(C) Common Dreams
This story was originally published by Common Dreams and is unaltered.
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Mint the Trillion-Dollar Platinum Coin, Dark Brandon! [1]
['Jason Linkins']
Date: 2023-01-14
Hertz was a troubled firm beyond the crimes it committed; the company filed for bankruptcy during the pandemic, and its employees are thus familiar with their jobs being at risk. But this episode still provides an illuminating example of why our labor politics needs a big rethink. Firms do things all the time that put jobs at risk. Sometimes they commit crimes. Sometimes an idiot just acquires a company and starts firing everyone who won’t join his inane ego trip. An economy in which employers have to compete for labor allows workers to be more mobile and more capable of leaving bad jobs behind, which can help soften the blow whenever the justice system lowers the boom on bad corporate actors. Moreover, this episode is simply the latest and greatest example of why it pays to have a unionized workforce.
But an even better solution would be to promote and enact policies granting workers larger ownership stakes in companies like Hertz. This would give workforces that are already too vulnerable to the errant whims of overpaid executives more transparency into the decisions cascading from the company boardroom as well as a better opportunity to prevent bad, costly actions that put workers’ jobs at risk. Democrats have, in the recent past, proposed such ideas; as The New Republic’s Osita Nwanevu noted in May 2020, polling from YouGov indicated that there was broad support for them among voters, including for “policies incentivizing the voluntary transfer of ownership stakes to employees, and even making companies with more than 250 employees grant those employees half of their stock over time.”
Without the emergence of a course-altering remedy, we will be stuck with a status quo in which we have to hope that slap-on-the-wrist financial penalties will be enough to steer our corporate masters onto more just and prudent paths. The New York Times’ reporting offered some insight into how that will play out at Hertz: “On Monday, Hertz said it believed it would recover a ‘meaningful portion’ of the settlement amount from its insurance carriers and that the $168 million would be paid by the end of this year.” The system works, just not for you.
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[1] Url:
https://newrepublic.com/post/170016/mint-trillion-dollar-platinum-coin-dark-brandon
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