Labor Day is traditionally a time for picnics and parades. But this year is no picnic for American workers, and a protest march would be more appropriate than a parade.
Not only are 25 million unemployed or underemployed, but American companies continue to cut wages and benefits. The median wage is still dropping, adjusted for inflation. High unemployment has given employers extra bargaining leverage to wring out wage concessions.
All told, it's been the worst decade for American workers in a century. According to Commerce Department data, private-sector wage gains over the last decade have even lagged behind wage gains during the decade of the Great Depression (4 percent over the last ten years, adjusted for inflation, versus 5 percent from 1929 to 1939).
Big American corporations are making more money, and creating more jobs, outside the United States than in it. If corporations are people, as the Supreme Court's twisted logic now insists, most of the big ones headquartered here are rapidly losing their American identity.
CEO pay, meanwhile, has soared. The median value of salaries, bonuses and long-term incentive awards for CEOs at 350 big American companies surged 11 percent last year to $9.3 million (according to a study of proxy statements conducted for The Wall Street Journal by the management consultancy Hay Group.). Bonuses have surged 19.7 percent.
This doesn't even include all those stock options rewarded to CEOs at rock-bottom prices in 2008 and 2009. Stock prices have ballooned since then, the current downdraft notwithstanding. In March, 2009, for example, Ford CEO Alan Mulally received a grant of options and restricted shares worth an estimated $16 million at the time. But Ford is now showing large profits -- in part because the UAW agreed to allow Ford to give its new hires roughly half the wages of older Ford workers -- and its share prices have responded. Mulally's 2009 grant is now worth over $200 million.
The ratio of corporate profits to wages is now higher than at any time since just before the Great Depression.
Meanwhile, the American economy has all but stopped growing -- in large part because consumers (whose spending is 70 percent of GDP) are also workers whose jobs and wages are under assault.
Perhaps there would still be something to celebrate on Labor Day if government was coming to the rescue. But Washington is paralyzed, the president seems unwilling or unable to take on labor-bashing Republicans, and several Republican governors are mounting direct assaults on organized labor (see Indiana, Ohio, Maine, and Wisconsin, for example).
So let's bag the picnics and parades this Labor Day. American workers should march in protest. They're getting the worst deal they've had since before Labor Day was invented -- and the economy is suffering as a result.
Robert Reich is the author of Aftershock: The Next Economy and America's Future, now in bookstores. This post originally appeared at RobertReich.org.
Follow Robert Reich on Twitter: www.twitter.com/RBReich
If we protest peacefully then we'll be ignored. If we riot then we'll be beaten, shot, clubbed and either wind up in jail or in a box underground. If we run for political office we'll be outspent by corporations who'll want us out of politics.
If anyone can see a way out of this let me know because I've got this bad feeling that 99% of Amerika is about to get the shaft in the very near future. Like I said, the future looks dismal and it depresses me.
This IS the gloomiest thing I have ever posted but I can't help it and call 'em the way I see 'em.
The government bubble. In bad times, you do not throw good money after bad. Over time, corporations and people have proven that statement. The idea that you would borrow the good money is a joke.
I have a friend who retired from his government position at 85% of his salary. He loves Labor Day. He is keeping his head down and not going to parades or proests. Hell, what does he have to protest?
One last thing for our Mr. Reich. Sir, when you are on This Week and you are giving the company line of the day, do you really think that we are moved by your statements? Do you really think that we are that stupid? Sir, please, just once, try and be honest. Try and admit that all that is wrong is not the fault of the other guy. By being even handed and taking responsibility you will get respect. You can do a better job than you are. Don't dupe yourself into thinking that you are doing the right thing. You are too smart for that thinking.
2. How nice for your friend and his pension. What's your point?
3. Who's "company line" is he giving? ", "Try and admit that all that is wrong is not the fault of the other guy" - What does this mean?
You mentioned there are some pretty smart people on this blog. How 'bout becoming one.
but i am.
it would not do any good.. u might feel better.
it is a delusiion to think that people have the power........
they don't .
not any more .
www(dot)businessweek(dot)com
Mr. Reich, with all due respect, the Republicans are not in charge. Obama and the Democrats have held executive branch for nearly three years now with concurrent control of both houses of Congress for two. Today, the Democratic party still holds the Senate. I think it is about time to stop blaming Republicans and admit that these are Obama Administration and Democratic party policies. They own these policies.
As such, will you withhold an endorsement for Obama and the Democrats in 2012 and perhaps even challenge Obama? Or, in your opinion, should the public go with the former candidate of hope and change again?
I say, 'Fool me once..
"Political pundit and two-time Republican presidential candidate Pat Buchanan is best known for his sharp-edged cultural conservatism. The Great Betrayal, however, is an economic manifesto that promotes what Buchanan calls "economic nationalism." Buchanan believes that free trade serves the interests of Wall Street, not Main Street. Transnational corporations rake in huge profits, but ordinary Americans see few benefits. Instead, they suffer from free trade's bad consequences: flat wages for workers, increased drug trafficking, and environmental deterioration. Markets should serve people, says Buchanan, not the other way around. "The economy is not the country; the country comes first," he writes."
Read it ana weep.
The Republicans control the House which is the legislative body.
The Republicans control the House which is the legislative body.
today it is my opinion that both parties would like to silence critical thinking.....well that is not going to happen on this site, ha ha...
http://october2011.org/standwiththemajority
But our so-called 'representative' democracy has been bought and sold by corporate interests.
Protest marches will, therefore, be ignored at best and attacked by police at worst.
Consumer boycot would be more effective. An easy way to start is simply refrain from buying Christmas presents this year. Give to the needy instead.
Well we will have the representation of one of the World best writers on this subject...Chris Hedges. I am sure that this will be covered by the news. I am sure he will do well in presenting his case to the people..But it will be then up to us to carry the ball. We will not win this battle just standing around and complaining to all those that will listen..
again i say, until we exercise our only power we have left, our vote, and vote each and every one out after one or two terms (no more professional politicians), getting envolved and nominating candidates that actually do not want the job but will put the nation's and people's interst in the forefront, nothing will change!
See Here-->http://www.youtube.com/watch?v=mn4daYJzyls
MAKE EVERYDAY BUY AMERICAN
Free Trade or Globalization only works for ONE WORLD ORDER......and you know who they are
I believe the people will have to think this through very carefully and deliberately, taking into consideration economics, geopolitics, and human psychology. Corporate dominance in people's lives is an established fact. To reverse it will require very thoughtful analyses and relentless dedicated organization on behalf of the people. No halfcocked measures would have hope of succeeding in the long run.