Quote from Clubber Lang:
The teachers union is the reason the country's public schools are a disgrace. Like all public unions, they protect the stupid and incompetent.
I agree unions have outgrown their usefulness, especially since we now have a service-based economy (not accurately calculated in any gov't statistics, btw).
The irony is that we wouldn't get to enjoy all the wonderful tech toys and other advances we've experienced since WWII without pension fund money being funneled into VC funds and all various financial markets/products...
Now we're seeing the downside of the Union system - Unions have priced it's workers out of the job market and US culture it helped create..
Consumers demand higher quality, innovative products at increasingly lower price points. You can't manufacture an iPhone, iPad, smart phone, Blu-Ray Player, household appliance, clothes, or any other mainstay of modern US society by paying the blue-collar workers $50/hr plus overtime, benefits, pension contributions, workers comp, and payroll taxes.
Consumers can't and won't buy the products at a higher price point in the volume needed to overcome past R&D, capex, employee expenses, and future R&D.
Andy Kessler explores these ideas in one of his books - Eat People
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