In the 'futility of Reform' Department – five months after their "Revolution", Egyptians are back in Tahrir Square protesting lack of movement on democracy and justice, and low living standards. If only they had a class consciousness and put themselves in charge instead of waiting for the next great leader to screw them again.
In Toronto, the strike by workers against Infinity Rubber reaches twenty Months. The strikers have an average of 30 years service with the company and rejected no surprise, a 25% wage cut and the demand that they pay half their benefits, effectively reducing their wages from $20 to $13 per hour. The company is facing many economic challenges, such as competition from China-based companies, and thus have to wring concessions from workers to keep up. Thus goes the capitalist system where the worker always gets the short end of the stick.
- Meanwhile, the workers at the former telecommunications giant, Nortel, have to settle for 57 to 75 % of their pensions and about half their benefits. They were lucky to get that much as only the sale of the company's patents put enough into the fund to bring it up to that.
- On the other hand, while workers are getting shafted at every turn, the executives are doing very well, particularly if they fail. David Olive, writing in the Toronto Star (23/07/11) tells us that the top managers at News of The World scandal got $9.7 million severance pay with Rebekah Brooks taking $3.9 million; between 1976 and 2009 Canadian workers' pay rose just 5.5% while median pay for the top 500 CEOs jumped 35% last year alone to $8.4 million (Olive asks if they got 35% smarter or worked 35% harder! Good question); General Electric shares have dropped 60.8% during the tenure of CEO Jeffrey Immelt who was rewarded with $37.2 million in free stock; drugmaker Pfizer's shares dropped 48.1% in the past decade yet CEO Jeffrey Kinder retired with a 434.4 million severance package; ExxonMobil's shares showed a 5.8% negative return in 2010 but Rex Tillerson got $88 million. And the list goes on and on with the same old tales. No money for social programs and health, plenty of money for the already rich. No, reforms won't work, only a revolution will do the job as socialists continually point out. John Ayers
In Toronto, the strike by workers against Infinity Rubber reaches twenty Months. The strikers have an average of 30 years service with the company and rejected no surprise, a 25% wage cut and the demand that they pay half their benefits, effectively reducing their wages from $20 to $13 per hour. The company is facing many economic challenges, such as competition from China-based companies, and thus have to wring concessions from workers to keep up. Thus goes the capitalist system where the worker always gets the short end of the stick.
- Meanwhile, the workers at the former telecommunications giant, Nortel, have to settle for 57 to 75 % of their pensions and about half their benefits. They were lucky to get that much as only the sale of the company's patents put enough into the fund to bring it up to that.
- On the other hand, while workers are getting shafted at every turn, the executives are doing very well, particularly if they fail. David Olive, writing in the Toronto Star (23/07/11) tells us that the top managers at News of The World scandal got $9.7 million severance pay with Rebekah Brooks taking $3.9 million; between 1976 and 2009 Canadian workers' pay rose just 5.5% while median pay for the top 500 CEOs jumped 35% last year alone to $8.4 million (Olive asks if they got 35% smarter or worked 35% harder! Good question); General Electric shares have dropped 60.8% during the tenure of CEO Jeffrey Immelt who was rewarded with $37.2 million in free stock; drugmaker Pfizer's shares dropped 48.1% in the past decade yet CEO Jeffrey Kinder retired with a 434.4 million severance package; ExxonMobil's shares showed a 5.8% negative return in 2010 but Rex Tillerson got $88 million. And the list goes on and on with the same old tales. No money for social programs and health, plenty of money for the already rich. No, reforms won't work, only a revolution will do the job as socialists continually point out. John Ayers
No comments:
Post a Comment