Boeing Shows Why Squeezing Workers Is Reckless
BloombergWhen Covid-19 brought the US economy to a standstill in the spring of 2020, America’s top executives called for a “national conversation” about the need for workers to return to work, warning of an “economic catastrophe” if they didn’t. So, when I read the news that Boeing Co.’s machinists approved a new labor contract on Monday, locking in a hike of nearly 44% over four years, it was clear to me that the deal they struck was inevitable. A shocking percentage of full-time workers don’t earn enough to raise a family, and that was true even before the recent spike in inflation made everything a lot more expensive. As much as two-thirds of full-time workers age 25 and older can’t cover the basic necessities for a family of four with one parent working, according to wage data from the Bureau of Labor Statistics and living wage estimates from the Massachusetts Institute of Technology.
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