You're Probably Getting Screwed By Income Inequality

The pandemic put a spotlight on many things. Near the top of that list is inequality in the United States, especially in the U.S. labor market.

Workers who were deemed “essential” during the pandemic are seeing corporations with massive profits and CEOs getting record deals while they’re struggling to keep up with inflation. 

COURIER @CourierNewsroom

We all do better when we all do better — but lately, the only folks doing better have been corporations and their CEOs. @JDScholten breaks down why workers across the country are contributing to a renaissance of the American union.

According to the Economic Policy Institute, CEO pay has skyrocketed 1,460% since 1978. CEOs were paid 399 times as much as a typical worker in 2021.

Listen, it’s not like these CEOs are more productive or more skilled than other workers or that there’s a shortage of them. CEOs are getting paid because of 1) their power to set pay 2) their pay (more than 80%) is stock-related 3) they can control the stock buybacks that raise their income!

This matters because these corporations could be investing in other places, like research and development or in their workers.

Last year, we had Striketober. Since that time, here in Iowa, we have had the John Deere strike, multiple walkouts at meat packing plants, and we currently have two ongoing strikes: BCTGM Local 100G strike against Ingredion Inc. in Cedar Rapids and the UAW Local 807 strike against Case New Holland in Burlington.

If you’re listening to what these workers are asking for, it’s very reasonable. The Railroads almost destroyed our economy over sick leave! In fact, just last month, a study showed that over 60% of low-wage workers still don’t have access to paid sick days on the job!

Paul Wellstone said it best: We all do better when we all do better.

Until WE ALL do better, we will continue to get screwed!

YOU’RE PROBABLY (ALSO) GETTING SCREWED BY:

WASTEFUL SPENDING

When state and city governments try to attract new business one of the most wasteful and distracting things they can do is grant tax and regulatory subsidies to companies, many of whom don’t need them.

BIG OIL

Hurricane Ian gave Big Oil another opportunity to hike up prices on consumers. Here’s a good video about it.

FOOD MONOPOLY

Conagra, one of the world's largest food companies, just reported a $720 million quarterly profit while all of our grocery prices continue to go up…

FINE DINING… FOR DOGS

Nidhi Hegde @nhegde

America! What a place.

HOUSING MARKET

Lower prices which are bad for homeowners, higher rents that are bad for renters, high mortgage rates that make houses wildly unaffordable for would be buyers. As usual, only Wall Street ghouls will benefit.

TYSON

IBP was headquartered across the river from me in North Sioux City. Tyson bought them out in 2001. Now Tyson moved 500 jobs out of the Siouxland area. Monopolies…

BEFORE YOU GO

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Standing Tall for All,

J.D. Scholten

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