The Massachusetts economy, which had been expanding faster than the national average, thanks largely to the state’s strengths in technology and medical research, is now barely growing at all because of economic problems around the world, according to a group of nearly a dozen local economists.
The MassBenchmarks panel reported Thursday that the state’s economy has slipped into “lower gear” because of the European debt crisis, slower growth in China, reduced US business investment in technology, and growing uncertainty in Washington over the future of taxes and budget spending.
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One of The obvious reasons that Massachusetts economy is stalling is that large firms in one of our biggest industries, the financial Services Sector, are actively sending thousands of Massachusetts jobs to INDIA, and Mayor Menino of Boston, and Mayor koch of Quincy are helping these firsm achieve their goals by giving firsm like State Street Corp huge tax breaks and remaining silent about the "liquidation" of financial services indsutry jobs by the likes of State Street Corp and JP Morgan Chase.
The jobs that State Street has sent over to INDIA in the last three years and is continuing to send to this very day, almost 1200 from North Quincy, by my count - I worked there for 14 years, are perfect for recent college grads the are NOT IT JOBS, but Fund Accounting, IRS/SEC Compliance, Financial Reporting, Custody controller jobs. Mayor Menino basically provided State Street with an $11.5 million tax break that is now actively being used to train INDIAN nationals at the John Hancock Tower to take Massachusetts Jobs and return to INDIA with.
If you are a parent and a tax payer in the City of Boston, which I am, you aught to be otraged that your tax dollars are being used right now by Jay Hooley and Allen Greene of State Street Corp to train Indian nationals to take jobs that your kids might have had when they graduate from College.
If this outrages you too, contact Mayor Meninos office and give him an earful, contact Barney Frank and tell him that you demand State Street Corp ENDS its Joint Venture or "JV" as they call it, with SYNTEL Corpof TROY MI, and you can call Mike Cpuano, and Senator Kerry and demand the same. We as Boston residents and American citizens must continue the fight to protect the future of our children, even if the people we have elected to do- will NOT....
http://www.wgbh.org/programs/Greater-Boston-11/episodes/July-19-2012State-Street-outsourcing-40276
1.3% GDP - we are heading abck into a recession thanks to Obama
Employee loyalty prevents Mass. employees from finding jobs in the new jobs market.
Employee loyalty arrests employment in the job market. As businesses, higher education, states, counties, cities stumble through the recession some are in a phase of creative disassembly. University of California Berkeley Chancellor Robert J Birgeneau ($450,000 salary) and his $23 million outside OE consultants fire 2,200. Inefficiencies created by Chancellor’s leadership called “savings”. Birgeneau stops ‘OE’ from examining Chancellor’s operations for inefficiencies. Birgeneau doubles instate tuition.
Yet many cling to an old assumption: the implied, unwritten management-employee contract. Management promised work, upward progress for employees fitting in, employees accepted lower wages, performing in prescribed ways, sticking around. Longevity was good management-employee relations; turnover a dysfunction. None of these assumptions apply in the 21 century economy. For profits and not for profits can no longer guarantee careers, even if they want to. Managements paralyzed themselves with “success brings successes” rather than “successes brings failure’ and are now forced to break the implied contract with employees – a contract nurtured by employers that the future can be controlled.
Jettisoned loyal employees however are discovering that hard won knowledge, skills earned while loyal are no longer desired in employment markets. What contract can employers, employees make with each other?
The central idea is simple, powerful: a job is a shared partnership.
Sustained employability in the 21st century Mass. economy is security. Are you employable in the new Mass. job markets?