Labor Day has been a time-honored tradition in America that is celebrated every first Monday in September.
It commemorates the struggles workers faced during the industrial revolution, when the US transitioned from an agricultural to an industrial economy. The changes were rather profound. As factories dotted urban centers, mass production of goods and services became the norm. People’s living standards increased to unprecedented levels.
Though like any other period of mass innovation, industrialization came with massive costs. These negative effects manifested themselves in the form of pollution, worksite accidents, the employment of child labor in hazardous environments, and general overwork.
In response to these troubling developments, labor unions emerged to hold Big Business accountable. Unions organized various strikes nationwide throughout the Gilded Age (1880–1920) in efforts to improve working conditions and secure better pay for workers. Most notable were the Pullman Strike of 1894 and the Great Anthracite Coal Strike of 1902, which saw the government step in to violently quell these strikes.
Although labor unions were not able to get everything they demanded during this period, they were still able to make gradual gains at the state and local level thanks to their willingness to strike against abusive businesses. On top of the labor protections that they were able to get passed at the state level, states were passing their respective Labor Day holidays to commemorate workers’ efforts to establish safer and more prosperous workplaces.
The first set of municipal ordinances recognizing Labor Day were passed in 1885 and 1886. New York was the first state to have Labor Day legislation introduced. Though Oregon was the first state to pass legislation recognizing Labor Day on February 21, 1887. That same year, states such as Colorado, Massachusetts, New Jersey, and New York passed their own Labor Day holiday laws.
At the end of the 1880s, Connecticut, Nebraska and Pennsylvania joined the aforementioned states in passing Labor Day legislation. The Labor Day momentum continued well into the 1890. By 1894, 23 additional states had enacted the holiday. This culminated with then-President Grover Cleveland signing federal Labor Day legislation on June 28, 1894. Under this legislation, the first Monday in September of each year would be treated as a legal holiday.
Since then, Labor Day has served as a reminder of the struggles workers faced throughout the industrial era. However, labor unions have largely deviated from their original mission. While unionization had its benefits during the initial stages of industrialization, unions these days have morphed into special interest groups that seek to extract as many resources as possible from productive people. They often rely on intimation and blackmail to get people to join their ranks. Often, they engage in activity that disrupts business operations and makes the lives of average workers more miserable.
The good news is that America still has a significant degree of federalism that allows for states to compete with regards to public policy. Some states will be more pro-union, while others will have more pro-worker freedom policies that allow for workers to freely decide if they can join a union or not. Most states that are pro-worker freedom tend to be also pro-business. By extension, pro-business states tend to also have more landlord friendly policies.
This is one aspect of income property investing that you should take into account when looking for the right market to invest in. There are numerous jurisdictions in the US that not only have diverse housing markets but also different regulatory environments, which could be beneficial or detrimental to your investing activities depending on where you’re situated.
At the Recession-Proof Investing Summit taking place from October 7 to October 8, Jason Hartman and his team of seasoned investment counselors will stress this point.
They’ll be available to answer any of your inquiries concerning your income property portfolio. Moreover, they’ll provide you with the steps that you can IMMEDIATELY take to strengthen your control over your income properties and maximize your cash flow.
From October 7 to October 8, we’ll be holding this online summit where you’ll learn how to grow your income property portfolio to hedge against inflation. On top of that, you’ll learn how to use income property investing to achieve financial freedom and a solid personal retirement.
For this Labor Day, you should be thankful for your current living standards. Countless people made great sacrifices so that you can live in comfort. Though that does not mean you can get too complacent. There is still plenty of room for you to grow financially.
The Recession-Proof Investing Summit is a once-in-a-lifetime event where you will learn how to unlock your true financial potential.
However, we want to warn you that early bird pricing is ending soon. So act quickly!
Sign up for the Recession-Proof Investing Summit to start walking down the road to your Financial Independence Day.
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