Labor Day: 24 Hours When Workers Are Human
Labor Day recognizes the humanity of workers. It commemorates their year-long efforts with time off dedicated relaxation, family, friends, and barbeques.
There’s no holiday for robots, raw materials, or the energy that animates the machines of manufacturing. Because, of course, they’re not human.
Somehow, though, business schools and the corporate executives they spit out have lumped workers together with robots and raw materials as “inputs,” as if laborers aren’t human. That makes it easier for CEOs in ungodly profitable corporations to deny workers raises. U.S. CEOs and shareholders can seize for themselves all the gains produced by faceless inputs.
And that’s what they’ve done. Republicans gave corporations a massive tax break this year with the promise that executives would share those gains with workers, to the tune of $4,000 to $9,000 raises each. The U.S. Commerce Department reported last week that after-tax corporate profits rose 16.1 percent in the second quarter, the largest year-over-year rise in six years. But corporations didn’t use that money for raises. Instead they bought back record amounts of their own stock, boosting the market to all-time highs, making the rich richer, while workers’ wages actually declined when inflation was factored in. This has been going on for decades, with workers’ wages flat since 1973.
More ...