Downsized paychecks force tough choices

The Detriot News reports on how the good times are ending for those overpaid Michigan workers:

What all those disparate groups of workers have in common is they work for companies that once were monopoly powers," said Dana Johnson, chief economist for Comerica Bank Inc.

"That era is gone for those companies. No more monopoly profits and, in many cases, no profits at the moment. Many unions and Michigan workers are operating under a compensation structure based on a market reality that no longer exists. It's the painful new reality."

All monopolies need barriers to entry and that can only happen with paid off politicians that will restrict markets.