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

Post by [deleted] » Mon, Sep 18, 2023, 11:32 PM UTC

Alupis wrote: post #98

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.

> suggested that Congressional salaries be a fixed multiple of minimum wage That's insane no matter how you look at it. Minimum wage is paid by individuals, private businesses and their owners. Congressional pay is paid for with your money - an effective infinite of your money, or they'll just poof new money out of nowhere to continue to pay themselves. Correlating the two is plain wrong.

Post by nerdponx » Mon, Sep 18, 2023, 11:33 PM UTC

amarshall wrote: post #94

gretch wrote: post #55

Earlier quoted context omitted.

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% This assumes that the increase in profit is attributable primarily to the CEO. Well, that at least 43% (40/92) of it is. > Just ask for what you think you deserve and don't work if you don't get it. It's as simple as that. This only really works with unions. Fortunately, these workers have one.

Post by endisneigh » Mon, Sep 18, 2023, 11:33 PM UTC

nerdponx wrote: post #59

endisneigh wrote: post #30

Earlier quoted context omitted.

the supply of prospective management people definitely has kept up. there are literally tens of thousands of MBAs graduating every year, to say nothing of managers at existing F500 companies. there are only so many large companies, and thus so many CEOs. look at tiny barely profitable companies, the gap between median wage and CEO is sometimes less than 2X. all these takes on CEO pay when the reality is simple - CEOs…

> there are only so many large companies, and thus so many CEOs This is a statement that there is low quantity demanded by the market. It's actually a great example of how the naive supply-and-demand argument doesn't make a lot of sense.

Post by astrange » Mon, Sep 18, 2023, 11:34 PM UTC

hinkley wrote: post #58

astrange wrote: post #51

Earlier quoted context omitted.

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…

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

Post by Minor49er » Mon, Sep 18, 2023, 11:34 PM UTC

aaomidi wrote: post #97

Alupis wrote: post #74

Settle in for a wild propaganda-filled fall season. Between UAW Strike, SWG Strike, barely avoided UPS Strike, and probably a few I'm leaving out, we're going to be inundated with half truths, misdirection, selective statistics and even the occasional outright lie. UAW opening demand isn't just a 40% pay hike - but also a four day workweek (when combined is ~70% increase in pay). Nobody expects for UAW to get everyth…

4 day work week has been successful in most places. As a world we should move towards it. Other benefit: less environmental impact, more time for people to improve themselves and their mental health, etc.