(c) 2022 Jon L Gelman, All Rights Reserved.

Sunday, December 2, 2012

The Hidden Cost of Jobs - Selling Fear

At great economic cost to taxpayers, governmental entities have desperately attempted to save jobs during the economic depression of our generation. The hidden costs to save jobs has been revealed in a story and database appearing in the NY Times today. The gamble in many jurisdictions just didn't payoff and now the taxpayers are subsidizing the costs.

"Over the years, corporations have increasingly exploited that fear, creating a high-stakes bazaar where they pit local officials against one another to get the most lucrative packages. States compete with other states, cities compete with surrounding suburbs, and even small towns have entered the race with the goal of defeating their neighbors."

Likewise, states have targeted workers' compensation insurance as a competitive giveaway incentive to industry, adding insult to injury for disabled workers, as a trade-off cost in order to save jobs. This has been an unfortunate experiment and has resulted in an unfortunately emsaculation of the entire workers' compensation benefit programs. The "giveaway," like the other governmental incentive efforts, has created more losers than winners, and and decimated workers' compensation.

Jon L.Gelman of Wayne NJ, helping injured workers and their families for over 4 decades, is the author NJ Workers’ Compensation Law (West-Thompson) and co-author of the national treatise, Modern Workers’ Compensation Law (West-Thompson).  

Read more about the "recession" and workers' compensation

Feb 23, 2009
The present economic downturn has been compared to the Great Depression of the 1930's or the recession of the 1980's. The factors that existed during those financial cycles need to be compared to the present political and ...
Nov 06, 2009
Since the start of the recession in December 2007, the number of unemployed persons has risen by 8.2 million, and the unemployment rate has grown by 5.3 percentage points." "Among the marginally attached, there were ...
Jul 21, 2009
Compounding that predicament is the fact that the recession has eliminated 6.5 million jobs since 2007. Both higher levels of unemployment and a reduction in salary increases impact have a fiscal impact of the workers' ...
May 29, 2012
The Dewey & LeBoeuf bankruptcy was a long time coming as the firm simply failed to curtail its spending and partner dividends when clients were pulling back in the face of the recession. So I don't see Dewey & LeBoeuf as ...