Millennial Review – Daily Review July 26th

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MR Daily Review

July 26th

1. To fight unionization effort, Trader Joe’s raises wages $10 an hour, on Sundays.

We previously mentioned the unionization efforts at Trader Joe’s and they’ve now taken a new turn. Specifically according to More Perfect Union, the company is offering an additional $10 an hour ON SUNDAYS ONLY, in order to fight the union effort. More Perfect Union posted a letter detailing the raise and other actions the company is taking, specifically increasing sick time, in order to fight back the union effort. These are the types of material victories unions, and even the threat of a union, can win for their workers. These are also the material conditions workers deserve and shouldn’t have to organize tooth and nail for. But the reality is, that’s the only way to win benefits and Trader Joe’s workers are proving yet again, it gets the goods.

2. At least 17 dead as boat with migrants leaving from The Bahamas enroute to Florida capsizes.

In yet another tragedy of our failed immigration policies some 17 people are dead as a boat carrying migrants and refugees capsizes enroute to Florida. The boat left from The Bahamas and many of the victims are believed to be Haitians fleeing to the United States due to economic and political instability in Haiti. Instability which the United States has played a fundamental role in creating and furthering. The United States has made obtaining refuge by legal means almost impossible, forcing people to wait out of the country for processes that often end up denying them access in the end anyway. This is the violence of our borders and it costs lives every day.

3. A new AFL CIO report finds that CEO pay has skyrocketed while worker pay has stagnated below inflation rate. 

Just more proof that the wage price spiral is a lie. The wage price spiral is an economic theory advocated by Larry Summers and his ilk that says inflation is caused by greedy workers who destroy the economy by demanding more than their worth (while they clutch their billions gained by exploitation and doing absolutely nothing of value). From the report: “In 2021, corporate CEOs were quick to blame worker wages for causing inflation. But workers’ real wages actually fell 2.4% in 2021 after adjusting for inflation. Working people experienced a pay cut with every price increase while U.S. companies enjoyed record profits and CEO pay increased at an even faster rate.” The average CEO makes 254 times more than the average worker and those increases haven’t slowed in decades. Neither has the growing gap between workers and CEOs. 

4. The Fed meets tomorrow (Wed.) and is expected to raise the interest rate another .75 to 2.5% – the move would increase the likelihood of a recession, but its not enough for Larry Summers. Fed officials meets every 6 weeks at the Federal Open Market Committee (FOMC) to decide on any adjustment to the interest rate. Expectations are the increase will be .75 points, the biggest since 1994 – but Summers was first to say its not ‘enough.’ For context, raising the interest rate makes the cost of loans more expensive, contracting the economy and usually leading to layoffs. A true ghoul, Summers notably argued earlier this month that the US needs 5 years of unemployment above 5 percent to contain inflation. Summers is a central voice in the cadre that disingenuously* argues the public spending of 2020 – that directly supported workers – is the source of inflation. So, we can assume that in his ideal world where workers endure 5 yrs of high unemployment, he also imagines they would go without public support or unemployment benefits. It should be clear we cannot fix anything by forcing US workers to endure unemployment – i.e. no access to essential life supports – for any amount of time let alone 5 yrs. The actual implications of his policy prescription is class genocide, which should be disqualifying. Summers opposed the American Rescue plan as inflationary, opposed BBB even after he admitted it was deflationary (Moody’s agreed), & he now lobbies for immense suffering and death for millions. Which seems imminent given the steps the Fed has taken and will continue to take after the FOMC tomorrow. *see no. 3

5. Amazon buys One Medical, furthering its monopoly and consolidating its power over our lives. 
In a $3.9 billion purchase, Amazon will acquire One Medical, a private network of primary-care clinics. Given what we know about Amazon’s anticompetitive business practices, this is alarming to say the least. Amazon currently uses the insane amount of information it collects about its sellers’ businesses, and its control over search results on its platform, to, for example, force sellers into using Amazon delivery, or ensure its competing brands push out the competition. Now, with more information it will gain from access to personal health data, Amazon will be able to leverage their platform to further consolidate its power. As David Dayen points out, it is also already a major player in the healthcare industry – it owns a pharmacy, a diagnostics company, and uses its platform to retail medical products. US antitrust law should make this deal illegal, however since a conservative antitrust revolution in the 80’s, the FTC has slept on a major tool that we have to protect ourselves from this kind of exploitation. If you want to know why antitrust matters to the Left, Millennial Review wrote about it here.

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