It's clear that Wall Street is worried about labor organizing
Anthony Scaramucci, founder and managing partner at SkyBridge Capital, is blogging about why unions aren't the answer. The post is in response to this week's Business Insider argument about why it's time for labor to organize.
Today, Scaramucci tweeted:
In the post, Scaramucci argues that declining union membership likely isn't the reason for labor's declining share of national income (down about 10% since the mid 20th century according to the top chart here). Instead, he thinks it's some combination of other reasons, including automation, demographics, and bad policy.
That could very well be true, but none of these rule out the need for labor to organize in order to combat all of the things that are stacked up against ordinary employees in a rapidly changing economy. The options are organize and demand more, or sit back and wait for management to think it makes good busines sense to treat workers better.
The latter might work in a good economy, but when the inevitable downturn comes, workers will again be out in the cold.
But ultimately, this post from Scaramucci is good news. If Wall Street is responding, we've hit a nerve.
This post has been updated.