Tag Archives: American Dream

Labor’s Lament

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Note:  This post was written back on 19 August (the last picture was added this morning, though), when this malarkey ad appeared in the Wall Street Journal.  Nothing has happened to change my reaction, for which I decided Labor Day was the proper day for my response to be made public.Full Page Ad Claiming a New Corporate Rule in the WSJThis great proclamation, all of 300 words,  is primarily window dressing.  Nowhere will you find the one promise that is needed- to cut executive pay and use those funds to raise worker pay.  Just 7 CEO’s refused to sign, but that means that 181 of the Business Roundtable’s 188 members did.

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THE Letter

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I started two days ago discussing the change in the way corporations work.  That change started some 30 years ago, given the permission by Dr. Milton Friedman, when corporations abrogated the social contract (between business and its employees, between business and their local communities)  that had obtained  since the industrial revolution.   But, just this month, the founder and CEO of the largest single investor in corporations, Laurence Fink of BlackRock, Inc., implored the executives of some 1000 firms in the US and worldwide to re-engage in that social contract.

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