LyrArc Article Gist
Ron Bloom is an investment banker who went to work for the Steelworkers Union, and helped to restructure the steel industry, at the same time he has helped ensure that workers were fairly represented and had the expertise to match the steel companies in negotiations.

LyrArc Article Gist
"Progressive" is a misused word, people are just interested in the words "decent," "fairness," and "Christian" from the color of the heart.  It is just how Republicans see the contest for the US Senate  that reveals their sense of priorities for the Nation.The main concerns of Republicans, old traditional Republicans shown here in this WSJ Editorial are that somehow gains on the US Supreme Court could be reversed with retirement of Alito and Thomas in their seventies, and fears of the same policies that set up Medicare and Social Security- following the changes of the Industrial Revolution and dismal factory conditions and wages at the turn of the century- under Republican Teddy Roosevelt  (the incipient changes), Woodrow Wilson an academic from Princeton, and Franklin Roosevelt. A new version of old Tory politics still exists in the US. It is these industrial conditions rewritten with work safety laws, workmen's compensation, first 54 in 1918 after the Triangle Factory Fire,  then 40 hour week, unemployment insurance, worker union rights for fair negotiations on wages, that made the US a strong manufacturing nation and Industrial power, creating the synergies for worker contributions combining with technologies, managerial skills for a decent standard of living that surpassed all other nations. It is this achievement that was put at risk in the 21st century by shipping factories overseas and thoughtlessly sending the technologies with it, which happened under a series of administrations since the 1980's Reagan, Bush, Clinton, Bush Jr., Obama and Trump. Done thoughtlessly and recklessly. And the wars that started with president Reagan in Iraq/Iran/Afghanistan that diverted the two trillion dollars that would have rebuilt America's aging infrastructure. Biden was the first president to have a clear focus on the changes needed to rebuild infrastructure and manufacturing, technologies and science, and rural America, in a concerted push that has made gains that surpass any that exist in Europe or China. Restoring the US economy to No. 1. Harris in her own way offers the pieces of the puzzle to reverse the pandemic induced cost of living increases that complement the work of president Biden in 2024, continuing the work of rebuilding infrastructure and manufacturing for leadership in the world.     ...

LyrArc Article Gist
Germany's president Steinmeier is emerging as a key figure in the current effort to form a majority government in Germany under chancellor Merkel, reports Griff Witte in the Washington Post. This is because the FDP under Lindner with 11% of the vote has pulled out of the coalition talks, and the only alternative is for the SPD to change its position and agree to join the talks. Under Schulz the SPD has for 2 months turned down any effort to join the coalition talks. Partly because the SPD has not done well in recent elections and lost some of its worker base support. Some in the SPD have blamed this on the previous coalitions with the CDU party of Merkel. Steinmeier is a leader from the SPD who was foreign minister in the previous coalition of the CDU-SPD, and has greater influence on the SPD.  Steinmeier has pushed all parties to make another effort. This includes the SPD and Schulz now says the SPD shoulders "a responsibility to the country." After some prodding by Steinmeier and a 8 hour party meeting the SPD now says it will not say no to the talks. One SPD leader, a former mayor of Munich, says the SPD should be careful about what it says because we don't want to sound like "an agitated heap of chickens." In that case Schulz may step aside. ...

LyrArc Article Gist
Faces of ordinary Argentines in Buenos Aires, as Argentina faces high inflation following a devaluation of the peso by 17% in early 2014. Argentina has faced recurring crises of devaluation of the currency and high inflation, in 2001 and a decade earlier under president Alfonsin, and in periods stretching back to the period after independence from Spain. Brazil had recurring bouts of inflation and devaluation of the currency which was followed by a buildup of foreign currency reserves during the recent boom in commodity markets. This has helped Brazil keep inflation under control, better than the situation facing Argentina with much smaller currency reserves.

LyrArc Article Gist
Many Italian university graduates lack proficiency in foreign languages or computer skills. Lack of on adequate on the job training programs compounds the problems as graduates are not able to pick up the skills at work. This discourages hiring of new graduates, especially graduates outside of engineering and technical areas. Technical graduates face another problem- the slow level of technological improvement and application in Italian business relative to Germany or the UK. R&D spending in Italy is only 0.7% compared to 1.4% in France and 2% in Germany, according to the OECD. Only 41% of Italian university graduates work in specialized areas, 44% in Spain, compared to 60% in the UK and Germany. Being overqualified is common for young people, or lacking other business type skills with a overemphasis on the humanities.

LyrArc Article Gist
The Samaras government cuts some government perks including one that gave public sector civil servants 6 days of computer leave for spending more than 5 hours a day in front of a computer.

LyrArc Article Gist
About 9% of the total taxes in Texas and Louisiana for fiscal 2013 are from severance taxes for extraction of oil and gas, according to Nelson Rockefeller Institute of Government. For Alaska this is 78% and for N. Dakota 46%. A prolonged oil slump will reduce growth in the oil producing states including Wyoming and Oklahoma. Rainy day funds in N. Dakota and Texas will help meet spending for the next 2 years.

LyrArc Article Gist
As inflation is down by half to 4% in the US in May compared to 2022, and down to 6.1% in the European Union, inflation in the UK is stuck close to 9% in May 2023. Changes in government, with three prime ministers in three years and lack of policies that will adequately protect workers and families under the Conservatives, leave the British people facing a cost of living crisis.

LyrArc Article Gist
In a sign of the low returns in the past year for pension funds, the 896,000 California teacher retirement pension fund CALSTRS, shows returns for year ending June 30, 2016, at 1.3%. Half of the holdings of CALSTRS are in U.S. and global stocks with returns of negative 2.3%. Real estate provided return of 11% but overall the returns were low. Over 10 years the returns of CALSTRS are now at 5.6%. The California Public Employees Retirement System (CALPERS), says its returns on its investments were 0.6% for the past year. With large retirement obligations pension funds in the U.S. face real challenges in this low return environment. Private equity investments of CALSTRS had returns of 2.9%, also lagging behind.

LyrArc Article Gist
As the economy improves in Mexico a new optimism brings people from other countries to Mexico. Government figures in th U.S. and Mexico show as many Americans going to Mexico as Mexicans coming to the U.S., marking a new beginning in U.S. relations with Mexico.

LyrArc Article Gist
In the interests of a stable government and for rapid development in the state on an unprecedented scale the position of Chief Minister was given to a smaller party with 51 members in the Assembly of Maharashtra. The BJP party the larger party in the new coalition has 106 members in the State Assembly. Mr. Eknath Shinde was sworn in as Chief minister and Mr. Fadnavis of the BJP was made Deputy chief minister based on the understanding of leaders in the federal government in New Delhi on the best way to move Maharashtra forward as a leader in economic and infrastructure development in India. Maharashtra and the capital city of Bombay once the commercial capital of British India has a difficult history of post independence politics. With Nehru's Congress party giving way to George Fernandes trade unionism after 1967 and after 1986 a movement led by Bal Thackeray that sought to give local Marathi youth jobs preference in Mumbai. Lacking the capital, technology and the industrial expertise for development on an American scale, much of this political arrangement has failed to meet the growing aspirations of the young people of Maharashtra and of India. These reasons motivated the federal government to put more emphasis on the "karya karta" or "good worker" principle itself than on the position of chief minister. Much of the rapid development will take place under the leadership of the most competent IAS Indian civil service officers selected for the largest infrastructure projects and the leaders of Indian industry, making the old conception of chief minister redundant. The focus shifts to who can get things done to meet aspirations for Maharashtra 2030 and how it will compare with Uttar Pradesh 2030, or Tamilnadu 2030. How will Metro rail, Bullet trains and Semiconductor Parks, Logistics networks and Exports in the new supply chain the US and EU is setting up in Asia, how will all this look in the 3 states in 2030? This will become clear in 2023 as development accelerates to what India needs. ...

LyrArc Article Gist
WSJ describes the close friendship since 1994 between Dana Waldman, head of Disney, and Kamala Harris. It does not mention that Dana Walden is the granddaughter of Rose Freeman, a Jewish immigrant from Austria that is shown to be a survivor of a garment sweatshop the Triangle Blouse Factory Fire in 1911. This fire started America's labor reforms under France Perkins for safety, hours of work limited to 54  by NY law with help of Teddy Roosevelt Republican president, and New York Governors Al Smith, Franklin Roosevelt.  It also does not mention that Frances Perkins is the first woman to be appointed to the cabinet- as Labour Secretary by FDR in 1933. Frances Perkins told Roosevelt at that meeting in 1933 about her fight for labor reform for Social Security and Unemployment Insurance- "All this is really new. You know that don't you." Today Social Security and Unemployment Insurance is a bedrock for families- Republican or Democrat. People forget that Teddy Roosevelt and FDR were a Republican and a Democrat- yet both were on the side of decent conditions for workers and children, and families. Matt Walden and Doug Emhoff in the California entertainment industry knew each other years before Dana Walden, Matt Walden's wife and co-head of Disney Entertainment introduced Doug Emhoff to Kamala Harris in 1994 on a blind date. At the time Harris was District Attorney of Alameda County. Dana and Kamala became close friends. ...

LyrArc Article Gist
On BBC: See key moments video of US Liberation Day, Rose Garden April 2, 2025. DJT describes decades of inaction by previous American presidents as the US and American workers, and factory towns were looted and pillaged of their factories by other nations. At one point he said the US lost 90,000 factories and it would be impossible to put 90,000 tacks on a map to show these lost factories from cheating by other trading nations including Japan, China, Taiwan, South Korea. And use of third nations Mexico and Vietnam by China, and Mexico by Germany to ship into the US. All this stops on April 2, 2025. In this way the US which made 100% od the worlds computer chips lost an entire industry to Taiwan. It also lost its electronics industries. And its pharmaceutical industry, so that antibiotics if not imported would not be available to the people of the United States. It becomes a antional security issue when the shipbuilding industry is also gone where one shipbuilding plant in china makes more ships than all the plants in the USA. And nothing was done about this till today. DJT said there is a simple way to avoid these tariffs- make in the USA and there are no tariffs. Already Apple he says has committed to invest $500 billion in the US and Taiwan to build the largest semiconductor plant in the world in the USA. And total investments in the US now add up to $10 trillion, says DJT. ...

LyrArc Article Gist
Retirement savings of firefighters, teachers and other public sector workers in the US give returns of a median minus 4.01% in the 1st quarter of 2022. About $4.5 trillion is invested in these retirement savings in the US. The S&P 500 has returned minus 13.5% year to date through the first week of May 2022. Bloomberg US aggregate Bond Index, largely US Treasurys, highly rated corporate bonds and mortgage backed securities, returned minus 10.5%.

LyrArc Article Gist
During the presidential debates Donald Trump was asked about his proposal for a 45% tariff on imports from China to the U.S.. Trump's response was "if they don't behave." he would use this as a negotiating tactic against China. Senator Ted Cruz of Texas responded by reminding viewers of the high tariffs under Smoot-Hawley legislation that were one of the factors that created the Great Depression in the 1930's. Economist and former Federal Reserve chairman Bernanke is a student of the Great Depression, and says "it was highly counterproductive, it lengthened and deepened the Great Depression." Economist Peter Petri of Brandeis University in his study cited in this article, says that the tit for tat that starts with such a move could eventually cost the U.S. 1 million jobs. It might fix one problem the one of imbalanced trade with China his figures show, and create another huge problem the loss of markets for U.S. goods all over the world. Overall a 45% tariff would reduce U.S. merchandise imports by $383 billion and reduce U.S. merchandise exports by $658 billion, says Petri. Gordon Hanson, economist at the University of California, San Diego, who has actually shown how trade has affected different counties in the U.S., leaving some dependent on government assistance. Hanson sees this tariff as counterproductive, it makes the U.S. more self-sufficient but hurts U.S. exporters, would significantly hurt the tech boom, and reduce America's standard of living. The problem is that everybody can get into this in a tit for tat. France did this even before the Smoot Harley Act of 1938 was passed in 1930 with 60% increase in tariff on individual items, by higher tariff legislation in 1928. Close allies Canada followed quickly after Smoot Hawley increasing its tariffs, so did Great Britain. Unemployment went up significantly after 1931, worsened by weak banks and lack of support from the Federal Reserve. Trade with Mexico would come to a halt Petri shows, and the result would be more Mexicans trying to cross the border turning a relatively non existent problem of immigration in 2015 -with Mexicans preferring to remain home and net immigration dropping significantly following the 2008 financial crisis and the strict Obama policy of deporting illegal immigrants- into a real one. Trump says its just a threat, but it is likely to lead to a tit for tat response by China, then by U.S. allies, other trading partners. Consider that president Herbert Hoover opposed the Smoot Hawley bill for raising tariffs on industrial goods, and only proposed adifferent legislation reducing tariffs on industrial goods and increasing the tariffs on agricultural goods to give relief to American farmers. Politics intervened as Smoot from Utah and Hawley from Oregon, from mountain and agricultural states with a lack of understanding of how the international trading system works but as heads of two influential commmittes, the Senate Finance Committee and the House Ways and Means Committee, let politics overrride and pushed their legislation through Congress. In 1932 Smoot and Hawley were defeated for reelection, but the damage had been done, and promises of better conditions for workers and farmers never kept. A significant reason for the U.S. standard of living is that it is a leader in the global trading system. Even in 1945 and the years following the end of the war tariffs were higher in Britain and other countries. In return for this leadership the U.S. enjoys the advantages of the dollar being the main global currency, and the advantages of a world leading technological sector that has large global markets. Hanson and Autor have pointed out how imbalanced trade has hurt some counties in the U.S. This is a very real problem for workers in the manufacturing sector, as shown by elections in the midwestern states, Michigan, Ohio, Illinois and other parts of the country. The problem is compounded by the tech sector looking out for itself, the financial sector looking out for itself, and forgetting that we are all in the same boat. And that includes the Chinese who are in the same boat. China is doing a major shift in policy towards a consumer driven economy, and this needs to be accelerated for the benefit of ordinary Chinese. This makes the policy of a 45% tariff by the U.S. doubly unproductive because it hopes to add urgency to the problem of the U.S. trade deficit and manufacturing workers, but takes an approach that risks ending up damaging the global trading system by setting in motion a process that no one controls or can foresee the destination....