
4:56 pm
LOL, know the left right blame game would be one of the first comments. It is both Democrats and Republicans fault for these problems, not one or the other.
RetiredSoldier
January 27th, 2011
5:05 pm
Absolutely Tosh, but it has to stop.
atlmom
January 27th, 2011
5:20 pm
@no dog: i was talking about Atlanta, actually, I wasn’t aware the state was as bad, but from what i understand, they still do get soc sec too, right? But 20% of the CURRENT atlanta budget goes to pensions. I doubt the state’s budget for pensions was EVER that high.
khc
January 27th, 2011
5:25 pm
let’s end military pensions too….all federal pensions….yea, that’s the ticket
khc
January 27th, 2011
5:38 pm
atlmoron…yea they get ss too because they paid into it you da
I sang Dixie...
January 27th, 2011
6:01 pm
File Chapter 7 and start over. Stick it to the “man!”
atlmom
January 27th, 2011
6:07 pm
@khc: ATlanta employees DO NOT pay into soc sec….all I’m saying is that if atlanta screwed up so much – AND – atlanta employees don’t get soc sec – then atlanta employees are DOUBLY screwed…i.e., AT LEAST state employees ALSO get soc sec (not that that’s some comfort but still) – thanks for the name calling when I was just asking for clarification.
khc
January 27th, 2011
6:23 pm
“I wasn’t aware the state was as bad, but from what i understand, they still do get soc sec too, right?”
cannot believe you do not understand that to receive ss retirement pension, you have to pay into it….state employees paid part of their paycheck for social security/medicare, state retirement, and health insurance……just like folks in private sector…..they also got paid below market salaries for many many years in lieu of decent retirement…..and so now because political leaders & financial leaders messed up it is all the fault of some poor govt worker….give me a break…..
with that kind of logic, how bout we stop all pension payments, public and private…..you in favor of cutting all military pensions, after all, they are part of the problem too……
don’t like your attitude toward government employees, most of whom are just as hard working as you
atlmom
January 27th, 2011
6:52 pm
@khc: of course you have to pay into it. I was saying that the atlanta city employees DO NOT pay into it – which means they are dependent completely on the city, which, crazy tho it may sound, is worse than being dependent on social security (for relying on payments).
I was asking whether or not state employees were exempt from soc sec…why is that so crazy? I don’t understand…I just didn’t know…I knew that since atlanta was able to get out of social security, i thought maybe the state was able and/or they had.
The reason that govt workers are paid below market is because there is pretty much complete and total job security.
khc
January 27th, 2011
7:00 pm
ok; i’m sorry for name calling but the crack about a real job and fact that we balance the problem on back of average joes….well it just does not seem right
Col. Bat Guano
January 27th, 2011
9:35 pm
Another of Newt’s earth shaking ideas. He also proposed putting the children of welfare recipients in orphanages. One more reason this fruit loop will never be president.
vuduchld
January 27th, 2011
11:16 pm
This should be easy for you pathetic Jawjians to get used to. You already have a broke, bankrupt SOB running your state. If this passes, the repo man can bypass this maggot and collect on you pathetic souls. Your state has become the poster child for incompetence and lunacy. Bankruptcy sound like the perfect option for idiots like you.
Hamilton
January 27th, 2011
11:42 pm
Any law permitting states to dishonor their obligations should come with the poison pill requirement that they cede their charter to the Federal government and have to reapply for statehood.
Hamilton
January 27th, 2011
11:52 pm
What if we required that a bankrupt state become a federal territory — no longer sovereign. That just might dissuade the “hey, let’s make government so small that we can drown it in the bathtub” crowd.
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Booger Fling
January 28th, 2011
9:05 am
Just another way to steal from people who have paid their dues for these promised pensions. All in an effort to make people go back to work so the government can continue this slave trade they conveniently call the middle class. Without the pension, who in the heck is going to work a crummy state job?? I noticed some were refering to republicans blaming democrats. Look… as soon as people WAKE UP and see that both parties are one in the same, we will be much better off as a country. Both parties have lost touch with the American people. Unless you fork out the money for re-election, you have no voice! That’s why we are in this mess. You need to wake up!!
http://www.infowars.com
Travis McGee
January 28th, 2011
9:35 am
I agree wil Ol’ CRUMUDGEON @ 3:04P.
It boggles my mind how the average middle-class working stiff can support the Republican Party. They consistently side with the wealthy and trample underfoot the interests of the middle-class.
And, so it goes. . . .
Observer
January 28th, 2011
10:22 am
Travis McGee 9:35
They do it because the Repub Philistines wrap themselves in the flag, say they love Jeezus, and scare the hell out of the average middle class working stiff to the point where the scared masses believe their lies. The Dems are too incompetent and scared to offer opposition, especially in this retarded state. An earlier blogger mentioned the French Revolution, a mindless blood orgy but one that was started by the very things that we see today. The Philistines and the Rich Boys are too arrogant to think that it could happen here. Look at Egypt today. It could be us tomorrow. I hear the knives sharpening. I see the guillotines being dusted off. The Philistines and the Rich Boys had better keep this in mind. Take us down and we’ll take you down with us. It’s in the air. You have been warned.
Getreal
January 28th, 2011
12:38 pm
Dear Blue Dog: Check your facts. It was actually Roy Barnes and crew who decreased the employer’s contribution into the pension fund. Perdue just supported what Barnes and boys did.
khc
January 28th, 2011
2:20 pm
yea, but according to actuarial reports the pension system was actually overfunded at the time the rate was reduced; barnes could have increased benefits………perdue should have increased rate when new actuarial values revealed….but perdue should not be blamed for market crash in 2008…
rates for retirement are adjusted rarely but nonetheless they are just like rates for health insurance, liability insurance, real estate rentals, etc…..
WE have lost our way
January 28th, 2011
4:22 pm
@Khc—-Being a retired state employee with 32 years of service and working in the gold dome and around key legislators;I can tell you the current group of legislators have know idea about how state government works and they hire people to work in key positions that have been bankers,past lobbyist,ex-military,lawyers and real estate experience.To any who care about the current retirement fund;it is only funded at 83% as of 6/30/2010. In 2003/04 the Perdue Admin. did not fund the state share of contribution to the retirement fund.I have been told it was well over 750 million. I have tried to research past audits but can only verify no funds were paid.It goes back to my saying ” figures lie and liars figures” One Key note, the State Legislators have their own retirement fund separate from the employee fund. In 2010 they received a 3% cola raise, but the state employees did not get one in their retirement check. Go figure!!
khc
January 28th, 2011
4:42 pm
then there’s a good place to cut if the public demands reductions….after all between gov and legislators they are the ones (and the electorate) that should lead the way….but as some have implied to wipe out pensions of teachers and other employees like state patrol, gbi agents, prison guards, health care and social workers….well it seems we have truly lost our way
pete
January 28th, 2011
11:58 pm
gop have always used credit system, buy now pay later.Corporations should come to their aide and help them now.Since gop gave them all those tax breaks!
pete
January 29th, 2011
12:04 am
why not wipe out pensions.People that draw their social security worked hard to retire too, and were did it get them.Whats good for one is good for the other.
wild one 13
January 29th, 2011
8:21 am
As a long time state employee I find this whole thing as a sham. We work long hours, and all holidays with no extra pay. If you work overtime you only get comp time to take at your supervisors discretion. The only reason most state employee’s have stayed on the job is because of their retirement. It’s not like we make a real living. Most state employee’s that I know in my office work two jobs just to make ends meet. We are not asking for a handout or pity. We only want what we have earned, a fair wage for a day of labor, and if by chance those days add up to thirty years of work then pay me my retirement like we were promised when we were hired.
CC Rider
January 30th, 2011
8:34 pm
Hey Newt, why don’t we let the voters vote on ways to use you’re pumpkin head for a sports game. All this man wants to do is to let the people go at each other’s throats, and allow the states to lose their sovereign status through bankruptcy, instead of meeting their Constitutional fiscal responsibilities. This type of legislation would allow his rich bankster friends to turn the States into financial slaves with their huge loans from the FED Reserve printed dollars after wiping out the lifeblood of People, their Pensions that they worked hard for, and the bonds many have sacrificed to purchase so they could help out their communities. Newt you are a traitor of the highest order!
Ben Russell
January 30th, 2011
11:10 pm
I am so sick of our govt. in Washington. I hope the citizens of this country come alive and raise an unholy ruckus, until we run off all the “business as usual” politicians in office.
Lorie
January 31st, 2011
3:57 pm
Why do a lot of you think that state and federal workers make so much money. Take it from me you could earn a lot more in the private sector. They are not the reason we are in the mess we are in. They work hard for 20 years or more and deserve a decent pension. They are our teachers, policeman, garbage collectors, firefighters, etc.
Stop sending our jobs offshore and maybe you would have a good base of revenue (tax) from people who work here in the US. What are we getting for the corporations that ship job overseas. In most cases they don’t pay taxes so no revenue. Even US coporations get greater tax cuts that warrented or needed.
Brainiac
January 31st, 2011
4:43 pm
No Dog……When I retired from GaDOT 20 years ago you had to work 34 years to get full retirement. I also started paying SS when I was a 15 year-old grocery store employee. I paid for what I am now drawing as a GaDOT employee and I believe our salaries were paid out of gasolene/fuel taxes. I am 72 years old and have mixed emotions about this BIG DEAL. Personally I would be willing to take a pay cut to see the bigtime unions busted completely. They are the reason that evrything we buy has “Made in China, Taiwon, Mexico, Brazil, etc” on it.. They go on strike to get more money and more benefits and then all manufacturers,businesses, etc. have to raise the price of their products/services and raise pay for their employees or close their doors and send their employees to the UNEMPLOYMENT LINE. Some survive by sending their raw materials “out of the country” because theey can send the materials out, get them fabricated and shipped back for significantly less than they could in the USA……all because of skyrocketing salaries and benefits for our bigtime unions. Obama’s first move after his inaugeration was to pay back the unions for their help in getting him elected. Damn right I will take a paycut to see the these vultures brought to their knees..