Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
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Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
#2Whereabouts should we purchase land in Mexico? Needs to be near the new factories that'll go in next year.
Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
#340%? I sincerely wish them the best of luck and I hope they get what is their due but this is probably good news for India, Mexico and China.
Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
#440% over 4 years isn't as crazy (especially when you consider that they had some concessions back in '08). typical clickbait when you consider this is a high value for negotiation and they're likely looking for anywhere between 20-30% over 4 years when it's all said and done. barely above inflation YoY.
Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
#5It’s important to note the workers made huge concessions in 2008 that saved the companies from bankruptcy. Over the years they’ve seen stagnant wage growth, while the execs got solid gold toilets. Even with 40% increase (inevitably spread out over many years), theyd barely be back to where the would have been without the concessions.
Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
#6It's not unreasonable unless you feel the C-suite are simply parasites trying to leech as much out of the system as it can stand
Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
#740%? I sincerely wish them the best of luck and I hope they get what is their due but this is probably good news for India, Mexico and China.
So what, nothing prohibits the US and Europe from raising tariffs on industrial products.
The pendulum of globalization is bound to swing backwards for a multitude of reasons.
Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
#8> From 1978 to 2021, CEO pay grew by 1,460%, adjusted for inflation, versus just 18.1% for the typical worker.
Why has the supply of CEOs not kept up with the demand for them? Surely, with the improvement in education and in increase in MBA programs, there must be far more CEOs today than in 1978. Why has the ratio of CEOs to Companies fallen by 14x for their wages to rise this much? /s
As many argue, wages are only set by supply and demand. And if workers are underpaid, then it is because they are replaceable. Use the same framework to explain CEO pay.
Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
#9There is an equation with an equilibrium:
CEO's pay rate = (some multiplier) * median salaried worker's pay rate
OR
CEO's pay rate = (some multiplier) * minimum salaried worker's pay rate
We've been conditioned to think it's not fair somehow, but the discrepancy is just....engorgingly terrible. I'm not arguing for how this metric would be enforced, only that it would be a good one to have. Especially in a time when greed is the lowest common denominator in the race to the bottom for some of these large corporations.
It wouldn't fix the stockholder "value" chase, but at least it would shore up one part of the system weak to corruption.
Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew
#10Good episode of Bloomberg's Odd Lots podcast from a little while ago on the topic:
> On September 14, the contract between the United Auto Workers and the Big Three carmakers (GM, Ford and Stellantis) is expiring — and the possibility of a strike is real. This comes at a delicate time for multiple reasons. The labor market is tight, which means workers have other options. Inflation is high. And the auto industry is undergoing a major shift to the electric vehicle market, which may change the composition and pay of the labor force. The stakes are high. So what does the union want and how does it fit into the goals of the broader labor market? To understand more, we speak with Dan Vicente, the director of UAW Region 9, as well as Alex Press, a labor reporter at Jacobin magazine.
* https://omny.fm/shows/odd-lots/what-the-uaw-wants-from-its-f...
* https://www.youtube.com/watch?v=LBP8_8_S7Ls
There were some items that the unions conceded in 2008 when the US automakers were going bankrupt that have still have not been restored.