So, a few weeks ago, I reported that the social contract between business and its employees, between business and its communities may find itself revived. You know, the one that was abrogated under the prodding of Dr. Milton Friedman.

Because in January, Laurence Fink of BlackRock delivered his letter to some 1000 business executives that it’s time for business to revitalize its relationship with its employees and with those communities that provide its offices, warehouses, and manufacturing buildings domicile.

Of course, we saw many firms decide that the windfalls they are receiving as a result of the massive tax cut provided them will best be used to buy back their stock. (Oh, sure, a few firms offered their staff a ONE-time bonus of up to $ 1,000, but that was a drop in the bucket compared to what they are spending on those buybacks and bonuses to their executives.) But, most of those firms have become used to operating with impunity. It will take time for them to develop rational corporate sensibilities.

Like the fact that many of these firms are finding it tougher to obtain quality workers. Because they have to offer reasonable salaries. (As an  example, businesses in Elkhart, Indiana, the RV capital of America, are  so desperately short of staff, they are finally paying fair wages.  For too long, firms have cut salaries and wages, even as they raised executive salaries and had record profits.)

And, then, there’s the letter sent last week by Jamie Dimon, the head of JPMorgan Chase. Who, at least for part of his 46 page missive, admonishes US industry to “live up to their responsibility to spread opportunity throughout America.”

Admittedly, Jamie’s call is more of enlightened self-interest. Because with low unemployment and few available workers, he recognizes that “government and private companies must collaborate to add jobs, increase wages and help those left behind.”

Unfortunately, he doesn’t call for companies to pay their lowest employees reasonable wages, so they won’t be a burden on America.  Right now, the US citizenry subsidize corporate profits by sustaining the employees these firms starve to death (paying minimum [or just slightly higher] wages),leaving them reliant on welfare, health care subsidies, food stamps (SNAP), etc.

Nope. Jamie calls for Congress to reform and expand the earned income tax credit (EITC). That is afforded to the 9 million working stiffs who aren’t properly paid by their employers.  Because with that corporate bailout to their employees, these folks are no longer below or at the poverty line. Given the paperwork onus. even though these employees desperately need the subsidy, about 2.4 million of these employees don’t file for the EITC even those so entitled.  (This comprises some 21% of the total potential EITC recipients.)

Actually, there are 21 million folks earning less than $ 10.10 an hour, which means, unless they are single with no children, they are below the poverty line. (Medicaid is offered to a single person who makes $ 19127 or less. Assuming s/he works full-time, that’s $ 9.50 an hour.)

I admit that a credible EITC keeps people in the workplace. But, I want the larger businesses (those with 25 or more employees, or having an annual turnover of more than $ 2.5 or $ 3 million) to be penalized for forcing these employees to suck at the government tit (i.e., having the US citizenry subsidize corporations for their unfair wage practices).

But, Jamie went beyond the EITC. He wants businesses and communities to work together to ensure students learn the skills necessary to obtain quality jobs. After all, the US barely ranks 24th out of the 33 advanced economic states in STEM [Science, Technology, Engineering, and Math] capabilities. (Of course, we have states like Kentucky, Oklahoma, and West Virginia that have been starving their schools- and their teachers, offering tax breaks to the rich and to businesses, leaving their coffers too empty to provide quality education for our young. Don’t be so smug New York, Virginia, and the other states- you’ve been stiffing your kids, too. Just not so drastically.)

Jamie also suggests a better way to deal with America’s vast prison population. By having businesses offer jobs to those who’ve completed their prison sentences or are out on parole. (He correctly  notes that this is one way to stop the endless cycle of prison term and release for many of our citizenry.)

He also addresses infrastructure, of sorts. By reminding us that we have a true cybersecurity problem in America. Not just for finance entities like his, but our power/electric suppliers and our tech industry. He actually calls cybersecurity issues an “arms race”, declaring that “we need to do whatever we can to protect the United States of America.”

But, then, he rails against Medicare, Medicaid, and Social Security. That they are jeopardizing the fiscal stability of the US. Like the tax cuts that stripped away significant portions of our treasury weren’t the equal- or better- choices for culpability.

At least he was somewhat less dogmatic than others in his reproach of these funds. His improvement was aimed at means testing; so that those who’ve been afforded those ridiculous tax breaks (the top 5% of the US citizenry) shouldn’t also be collecting Social Security payments.

As I said before. It’s a slow awakening. But, it’s a start.

Oh, yeah. There’s more of an awakening. BlackRock decided to remove all those firms that sell guns from its ESG funds. Which have some $ 2.2 billion in assets. And, it’s developing new retirement plans that don’t invest in those firms, too.

And, the BankofAmerica will no longer be a source of funds for the gun industry.

Kudos to our social-media-savvy high school kids. #MarchForOurLives.