Posted by on September 8, 2021 8:01 pm
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Biden: ‘Workers Have Been Giving Much More to Their Employer’s Bottom Line Than They Have Gotten Back’
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(CNSNews.com) – President Joe Biden gave a speech to labor union leaders at the White House today and argued that American workers are now being exploited by capitalists who do not pay them what they are work

“When unions win, workers across the board win,” said Biden. “That’s a fact. Families win, community wins, America wins. We grow.

“Despite this, workers have been getting cut out of the deal for too long a time,” said Biden.

“You know, from 1948, after the war, to 1979, productivity in America increased by more than 100 percent, while the pay for American workers grew by nearly 100 percent,” Biden said. “Then along came 1979 and everything began to change.

“Productivity in the country has grown almost four times faster than pay since 1979,” said Biden.

“That means the workers have been giving much more to their employer’s bottom line than they have gotten back in their paychecks—breaking the basic bargain of this country,” Biden said,

“The bargain was if you worked hard and contributed to the welfare of the outfit you worked with you got to share in the benefits,” he said.  “Well, that stopped for a long time.”

Here is a transcript of part of Biden’s remarks:

President Joe Biden: “When unions win, workers across the board win. That’s a fact. Families win, community wins, America wins. We grow. Despite this, workers have been getting cut out of the deal for too long a time. You know, from 1948, after the war, to 1979, productivity in America increased by more than 100 percent, while the pay for American workers grew by nearly 100 percent. Then along came 1979 and everything began to change.

“Productivity in the country has grown almost four times faster than pay since 1979. That means the workers have been giving much more to their employer’s bottom line than they have gotten back in their paychecks—breaking the basic bargain of this country. The bargain was if you worked hard and contributed to the welfare of the outfit you worked with you got to share in the benefits.  Well, that stopped for a long time. So, you can carve out your piece of the middle class, make it a possibility. That’s what got taken away for a lot of people. Instead, some people started seeing the stock market and corporate profits and executive pay as the only measure for economic growth.  By the way, the stock market has gone up exponentially since I’ve been president—you haven’t heard me say a word about it.

“I’m glad it’s gone up. No problem.”

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