5 ms·

Pretty good gig: get unsustainable pay and pensions during good times. Funnel a bunch of it into politics. Get pensions guaranteed and bailed out in bad times.

Pretty good gig: get unsustainable pay and pensions during good times. Funnel a bunch of it into politics. Get pensions guaranteed and bailed out in bad times. Been this way since the 60s

toomuchtodo 3y ago
General Motors CEO Mary Barra, the highest-paid chief executive among the Big Three, made nearly $29 million in 2022. Securities and Exchange Commission filings show that this is 362 times the median GM employee's paycheck [1] (this pay ratio is required reporting from public companies now). Profits at the “Big 3” auto companies—Ford, General Motors, and Stellantis— skyrocketed 92% from 2013 to 2022, totaling $250 billion. Forecasts for 2023 expect more than $32 billion in additional profits [2] [3]. Polling shows a majority strongly supporting the union's efforts in this regard [4]. The money is there, and the people who doing the work are asking for a greater share of the profits generated by their work. This is not unreasonable, and Labor should continue to turn the screws as politics shift, as well as structural demographics causing labor demand to exceed supply for at least the next decade. [1] https://wamu.org/story/23/09/13/sky-high-ceo-pay-is-in-focus-as-workers-everywhere-are-demanding-higher-wages/ https://wamu.org/story/23/09/13/sky-high-ceo-pay-is-in-focus... ("Sky-high CEO pay is in focus as workers everywhere are demanding higher wages") [2] https://www.epi.org/blog/uaw-automakers-negotiations/ https://www.epi.org/blog/uaw-automakers-negotiations/ ("UAW-automakers negotiations pit falling wages against skyrocketing CEO pay") [3] https://www.cnbc.com/2023/09/15/biden-says-record-profits-should-ensure-record-contracts-as-uaw-strikes-ford-gm-and-stellanis-plants.html https://www.cnbc.com/2023/09/15/biden-says-record-profits-sh... ("Biden says record profits should ensure record contracts as UAW strikes Ford, GM and Stellantis plants") [4] https://i.ibb.co/r7TsFtY/qd18hourfcob1.webp https://i.ibb.co/r7TsFtY/qd18hourfcob1.webp
- polski-g 3y ago
  [flagged]
  - toomuchtodo 3y ago
    > Did you come from Reddit's Antiwork or something? I provide financial and logistical support to worker organizing efforts, so being familiar with this information is top of mind. Not anti capitalism, just believe it needs to be toned down a bit. More humanity and a bit less chasing numbers in spreadsheets and databases. Mary would be just fine earning mid 7 figures, for example. Saying she should make 0 is hyperbole, no one is arguing for that. Workers are arguing for a more fair deal. https://www.epi.org/publication/ceo-pay-in-2021/ https://www.epi.org/publication/ceo-pay-in-2021/ ("CEO pay has skyrocketed 1,460% since 1978") https://www.reuters.com/business/top-us-ceo-pay-rose-77-last-year-outpacing-inflation-study-finds-2023-05-03/ https://www.reuters.com/business/top-us-ceo-pay-rose-77-last... ("Top US CEO pay rose 7.7% last year, outpacing inflation, study finds) https://work.chron.com/ceo-compensation-vs-world-15509.html https://work.chron.com/ceo-compensation-vs-world-15509.html ("CEO Compensation in the US Vs. the World") https://inequality.org/wp-content/uploads/2019/01/Ellison-Rewarding-Or-Hoarding-Full-Report.pdf https://inequality.org/wp-content/uploads/2019/01/Ellison-Re... ("Rewarding or Hoarding: An Examination of Pay Ratios Revealed by Dodd-Frank")
    - jdasdf 3y ago
      >I provide financial and logistical support to worker organizing efforts, so being familiar with this information is top of mind. It shows, given all the lies you've been spewing all over this thread. For example: >Profits at the “Big 3” auto companies—Ford, General Motors, and Stellantis— skyrocketed 92% from 2013 to 2022, totaling $250 billion. Forecasts for 2023 expect more than $32 billion in additional profits [2]. None of this is true. The combined net income of those 3 companies during that time period is $168 Billion, not $250. The total combined net income in 2022 was $24.6 Billion, only 34% above the $18 billion for 2013 (in reality this was a real profit stagnation given the cumulative inflation over that time period). And your "Forecast" is literally a Pro-Union Mouth piece with no actual source for it. The reality is that this industry isn't doing well, their returns on assets have consistently been below their cost of capital, and additional labor costs won't help with that.
      - neuronerdgirl 3y ago
- bradley13 3y ago
  Leaving CEO pay aside, that means the median salary I'd $80k. And we're talking Rust-Belt, not Silicon Valley. That's a pretty good salary for the region, plus the benefits they get. Not seeing how the demands are in any way reasonable.
  - toomuchtodo 3y ago
    Without any snark, I suggest consuming more data. What you consider "pretty good" is the bar now [1]. Wages have been stagnant for decades. Combined with recent aggressive inflation, your idea of reasonable might simply be out of touch with the labor market. To note, there was surplus labor that made these demands untenable until COVID generated ~2-3M excess deaths over a short window of time, pulling forward reduced labor supply from structural demographic compression [2] [3]. Tangentially, 55+ who are clinging for life to labor participation are what is holding up the participation rate. Anything that causes those folks to exit the labor force more rapidly than retirement (3.6M Boomers retire per year) or death (~1.8M/year for 55+ cohort) is going to cause labor supply to dip deeper than the current forecasted curve [4]. [1] https://www.cnbc.com/2023/08/21/american-workers-are-demanding-almost-80000-a-year-to-take-a-new-job.html https://www.cnbc.com/2023/08/21/american-workers-are-demandi... ("American workers are demanding almost $80,000 a year to take a new job") [2] https://www.axios.com/2023/05/08/us-labor-shortage-older-workers https://www.axios.com/2023/05/08/us-labor-shortage-older-wor... ("Why labor shortages could be here to stay") [3] https://www.marketplace.org/2022/01/24/how-much-labor-force-has-been-lost-covid-19/ https://www.marketplace.org/2022/01/24/how-much-labor-force-... ("How much of our labor force has been lost to COVID-19?") [4] https://archive.ph/sKeyE https://archive.ph/sKeyE | https://seekingalpha.com/article/4531829-older-workers-propping-up-us-economy https://seekingalpha.com/article/4531829-older-workers-propp... ("Are Older Workers Propping Up The U.S. Economy?") (scholar of systems)
    - deleted 3y ago
      [deleted]
  - verdverm 3y ago
    According to the article, they want 32 hour weeks while still being paid for 40, so you might make apples-2-apples by saying they want $100k when comparing to other professions that would be working 40hrs
- toomuchtodo 3y ago
  Citation: https://www.youtube.com/watch?v=yEv4qvvQNl4 https://www.youtube.com/watch?v=yEv4qvvQNl4 ("Autoworkers Strike: The Unions' Rising Influence in America - Peter Zeihan")
deleted 3y ago
[deleted]
JumpCrisscross 3y ago
> Been this way since the 60s Market share for unionised automakers is falling. (Toyota, Mercedes-Benz and Tesla.)
hackermatic 3y ago
According to the US Bureau of Labor Statistics, US auto worker pay is down by about 20% since 1990, adjusting for inflation: https://www.bls.gov/opub/ted/2020/inflation-adjusted-earnings-in-motor-vehicles-and-parts-industry-down-17-percent-from-1990-to-2018.htm https://www.bls.gov/opub/ted/2020/inflation-adjusted-earning...

Pretty good gig: get unsustainable pay and pensions during good times. Funnel a bunch of it into politics. Get pensions guaranteed and bailed out in bad times. Been this way since the 60s

toomuchtodo 3y ago

General Motors CEO Mary Barra, the highest-paid chief executive among the Big Three, made nearly $29 million in 2022. Securities and Exchange Commission filings show that this is 362 times the median GM employee's paycheck [1] (this pay ratio is required reporting from public companies now). Profits at the “Big 3” auto companies—Ford, General Motors, and Stellantis— skyrocketed 92% from 2013 to 2022, totaling $250 billion. Forecasts for 2023 expect more than $32 billion in additional profits [2] [3]. Polling shows a majority strongly supporting the union's efforts in this regard [4]. The money is there, and the people who doing the work are asking for a greater share of the profits generated by their work. This is not unreasonable, and Labor should continue to turn the screws as politics shift, as well as structural demographics causing labor demand to exceed supply for at least the next decade. [1] https://wamu.org/story/23/09/13/sky-high-ceo-pay-is-in-focus-as-workers-everywhere-are-demanding-higher-wages/ https://wamu.org/story/23/09/13/sky-high-ceo-pay-is-in-focus... ("Sky-high CEO pay is in focus as workers everywhere are demanding higher wages") [2] https://www.epi.org/blog/uaw-automakers-negotiations/ https://www.epi.org/blog/uaw-automakers-negotiations/ ("UAW-automakers negotiations pit falling wages against skyrocketing CEO pay") [3] https://www.cnbc.com/2023/09/15/biden-says-record-profits-should-ensure-record-contracts-as-uaw-strikes-ford-gm-and-stellanis-plants.html https://www.cnbc.com/2023/09/15/biden-says-record-profits-sh... ("Biden says record profits should ensure record contracts as UAW strikes Ford, GM and Stellantis plants") [4] https://i.ibb.co/r7TsFtY/qd18hourfcob1.webp https://i.ibb.co/r7TsFtY/qd18hourfcob1.webp

polski-g 3y ago
[flagged]
- toomuchtodo 3y ago
  > Did you come from Reddit's Antiwork or something? I provide financial and logistical support to worker organizing efforts, so being familiar with this information is top of mind. Not anti capitalism, just believe it needs to be toned down a bit. More humanity and a bit less chasing numbers in spreadsheets and databases. Mary would be just fine earning mid 7 figures, for example. Saying she should make 0 is hyperbole, no one is arguing for that. Workers are arguing for a more fair deal. https://www.epi.org/publication/ceo-pay-in-2021/ https://www.epi.org/publication/ceo-pay-in-2021/ ("CEO pay has skyrocketed 1,460% since 1978") https://www.reuters.com/business/top-us-ceo-pay-rose-77-last-year-outpacing-inflation-study-finds-2023-05-03/ https://www.reuters.com/business/top-us-ceo-pay-rose-77-last... ("Top US CEO pay rose 7.7% last year, outpacing inflation, study finds) https://work.chron.com/ceo-compensation-vs-world-15509.html https://work.chron.com/ceo-compensation-vs-world-15509.html ("CEO Compensation in the US Vs. the World") https://inequality.org/wp-content/uploads/2019/01/Ellison-Rewarding-Or-Hoarding-Full-Report.pdf https://inequality.org/wp-content/uploads/2019/01/Ellison-Re... ("Rewarding or Hoarding: An Examination of Pay Ratios Revealed by Dodd-Frank")
  - jdasdf 3y ago
    >I provide financial and logistical support to worker organizing efforts, so being familiar with this information is top of mind. It shows, given all the lies you've been spewing all over this thread. For example: >Profits at the “Big 3” auto companies—Ford, General Motors, and Stellantis— skyrocketed 92% from 2013 to 2022, totaling $250 billion. Forecasts for 2023 expect more than $32 billion in additional profits [2]. None of this is true. The combined net income of those 3 companies during that time period is $168 Billion, not $250. The total combined net income in 2022 was $24.6 Billion, only 34% above the $18 billion for 2013 (in reality this was a real profit stagnation given the cumulative inflation over that time period). And your "Forecast" is literally a Pro-Union Mouth piece with no actual source for it. The reality is that this industry isn't doing well, their returns on assets have consistently been below their cost of capital, and additional labor costs won't help with that.
    - neuronerdgirl 3y ago
bradley13 3y ago
Leaving CEO pay aside, that means the median salary I'd $80k. And we're talking Rust-Belt, not Silicon Valley. That's a pretty good salary for the region, plus the benefits they get. Not seeing how the demands are in any way reasonable.
- toomuchtodo 3y ago
  Without any snark, I suggest consuming more data. What you consider "pretty good" is the bar now [1]. Wages have been stagnant for decades. Combined with recent aggressive inflation, your idea of reasonable might simply be out of touch with the labor market. To note, there was surplus labor that made these demands untenable until COVID generated ~2-3M excess deaths over a short window of time, pulling forward reduced labor supply from structural demographic compression [2] [3]. Tangentially, 55+ who are clinging for life to labor participation are what is holding up the participation rate. Anything that causes those folks to exit the labor force more rapidly than retirement (3.6M Boomers retire per year) or death (~1.8M/year for 55+ cohort) is going to cause labor supply to dip deeper than the current forecasted curve [4]. [1] https://www.cnbc.com/2023/08/21/american-workers-are-demanding-almost-80000-a-year-to-take-a-new-job.html https://www.cnbc.com/2023/08/21/american-workers-are-demandi... ("American workers are demanding almost $80,000 a year to take a new job") [2] https://www.axios.com/2023/05/08/us-labor-shortage-older-workers https://www.axios.com/2023/05/08/us-labor-shortage-older-wor... ("Why labor shortages could be here to stay") [3] https://www.marketplace.org/2022/01/24/how-much-labor-force-has-been-lost-covid-19/ https://www.marketplace.org/2022/01/24/how-much-labor-force-... ("How much of our labor force has been lost to COVID-19?") [4] https://archive.ph/sKeyE https://archive.ph/sKeyE | https://seekingalpha.com/article/4531829-older-workers-propping-up-us-economy https://seekingalpha.com/article/4531829-older-workers-propp... ("Are Older Workers Propping Up The U.S. Economy?") (scholar of systems)
  - deleted 3y ago
    [deleted]
- verdverm 3y ago
  According to the article, they want 32 hour weeks while still being paid for 40, so you might make apples-2-apples by saying they want $100k when comparing to other professions that would be working 40hrs
toomuchtodo 3y ago
Citation: https://www.youtube.com/watch?v=yEv4qvvQNl4 https://www.youtube.com/watch?v=yEv4qvvQNl4 ("Autoworkers Strike: The Unions' Rising Influence in America - Peter Zeihan")

deleted 3y ago

[deleted]

JumpCrisscross 3y ago

> Been this way since the 60s Market share for unionised automakers is falling. (Toyota, Mercedes-Benz and Tesla.)

hackermatic 3y ago

According to the US Bureau of Labor Statistics, US auto worker pay is down by about 20% since 1990, adjusting for inflation: https://www.bls.gov/opub/ted/2020/inflation-adjusted-earnings-in-motor-vehicles-and-parts-industry-down-17-percent-from-1990-to-2018.htm https://www.bls.gov/opub/ted/2020/inflation-adjusted-earning...