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Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

cnbc.com

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Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

#101

Post by hermannj314 »

astrange wrote: post #51
hinkley wrote: post #26

Earlier quoted context omitted.

It's also been suggested that Congressional salaries be a fixed multiple of minimum wage, and for similar reasons. Honestly I think that would probably fix things a lot faster.

If you underpay elected officials then 1. they just start taking bribes 2. only rich people will run in the election. This is why Singapore pays them even more than we do. Anyway, minimum wages (despite being ok policies) aren't what people are actually paid, and of course aren't especially what non-working people are paid. And remember that non-working people, namely children and the elderly, are poorer than workers…

America's GDP allocated per congressperson is like $50 billion each.

Salaries wont fix bribes for someone with that much to command and even the already rich can make a lot of money getting into politics. Their salary means nothing to them.

Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

#102

Post by pydry »

kortilla wrote: post #12
econperplexed wrote: post #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…

There is no academic training to be a good CEO. They are not easily replaceable. If they were, board members wouldn’t bother offering such high pay. Shareholders don’t appreciate wasting money.

Since there's no pay penalty for being a bad CEO (pay correlates almost exclusively with company size) I guess we can assume that being good at the job is not the quality most important to those who do the selection.

Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

#103

Post by nerdponx »

lazzlazzlazz wrote: post #63

I don't follow why workers' pay should increase at the same rate as their CEOs' pay. They're subject to entirely different labor markets with accompanying risks, opportunity costs, supply, demand, cost of replacement, etc.

"Should" is a loaded word here. Market equilibrium is not always the best thing for society as a whole, morally or practically.

Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

#104

Post by cratermoon »

gretch wrote: post #55
econperplexed wrote: post #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…

I support the workers' decision and negotiating on labor rates is the basis of our economic system. Get what you deserve. That said, the CEO pay is easily explainable: > Profits at the struck auto companies increased 92% from 2013 to 2022, totaling $250 billion, according to EPI > CEO pay at the Big Three has grown 40% in the last decade, according to EPI If you're the CEO of a company and you increased profits by 92…

> If you're the CEO of a company and you increased profits by 92%

YOU, the CEO, didn't single-handedly increase profits by even a single percentage point. One employee out of 1 million, take your millionth of a cut of the profits, that's still $150K.

Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

#105

Post by NicuCalcea »

71a54xd wrote: post #37

This kind of logic doesn't help anyone - yes, CEO pay is insane but its that way because of how much risk they take ownership of and shoulder day in day out. If one line worker forgets to tie a wire-harness it's not like the entire company will end up in financial ruin... However, the CEO making serious mistakes can and has cost GM millions.

CEOs make mistakes all the time and often face few consequences.

We should all be lucky enough to have the chance to earn in a few months what we'd normally make in a lifetime. I'll gladly accept the extra risk that goes with that.

Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

#106

Post by Alupis »

lnxg33k1 wrote: post #89
hinkley wrote: post #58

Earlier quoted context omitted.

THEY ALREADY DO Nobody said the multiple has to be 5. It could be whatever the current ratio for Singapore is.

I am always suprised at how people think that elected official then have to get bribes in order to survive like its a doctor prescription, and how it seems that when they do we can’t do anything about it ffs

Just look at most countries around the world.

Corrupt elected officials is more of the norm, than the anomaly world-wide.

Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

#107

Post by thriftwy »

sokoloff wrote: post #35
jonathankoren wrote: post #5

It’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.

Arguably, without the 2008 concessions, they'd be out of a job entirely.

Or maybe they would already be employed at a better place paying more and using their labor with greater leverage.

I believe that workers and non-CS engineers are horribly underpaid around the world. They are underpaid in the US's Aerospace, they are underpaid in Russia's military industrial complex and they are also underpaid in China which actually supplies the stuff that everybody uses. Don't doubt they are also underpaid in Japan and Korea.

Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

#108

Post by mortureb »

astrange wrote: post #84
mortureb wrote: post #3

40%? 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.

US market car manufacturing isn't in India/China because of NAFTA. And because cars are big and heavy, of course.

Mexico it is then.

Re: Striking auto workers want a 40% pay increase–the same rate their CEOs’ pay grew

#110

Post by toomuchtodo »

waynesonfire wrote: post #92
pratheekrebala wrote: post #72

Earlier quoted context omitted.

The workers also contributed to that 92% increase in profit.

And they got 18.1% for it.

The effort is to close that gap. Can’t build cars without workers. Elon famously tried and failed.

https://techcrunch.com/2018/04/13/elon-musk-says-humans-are-... (“Elon Musk says ‘humans are underrated,’ calls Tesla’s ‘excessive automation’ a ‘mistake’”)

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