“‘Sending drivers out to die’: UPS workers demand heat safety amid record temps
Union representatives around the country say they’re worried about the number of UPS workers who have needed medical treatment for heat illness this summer.”
While the 401Ks get plumper most of the time - these guys and gels continue to literally be left out in the heat. I personally hope they have the stick-to-it-iv-ness to see this thru.
People helping generate the profits – are slowly learning that bumper sticker slogans and platitudes don’t help them.
They are realizing - the shareholder - needs to share.
As someone with clients who need my product shipped I have followed the trends.
UPS and FedEX since the Postal Act of 2006 have stripped workers of pay and benefits. While the USPS has not been able to compete because the act ties their hands. They need congressional approval to marketing changes.
The drivers paid less, the rates UPS charges have gone up and up and up every year like clockwork. The fuel prices and trucking costs are not much of an issue. In 2006 the profits were fat. In 2022 the profits are astronomical.
The rate hikes are wholesale lies to the general public.
The drivers paid less, the rates UPS charges have gone up and up and up every year like clockwork. The fuel prices and trucking costs are not much of an issue. In 2006 the profits were fat. In 2022 the profits are astronomical.
‘This $3 cut takes a toll’: UPS slashes pay for part-time workers as profits grow
Thousands of part-time workers at the United Parcel Service (UPS) around the US were recently informed that their hourly wages would be cut, eliminating raises implemented in 2021 at some hubs as a means to attract and retain workers in the tighter labor market.
“We were told that the raise was permanent,” said Sanchez.
UPS reported record profits in 2021 as it increased shipping prices; its profits grew nearly tenfold in 2021 to $12.89bn from $1.34bn in 2020. Its stock price hit a record high in February 2022. UPS is projecting more growth in 2022, with the expectation to hit 2023 financial goals a year early. The company approved a $5bn stock buyback program in August 2021.
“We were never told it was a market rate adjustment raise and then out of nowhere they handed out a piece of paper on a Wednesday in early January and said effective the following Monday our pay would be reduced to the contracted rate of $15 an hour, after not receiving hazard pay and constantly short-staffed, having to do two and three people’s jobs,” said Richardson.
Hence - I think inflation will be much more robust - in that the new normal will not be 2-3%.
Energy supplies are short - I won’t ponder why - that is entertainment for others to provide.
And finally, American workers are waking up and deciding that they aren’t pleased with living lives of quiet desperation - while the professional class and investor class 401K-match their way into -earnings-beat-this-quarter- very comfortable lives - on the backs of the desperate. Point being - I just don’t see how businesses clawback recent wage gains, I don’t see how they announce a paycut.
Yes, AI and automation will provide some relief vis a vis sainted “earnings” - -but throngs of unemployed people, especially at the bottom will lead to things that I guarantee - will be posted about here and every other place in coming years.
Smart immigration - cannot be discussed and that is too bad for it could be a huge benefit.
Short term maybe the smart people are right, maybe “2%” inflation can happen.
My unscientific guess is that 4-5 is the new normal. Not enough energy, and the people demanding more wages.
And this assumes that in an era of open information and social media - workers in Vietnam or Mexico or China or India won’t also start demanding much more…
I’m sorta betting they will.
I don’t have expertise to judge all this as good, bad, or hilarious. But I tell you what - I wouldn’t mind if no risk assets pay 3% for some time to come if interest rates have to stay elevated for awhile.
I gassed up at $4.09 Friday here in the far burbs of Motown. Driving into Dearborn Sunday, I saw gas as low as $3.69, vs $5.29 a month ago. Funny how the price of gas always runs up in front of a holiday, than falls off after the holiday weekend. The oil industry always has plenty of excuses.
I just don’t see how businesses clawback recent wage gains, I don’t see how they announce a paycut.
They announce it the same way UPS did, the same way my employers did. Simply announce peon pay is being cut 10%, 20% or more, and anyone that doesn’t like has one remedy: quit.
Meanwhile, the “JCs” in some industries still leverage the “shortage” narrative and keep ramping up prices. If anyone objects to the price escalation, the “JCs” say “if you don’t want to pay the price, get out of the way, because someone in line behind you will pay it”. Look at the soaring margins and profits at Ford and Strabismus, on lower unit volume.
But I tell you what - I wouldn’t mind if no risk assets pay 3% for some time to come if interest rates have to stay elevated for awhile.
I don’t know about y’all, but I would rather earn 0% on no-risk assets with inflation of 2% than earn 3% on no-risk assets with inflation of 8%. But that’s just me.
In my case - ok, my gas is up. Food is up. House and car - no debt on those. Property taxes – , those are up but if they keep rising - it means my property value went up too - I can live with that. Health insurance - I had figured on 10% increase a year…and this was before the juicy delicious subsidies got extended.
As an early retiree with zero formal education or profession (meaning, I can’t go back to being an engineer or lawyer) - I count my expenses rather closely (I know to the penny what my pizza slice and Pepsi will cost at lunch…and which Dunkin is 32 cents cheaper than the other one, and which credit card maxes out points on type of purchase, etc)
I’ve seen how much more I’m spending.
And the interest on savings accounts far outweighs it so far.
My ‘plan’ called for 3.5% long term inflation - but also called for NO dividend increases and NO increases on rental properties.
I certainly don’t want 8% inflation each year. I don’t want the misery index of yesteryear. BUT - people who save an d don’t want to risk money with kids on tv shouting “strong buy! Secular bull!!! Intrinsic Value!!”…well, I’m glad they will get something - for their savings.
Methinks no right answer - - it’s a situational thing, along with one’s disciplines and lifestyle.