A New Look at Labor ... F. AbbottA day to reflect on the ... of working people: That's been the proud ... since the first, ... Labor Day back in ... one of labor' A New Look at Labor DayRobert F. AbbottA day to reflect on the accomplishments of working people: That's been the proud tradition since the first, unofficial, Labor Day back in 1882.But, one of labor's greatest accomplishments has gone largely unrecognized. Since the end of World War II, working people have bought up a huge chunk of big business. They now own a piece of just about everything in business, from multinational corporations to small companies that build mini-malls in their neighborhoods.It may be the greatest economic transformation since the Industrial Revolution; management guru Peter Drucker calls it "The Pension Fund Revolution."To get a sense of the transformation, consider this: At the end of 2001, America's 242 billionaires had assets totalling about $800 billion. That's a sizable amount, certainly, but working people had assets of $11.8 trillion in pension and mutual funds. That's almost 15 times as much as the billionaires.Most working people contribute only modest amounts to their retirement plans, but there are simply so many of us that our collective nest egg grew very quickly. If you're still not sure, try this on your calculator: Multiply a contribution of $1,000 per year by one million working people. Answer: $1 billion dollars per year. Now note there are hundreds of millions of working people here and in other countries. And we're contributing new money every year.Even a relatively small number of working people can build a big fund. For example, the New York State Common Retirement Fund, with 944,000 members in or retired from state public services, had assets of $112 billion at the end of March last year. According to the Fund's annual report for 2002, about $76.6 billion of that total was invested in companies. The remainder, about $35 billion, was in bonds, mortgages, and other types of loans.Look at the private sector and unions, too. To cite just a couple of examples, Pensions & Investments magazine estimated that General Motor's pension fund had assets of $82.5 billion and the pension fund of the Western Conference Teamsters had assets of $22.6 billion, at September 30, 2001.This ownership of big business by working people is the result of contributions to pension funds, mutual funds, and life insurance policies with a savings component. What does all this mean? Well, for starters, perhaps an end of complaints about the profits of corporations. After all, most of those profits go toward the retirement incomes of working people. More complicated, though, is the relationship between working people who own a big company and other working people employed by it. How to share corporate profits -- through continuing employment and higher wages, or through higher returns to shareholders -- remains a difficult issue. Especially for those working people who lose their jobs.On the other side of the coin, working people have bought enough stocks and shares to become the bosses of the bosses. Some pension funds have begun making that clear; CalPERS, the California Public Employees' Retirement System, has led the way in telling Chief Executive Officers (CEOs) and boards of directors that they'd better manage effectively. And, CEOs and directors listen; after all CalPERS runs the country's biggest pension fund, with assets of more than $130 billion. One other thing: if you're a working person, you're a consumer, as well as an owner and employee. When you go shopping, there's a chance you'll buy from a business owned by yourself, your friends, or your neighbors. What's more, the clerks who take your credit card with smiles may work for you. Or, maybe the clerks own the company for which you work. Smile at them, too, just to be on the safe side! Article Tags: Working People, Pension Fund Source: Free Articles from ArticlesFactory.com .
Top blog stories
A review of Idmobile.com
Idmobile.com offers both pay-as-you-go and contract plans. Pay-as-you-go plans are ideal for customers who don't want to be tied down to a long-term contract, and they can purchase bundles of data, minutes, and texts as and when they need them.
Idmobile.com offers both pay-as-you-go and contract plans. Pay-as-you-go plans are ideal for customers who don't want to be tied down to a long-term contract, and they can purchase bundles of data, minutes, and texts as and when they need them.
AO.co is a trusted expert in TVs, washing machines, clothes dryers and other household appliances. AO.com is one of the largest retailers in the UK and it specializes in electronics, clothes and home furniture.
At Three, we believe phones are good. They just make life better. Easier. And more fun. But
we all need to find a balance that works for us. Our mission is to help our customers use
their phones to live their best lives.
We make your life easier
Since 1992, we’ve been helping customers get the best deal on their dream phone. We firmly believe in giving you the highest quality, for the lowest price. That’s why we work with three of the UK’s leading networks to do all the haggling for you,...
At Halfords, we're all about the journey. With more than 700 stores with over 10,000 colleagues, we're the UK's leading retailer of automotive and cycling products. We are also the leading operator in MOT, tyres, car servicing and car repairs - pleasing more than 750,000 customers every year.
It's important to us that everyone gets great customer service and can enjoy our products, no matter their level of sight. So, if you're blind, partially sighted or struggle to see or read the screen, we’ve a range of features to help you get the most from our products and...
Look iconic, without the hassle— using Nasty Gal discount codes, you can shop your favorite pieces for way less by simply entering one of our promotional codes (of your choice) at the checkout. From delivery offers, to promo deals, we keep ‘em coming, so you always have the offer you...
The Covid-19 has caused the school and universities to shut down around the world creating a major issue in Learning and Education. As this virus spreads through the interaction and if social distanci... The Covid-19 has caused the school and universities to shut down around the world creating a major...
Why its Important to Manage Your Holiday Calendars?
A printable calendar 2021 is a prominent online platform where you download printable calendars of your choice. These calendars can be customized as per our client requirement with photo, text, logo, or any other image. If you are thinking of planning a dream vacation tour with family and kids but...
Flannel sleepwear is without a doubt one of the most popular ladies sleepwear styles. But do you have any idea what it is exactly? What it is made of? Flannel sleepwear is just one of the many ladies sleepwear styles that are popular today. But do you have any idea...
You have to tackle the challenges that face you by adopting and applying things that work well towards the attainment of your personal goals. A habitual development assists you when trying to achieve goals. Article Tags: Personal Goals, Habitual Developments Source: Free Articles from ArticlesFactory.com
What is your main concern when it comes to buying skin care? For many it is knowing what to buy in the first place and do you go for a brand or something cheap? Botanical extracts are all the rage in beauty and skin care products, and for good reason....
There are a vast range of acne products that are available on the market. Obviously you want to be able to ensure that what you buy will help to clear your skin without any harsh side-effects. There are several natural supplements for acne that could help reduce pimples. If you...
Discover the fast, cost affective and long lasting solution to your Cosmetic Dentistry needs. No longer do you need to suffer silently with Teeth that have Worn Enamel or are showing excessive Wear and Tear. Stained Teeth can now also be a thing of the past with the Glamsmile Porcelain...
Women's robes are without a doubt one of the most useful ladies sleepwear styles available today. From refined and worldly to fresh and provocative, there are umpteenth varieties of robes in stock that suit virtually every taste and need. Here we will take a look at some of the more...
For example, most restaurants-especially national franchises have their own website and and allows you to sign up as a member to their website and you get emails that alert you about special deals going on at their restaurant. Source: Free Articles from ArticlesFactory.com
We hear our dentist say Dental Implants and we shiver in fear. This is always due to not understanding the procedure. Once you discover the truth about things such as Technological advances, Procedures required, Time needed for it all and the stunning realistically looking results you will change your mind...
By Anthony Ricigliano - News And Advice by Anthony Ricigliano -- The study of coins, also known as numismatics, has its origins going back to the first exchange of the metal discs for the purpose of commerce. While still hotly debated, its likely that the first coin was minted circa...
These days, there is a great variety of brassiere alternatives. Great styles include everything from full bras and minimizer bras to push up bras and demi cup bras, the choice goes on and on! It can be awe-inspiring trying to determine the different bra styles. The essential thing to bear...
Search topic
Choosing Full Bras
These days, there is a great variety of brassiere alternatives. Great styles include everything from full bras and minimizer bras to push up bras and demi cup bras, the choice goes on and on! It can be awe-inspiring trying to determine the different bra styles. The essential thing to bear...