Monday, December 21, 2015
There is a national movement to raise the minimum wage taking place at a time when real wages in general are going down. Bourgeois economists divide the labor force into fifths, from highest to lowest-paid. Adjusted for inflation, between 2009 and 2014, wages declined 2.6% for the highest paid fifth of the labor force. Others lost even more, 3%, 4%, 4.7%, and 5.7% for the remaining divisions in descending order. This is because it is the 1%—especially the 0.1%—who are benefiting from the “upswing.” In comparison, The New York Times reported that the top 25 hedge fund managers made $11.62 billion, or $467 million per hedge fund manager in 2014. Based on a 40-hour work week and 52 weeks a year, each made more than $224,500 per hour. That is quite a living wage!
There is no quick solution to this problem, but there is a way forward. We need to build an alternative leadership in all of the unions, unorganized workplaces, high schools, colleges, and universities. We need a press that is supported 100% by the workers—no money from big business, which would compromise our message. This is what the IMT is doing here in the US, Canada, Mexico, and in more than 40 other countries. That is what Socialist Appeal is all about.