This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Super Committee: Failure Isn't an Option

It would be a sad day for all Americans if an organized labor group were pulling strings in Congress at the expense of fiscal stability. That is what Trumka's remarks imply. The CBO projected that Medicare and Medicaid will consume 13% of GDP by 2035, up from 5.7% in 2008. These programs are insatiable money-eating monsters. They have to be addressed in a major way before they eat the American economy alive.

Let's hope Trumka is good to his word and even convinces fellow organized labor groups to follow suit. The fewer politicians in a special interest group's back pocket, the better. In the case of organized labor, a lower profile in Washington would serve America particularly well because their entrenched interests are at odds with increasing revenue; the other half of the restoring fiscal stability problem.

Driving revenue means getting people back to work. This is a two-part problem: there are insufficient skills to fill jobs that are already available and there is a need for more jobs.

America's skills problem is an education problem. It's already known that there are poor performing teachers lingering in classrooms around the country. If there are fewer politicians in the back pocket of organized labor, the poor performers can be terminated just like they are in unorganized labor.

How many more times do we need to hear stories like this one from Washington State? Last week, a ninth grade teacher who had been caught with a mini-camera under a student's desk "settled for $16,000" and a commitment from the district not to challenge an application for unemployment benefits. This sounds like one of the Catholic Church's disastrous responses to pedophile priests.

The jobs problem? America could have access to millions of jobs if it gets involved in the global growth party happening in the developing world. To do that, there has to be fewer politicians who don't get that trade is a net jobs producer. This way the nation can get serious about negotiating free trade agreements with key economies, just like our neighbors to the north and south, the European Union to the east and our fiercest competitor, China. Guess what? The politicians who are disillusioned about free trade are the same ones Trumka has his sights on.
2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $110.51 -1.60%
FB $88.15 -1.94%
GOOG $605.84 -1.40%
TSLA $245.57 -0.86%
YHOO $32.55 2.50%

Markets

Chart of I:DJI
DOW 16,374.76 +23.38 0.14%
S&P 500 1,951.13 +2.27 0.12%
NASDAQ 4,733.4970 -16.4820 -0.35%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs