Union Perspectives

The $15 to $18 an hour minimum wage and why it is so important not only for the workers, but also the U.S. economy’s health and revitalization, and also that of the rest of the world. Marriner S. Eccles, Federal Reserve Board chairman from 1934 to 1947, retired to write his memoir and reflect upon what caused the then greatest economic trauma ever. He thought the major cause of the depression had nothing to do with excessive spending in the 1920s, but a massive accumulation of income by a few, which siphoned purchasing power away from the many and left it in the hands of a few. Let’s look at an example of pay for some chief executive officers (CEOs) in 2013. Aetna’s CEO—understand that he didn’t earn it; he was paid it—$30.7 million or $90,029 per day. WellPoint’s CEO collected --$17 million or $49,483 a day. Centene’s CEO received $14.5 million or $42,483 per day. Cigna’s CEO pocketed $13.5 million or $39,589 per day. United Health’s CEO made $12.1 million or $35,484 a day. Humana’s C...

Economic thoughts of a great Federal Reserve Board chairman from 1934 to 1947: Chairman Marriner S. Eccles was way ahead of the times regarding the workings of the economy. He was a millionaire by the age of 24 and a tycoon by age 40. When conventional logic was for austerity during the Great Depression, he reasoned that investments in jobs take place in a climate of high prosperity for when the purchasing power of the masses increases the demands for a higher standard of living enables them to purchase luxury items. At this time we have millions of our people who don’t have enough purchasing power for even their barest needs. Eccles is one of the architects of the New Deal, despite being a wealthy man. Just like today, back in the 1930s, some business leaders believed that a depression was the God-given scientific operation of economic laws and not manmade. These laws could not be interfered with because they represented the biblical story of Joseph and the seven bountiful years fol...