Autoworker take-homes have been doing even worse. Their real wages have actually been sinking over recent years. Between 2008 and July 2023, analysts at the Economic Policy Institute reported earlier this week, real average hourly earnings for U.S. auto manufacturing workers fell 19.3 percent.
Inequality.org
September 18, 2023
According to the left-leaning Economic Policy Institute, profits at Ford, General Motors and Stellantis increased 92% from 2013 to 2022, totaling $250 billion. Forecasts for 2023 expect more than $32 billion in additional profits.
Michigan Advance
September 18, 2023
Profits at Ford, General Motors and Stellantis almost doubled between 2013 and 2022, totaling $250 billion, according to the Economic Policy Institute. Over the past four years of the now-expired UAW contract, vehicle prices increased 30% and CEO pay increased 40% while worker pay increased 6%.
Spectrum News 1
September 18, 2023
The number of workers involved in major work stoppages hit the highest levels in decades in the years before the Covid-19 pandemic, particularly in 2018 and 2019. After subsiding during the pandemic, the number of workers who went on strike grew by 50% in 2022, according to a report by the Economic Policy Institute.
CNN Business
September 18, 2023
Practically speaking, flat funding represents a budget cut because of inflation, as well as an expanding payroll due to cost-of-living adjustments and merit raises, said Celine McNicholas, general counsel and director of policy and governmental affairs at the left-leaning Economic Policy Institute.
“But it’s not so much a question of just keeping the agency functioning and avoiding furloughs,” said McNicholas, who served as an NLRB official during the Obama administration. “If you want the agency to function the way the Biden administration wants—to be a bright spot for labor—then it absolutely needs a funding increase.”
Bloomberg Law
September 18, 2023
Profits at the Big Three collectively ballooned 92 percent from 2013 to 2022, totaling $250 billion, according to an analysis by the left-leaning Economic Policy Institute released Tuesday. CEO compensation swelled by 40 percent through the same period.
The Hill
September 15, 2023
According to a study by the nonprofit Economic Policy Institute, the big three automakers have posted cumulative profits of $250 billion in the last decade, while executive pay grew by 40 percent. The UAW wants those profits to be shared with workers. With skilled workers in high demand, the union is in a strong bargaining position.
E&E News
September 15, 2023
Adjusting for inflation, autoworkers have seen their average wages fall 19.3% since 2008, according to Adam Hersh, senior economist at the left-leaning Economic Policy Institute. That’s because autoworker “concessions made following the 2008 auto industry crisis were never reinstated,” Hersh said in a recent blog post, “including a suspension of cost-of-living adjustments.”
CBS Moneywatch
September 15, 2023
The wealthy’s arrogance is wholly unearned. In the U.S. from 1978 to 2021, according to the Economic Policy Institute, economic productivity grew more than 60%. Yet the typical worker’s wages — which in previous decades had roughly tracked productivity — grew just 18%. The wages of the top 1% of earners, however, grew 385%. CEO pay grew by more than 1,000%.
MSNBC
September 15, 2023
From 2013 to 2022, profits for Big 3 automakers skyrocketed by 92 percent to the tune of $250 billion, according to number crunchers at the pro-labor Economic Policy Institute (EPI). Another $32 billion in profits across the three companies is forecast for 2023. CEO pay increased by 40 percent over the last decade, and the three companies paid out nearly $66 billion in shareholder dividend payments and stock buybacks to investors.
EPI reports that concessions made by workers during the 2008 auto industry crisis and government bailout were never reinstated after companies such as General Motors and Chrysler (now Stellantis) got back on their feet. Wages at both union and nonunion automakers have fallen behind inflation as a result, with average real hourly earnings dropping 19 percent since 2008.
Truthout
September 15, 2023