Saving Jobs — Losing Jobs
Assembly Majority Leader Alberto Torrico is making a valiant effort to save up to 5,000 jobs that may be lost if Toyota closes down its New United Motor Manufacturing Inc., (NUMMI for short) based in Fremont.
That’s on one hand. But on the other hand, Torrico is jeopardizing thousands of jobs in the oil industry by pushing a measure to create a 9.9% oil severance tax and funnel the money to California’s public colleges and universities.
In an effort to keep the Toyota jobs in Fremont, the bill co-authored by Torrico would exempt auto plants from sales tax on improvements and refurbishing the manufacturing plant. But, his oil severance tax bill is sure to discourage drilling in the state and lead to a depressing ripple effect in jobs related to the oil industry either directly or indirectly to those servicing the industry and its workers.. Never mind the problems for consumers of increased gasoline costs and importing more foreign oil.
County Gets Something to Chew On
The old Law of Unintended Consequences pops up in a funny way, sometimes.
It was just last year when the Los Angeles County Board of Supervisors tried to crack down on local taco trucks. But that effort had the unintended consequence of – yes – helping to create even more dining trucks.
According to an article on the front page of this week’s Los Angeles Business Journal, some local folks last year read about the dust-up over the taco trucks and apparently rubbed their chins and said, “Hmmm.” Entrepreneurial types probably cared less about the crackdown (which basically fizzled), but read more intently about the low cost of entry for operators of truck diners. And it probably occurred to them that there are other advantages for truck owners. You can drive to where the crowds are right now, for example, and you can work when you want.
Twenty-four Trillion
US Special Inspector General Neil
Barofsky, who job it is to oversee the Troubled Asset Relief Program ("TARP"),
has opined in his new quarterly report to Congress and testified before the
House Oversight and Government Reform Committee that the real, total cost of
all the BailOuts since last Fall could well exceed $24 Trillion, spread across
some 50 different efforts at relief – that’s Trillion, with a "T." Now go clean up the coffee that you
just spilled all over your computer; I’ll wait.
OK, I exaggerated: the actual
number that all the BailOuts, bank rescues and other economic lifelines could
end up costing the federal government is only as much as $23.7 Trillion. That’s $80,000 for each and every American citizen – you, me,
and that toddler riding his tricycle in your neighbor’s yard right now.