Temecula Financial Advisor Discusses Lessons on Wisconsin Labor Union Problem
Article by John Dubots
Wisconsin’s bid to take down labor unions leaves many pensioned employees in a state of limbo- and the effects could be widespread. Plans by Wisconsin Gov. Scott Walker (R) and the legislature to eliminate collective bargaining (the means used by public unions to secure pay and benefits) for most public employees could spill into other Midwest states as a wave of small-government conservatives elected in 2010 take on their Democratic rivals. The streets of Madison, WI have begun to mirror Cairo as more than 25,000 union Wisconsin protesters amassed last Friday morning in and around the Capitol to protest the governor’s plans. Earlier in the week, there had been as many as 40,000 protestors. Schools were shut down, and one rally lasted a staggering seventeen hours.
At the heart of the controversy is the employment of thousands of workers and their ability to represent themselves as a union, one they have had now for over 50 years. Losing this right could affect not only their pay, but flow additionally into benefits such as healthcare and retirement plans. Once thought to be the essence of security in America’s Heartland, current union laborers may find themselves in a position where they are forced to pay more for these coveted benefits.
This political cyclone firmly establishes the fact that in today’s economy, no one is immune to change and the “American Dream” can be threatened even for those in what were once thought to be the securest of jobs. What has become understandable is that despite of your personal beliefs or political association, the concept of “security” has forever been altered. Undoubtedly, our borders are nowhere near as secure as we’d like to assume, 9/11/2001 brought to light with crushing force the realization that we can not take for granted our individual security, the banking collapse made us crucially aware that we are not financially secure, and now the danger to collective bargaining is yet another setback to this false sense of confidence.
So where do we go from here?
As a Temecula financial advisor for over 2 decades, I would suggest that on some, if not many levels, personal responsibility must supplant our dependence upon employers for refuge. This starts with financial responsibility and active asset management. While we may not be able to fend off the outside forces of international violence or domestic threats, we can take actions to secure our personal financial “borders”. This means adequate retirement planning, intelligent budgeting, and wise financial decisions. The adage has always been that “an ounce of prevention is worth a pound of cure” and the time is now to take upon yourself responsibility and get ready for the future.
About the Author
Learn more about active portfolio management and its benefits by contacting John Dubots, Temecula financial advisor, with Dubots Capital Management. Dubots has over two decades in the industry and will provide a free consultation to answer all of your portfolio management questions.