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Henry Ford famously shocked the nation in 1914 when he announced that he was doubling the wages of Ford's workers to $5 an hour. Ford's logic was that better paid American workers would become bigger spending consumers -- not only buying more Model Ts, but more of everything. Which is pretty much what happened in the U.S. over the next 50 years as a new middle class sprang into being.
So which corporate leader in a low-wage industry could we imagine stepping forward to be the Henry Ford of today?
Shareholder activists on Monday called for the board of McDonald’s to cut the wage of chief executive Donald Thomson, citing poor performance and the massive gap between his wages and the average fast-food worker. The fast-food giant holds its annual meeting on 22 May and will be targeted by protesters calling for a higher wages for workers as well as shareholders disappointed with the company’s financial performance and Thomson’s remuneration. Change to Win (CtW) Investment Group is organising a vote against Thomson, who took over as CEO in 2012.
Michael Lind has one of the bigger brains around, and you can always count on him to advance provocative and sweeping arguments. He doesn't disappoint with his new piece in The Breakthrough Journal, "The Coming Realignment." It's one of those big think articles where the thesis seems entirely obvious after you've heard it.
Thomas Piketty’s wildly popular new book, “Capital in the 21st Century,” has been subject to more thinkpieces than the final episode of “Breaking Bad.” Progressives are celebrating the book — a
If you hang around the inequality debate long enough, wading through the many smart proposals to reduce the income gap, it all starts to seem kind of doable. We could make a real dent in inequality through a bunch of steps ranging from raising the minimum wage to more heavily taxing capitals gains to whacking tax subsidies to affluent Americans to making it easier to form unions to downsizing Wall Street's role in the economy to reducing the role of money in politics and so on.
During an appearance on the resurrected Arsenio Hall Show last month, Kid Cudi responded in typical fashion to one of those frequently regurgitated questions about saving the “perilous state of hip-hop:”
I think the braggadocio, money, cash, hoes thing needs to be deaded.
New York, NY – The national public policy organization Demos has released a new report that examines the underlying reasons why some Americans have credit card debt and finds further evidence that, contrary to popular belief, indebted households are not the product of less responsible spending habits.