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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

#281

Post by jjoonathan »

whatshisface wrote: post #248
noizejoy wrote: post #240

Earlier quoted context omitted.

> The CEOs are coming from a restricted group of insiders and can't be replaced because of their relationships which make them unique. Wouldn’t that be simply favouritism/cronyism rather than a free market?

Favoritism, cronyism or more like it would actually be described by the people who do it, a preference for trusted associates you've worked with in the past over strangers to run your stuff for you isn't a violation of your "market freedom" but rather an expression of a set of preferences that make all your choices incommensurable. P.S. it is not in the interest of investors for one employee to make way more money th…

Employees at the bottom of the pyramid can make bullshit excuses too, but it is a privilege of the upper layers to have no one in a position to call them out.

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

#282

Post by FireBeyond »

adventured wrote: post #65
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…

> Use the same framework to explain CEO pay. Sure. It's the same framework that explains the pay of Lebron James. The NBA became a massively popular global game during the era of fast growth globalization, in which billions of consumers entered into the active global economy. Now you've got like 50 players earning $30m or more per year in the NBA. To play a game in just the US market. ~450 active players earning arou…

> The top 450 NBA players...

The top 450? There's only 450 players. 30 teams, 15 players on the roster.

> earn more in salary every year than the CEOs of the S&P 500.

No, they don't.

There are 30 teams, with a salary cap of $136M, i.e. $4.08B.

I'm looking at the top CEO salaries and I'm already at $2.6B and I'm only at number 20.

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

#283

Post by anigbrowl »

Alupis wrote: post #194
SECProto wrote: post #170

Earlier quoted context omitted.

> Settle in for a wild propaganda-filled fall season > There is no reality where line workers screwing in the same 3 door bolts all day long are getting what amounts to an effective ~70% pay increase in one year. Please align your own comments. They are looking for a 40% hourly pay increase over 4 years, and a reduction to a 32 hour work week. These combined work out to an increase of 12% in annual pay, over four yea…

Ah, so the propaganda has already started. In four year's time, will their pay be 70% higher than it is today if all demands are met? Yes. Are you hopeful about a 70% pay increase in four years? I sure am not...

Ah, so the propaganda has already started.

This is getting into weasel word territory; you completely ignored the GP observing the contradictions within your own rhetoric, and responded with more rhetoric and a fallacious premise. Being rude isn't helping your unpopular argument to gain more traction.

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

#284

Post by Alupis »

lolinder wrote: post #209
Alupis wrote: post #125

Earlier quoted context omitted.

Successful or not is not the point. If met with the 40% pay increase it's another huge pay raise. There is no reality where line workers screwing in the same 3 door bolts all day long are getting what amounts to an effective ~70% pay increase. Additionally, the 4 day work week is yet unproven in an industrial setting, such as are UAW member's jobs.

A four day work week is only another pay increase if you're talking about a salaried worker. The kind of worker represented by UAW is not generally overtime-except, so they don't get paid for hours they don't work.

I somehow don't see UAW arguing for a reduction in pay. The four day work week is more often than not accompanied by a related pay increase so the total pay per week remains the same as a five day work week. The benefits are supposedly a better rested and production workforce, which has yet to be demonstrated in the type of setting UAW oversees.

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

#285

Post by Ndndjdndj »

TaylorAlexander wrote: post #124
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…

> As many argue, wages are only set by supply and demand. Most of the time that I see people invoke "Econ 101" concepts, they are wrong. Supply and demand does not account for the power imbalance between workers and leadership, which unions specifically attempt to address. It does not account for the class differences between workers trying to make ends meet and the board of directors who believe they deserve much hi…

[dead]

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

#286

Post by bagels »

hinkley wrote: post #26
tysam_and wrote: post #9

There 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 g…

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.

People in congress are millionaires, and it's not from congressional salaries. It's due to it being somehow legal for them to insider trade, and bribes in other guises.

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

#287

Post by imchillyb »

Value of a cog, gear, or screw is minimal. Value of a complete and functional engine is much greater than the former. A complete and functional automobile’s value is, most times, greater than cogs, gears, or engines.

An employee’s value is relative to a gear, cog, or assembly of them.

A CEO is akin to an engine, infinitely more valuable, a requirement for functionality, is the force behind a company’s goals and provides locomotion.

The automobile itself is the company.

While an auto may function without gears and assemblies the performance will be sub optimal.

An auto functioning without an engine is said to be coasting. A company without a CEO is also coasting.

The value is supposed to be performative. A great CEO provides direct value, direct movement, and is rewarded thus.

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

#288

Post by mint2 »

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…

So ceo and boards increased profits by screwing workers out of pay and in return ceos got pay raises.

If a ceo grew front line employ pay and also profits at the same rate, the ceo pay should naturally follow that rate.

On the other hand, if they grow profits by suppressing wages, then they should eat the same pudding they served everyone else.

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

#289

Post by [deleted] »

astrange wrote: post #205
kangaroozach wrote: post #155

Earlier quoted context omitted.

100% this. Leadership gets to decide how insanely hooked up they will be. Same as congress. Remember when they carved themselves out their own Health Insurance requirements? Same thing.

That hasn't been true for ~13 years now, Congress's healthcare comes from ACA exchanges.

[deleted]
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