MACY'S CLOSES HQ
Get ready for more
Let me offer my sympathy to the families who will be affected by the layoffs of the Macy's "consolidation." The slowing sales in recent months are blamed for the layoffs. Reductions of this size haven't been noted since the layoffs at the Ford plant in St. Paul. Actually, the union I have the honor of representing is currently trying to reemploy over 700 electrical workers, some who have been unemployed for over a year.
The construction industry has been experiencing layoffs for years. If the construction workers (union and nonunion) were working, they'd spend -- and pay taxes -- contributing to the economic well-being of the businesses in the state. Many of those workers would have jobs if the jobs bills had not been vetoed by the governor.
If more jobs were created in this state, maybe more people could purchase goods at Macy's and other stores. If I remember correctly, if people are working, they spend money. If people aren't working, the economy doesn't move. If unemployment continues to rise, and revenues fall, then tax increases will be felt on the employed. How else will the state raise revenues?
If you are employed or unemployed, consider expressing your thoughts to the Legislature as it convenes next week. Jobs drive the economy, which drives business. If the governor and Legislature can't agree, then the construction industry, Macy's and Ford won't be the only industries or businesses making headlines.
STEVE CLAYPATCH, MINNEAPOLIS;
BUSINESS MANAGER, IBEW LOCAL UNION 292
subprime loans
Played for suckers
The Feb. 5 letter "Blame the borrowers" is rife with arrogance and ignorance. I've been the recipient of a subprime loan, and I'm proud to say that I've kept my end of the bargain. But I could talk for hours about the personal abuses my wife and I endured through the process, not the least of which was a detestable bait-and-switch at closing. But in the end we had no choice but to take the loan; the "switch" still represented a step up from the ARM terms we had with our previous loan.
From my perspective, "subprime loan applicant" is really code language for "sucker" in the mortgage-lending industry.