The Covid-19 pandemic has become a classic case study in the shortcomings of wage-for-hire in America.
One-third of renters did not pay their rent for April.
The unemployment insurance system is deeply stressed.
Many, many companies ‘laid off’ their workforce when the pandemic hit and governments began to take appropriate steps to save lives.
Most of those workers were wage-for-hire employees. The fortunate ones had some benefits – many did not.
Most of those workers do not have any ownership in the companies that employ them – therefore no underlying personal asset attached to their work.
Most of them, because their wages are only adequate for their necessary expenses, do not have any savings.
I read where a majority of American workers cannot afford an $1000 emergency.
Wage-for-hire makes a good part of our economic disaster.
It’s a great system to concentrate wealth.
It’s a great system to specialize work in a manner that demeans vocation.
It promotes some old idea of economic efficiency that arose as a slightly more humane version of slavery.
I am not a fan.
The underpinnings of wage-for-hire and non-equity corporate structures are a gimmick.
If we really want a wealthy America we also want every worker to have a share of wealth.
If we really want to diversify risks in companies, we also want every worker to have a stake in ‘risk sharing’.
We just found out our economy does not adapt to system-wide adjustments for national health and safety emergencies.
I’d like to see us rethink how we financially work together.
Richard Pace 