Factories Lose 2,000 Jobs in September

From the AAM

Manufacturing employment dropped in September, with the sector losing 2,000 jobs, the Bureau of Labor Statistics reported on Friday. Motor vehicles and parts saw 4,100 lost jobs, while computer and electronic products gained 3,800 jobs.   

Meanwhile, new trade figures showed that the overall goods and services deficit hit $54.9 billion in August, up $0.9 billion from July, while the goods deficit with China reached $28.9 billion.

Alliance for American Manufacturing President Scott Paul said:

September was a lousy month for factory jobs. While many pressures may have contributed to this month's employment decline, one thing is becoming more clear: Manufacturing is weak right now.

There are a couple of policy shifts that could help strengthen the sector. First, passing a robust new investment in our nation’s infrastructure. Second, reconsidering the merits of an overvalued dollar, which is hampering our exports. Third, a final trade agreement with China that will rein in its massive industrial overcapacity and subsidies, and provide our businesses and workers with more certainty and a better playing field.

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No Such Thing as Good Greed

No Such Thing as Good Greed

Union Matters

America’s Wealthy: Ever Eager to Pay Their Taxes!

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

Why do many of the wealthiest people in America oppose a “wealth tax,” an annual levy on grand fortune? Could their distaste reflect a simple reluctance to pay their fair tax share? Oh no, JPMorganChase CEO Jamie Dimon recently told the Business Roundtable: “I know a lot of wealthy people who would be happy to pay more in taxes; they just think it’ll be wasted and be given to interest groups and stuff like that.” Could Dimon have in mind the interest group he knows best, Wall Street? In the 2008 financial crisis, federal bailouts kept the banking industry from imploding. JPMorgan alone, notes the ProPublica Bailout Tracker, collected $25 billion worth of federal largesse, an act of generosity that’s helped Dimon lock down a $1.5-billion personal fortune. Under the Elizabeth Warren wealth tax plan, Dimon would pay an annual 3 percent tax on that much net worth. Fortunes between $1 billion and $2.5 billion would face a 5 percent annual tax under the Bernie Sanders plan.

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