In my career I have worked through three presidencies.
From George W. Bush I got a check in the mail as part of a stimulus package. It was around $400. From President Obama, I received sky-rocketing health insurance premiums. (Although I’m told it improved life for Americans I’ve never met and with no statistical backing.)
So suffice to say, I’ve never seen government policy create a giveback to workers. It’s either artificially created cash or more money taken from me. But this month, I’ve woken up every day hoping to see my employer’s name as the latest company to drop bonuses on its employees.
It’s like waking up and hoping to see a text from that cute person at the bar. (I’m leaving it gender neutral for your own fantasy.) Instead, it’s your buddy texting you about the person they met and the great time those two had. When will it be me?
Despite my utter jealousy, I can’t help but be happy for workers and spiteful toward critics. This year is the year of Trumponomics.
His tax cut and his deregulation will create doubt. I am sure of that. But, in a time when the economy is rising, they have created a bonus bonanza and a hopeful future for millions of workers.
Who is getting these bonuses?
In part one, I pointed out thousands of workers have received bonuses. I can now update that to read: millions.
First it was AT&T, Sinclair Broadcast Group, and Comcast. Those workers each got $1,000 bonuses. Since then, that number has risen dramatically.
Major U.S. airlines have joined in the bonus boon:
- American Airlines: $1,000 for 126,000
- Southwest Airlines: $1,000 for 55,000.
- Alaska Airlines: $1,000 for 22,000
- Jet Blue: $1,000 for 21,000
Just to name a few. If you’re flying the friendly skies this month, you may notice a little pep in the step of the crews.
The industry where we saw bonuses centered is banking. I wrote about them a few weeks back. This month, more financial institutions have joined in the payout.
Here’s what is interesting. The payouts are specifically earmarked for the employees, not for the bigwigs. I know, there’s probably some bonus they get too. However, the banks are making good on getting money to the working class.
No doubt, the banks stand to gain the most from this influx of capital and deregulation. They could do nothing at all. That is a fair statement. However, these banks have chosen to use the breaks to invest money back into their workforce.
And not just in the form of bonuses. More financial institutions agreed to raise their minimum wages. I reported on this a few weeks back, but you really should take stock of what they’re doing. The average wage raise is roughly $3 per hour. These are banks doing the right thing for workers without the gun of the federal government jammed into their backs.
You can say all day, ‘it’s not a living wage!’ or ‘so what, they are making billions.’ At the end of the day, employers don’t have to do more than the bare minimum to escape fines. However, this tax bill has brought the generosity out in corporations. Whether it’s for the publicity or the economics, I don’t care. It’s money in your wallet.
That’s great, but I don’t work for any of those companies
So now you’re like me, green with envy. However, your company has chosen to do no such thing. Just wait.
You see, part of the tax code for lowering corporate taxes included incentives to invest in your workforce. Whether that is new job training, better technology, or actual salary increases remains to be seen.
However, there are quite a few economists who point to the corporate boon trickling down to employees. In the long run, this new era of good feelings for corporations has a high likelihood of coming to you.
Why? It’s simple survival of the fittest.
If companies choose to raise wages for workers to get more tax incentives, they will attract the best workers, right? The competition could create higher wages. Don’t say that’s inconceivable. That is how you attack your competitors.
It’s tough to root against any pay increase, in any form, for workers. Be skeptical, sure. Point out the corporations’ closed-door greed. But at the end of the day, you can’t take that money away from the workers.
You can hate what Trump says or how he says it. But you can’t hate more money in your wallet. When was the last time you woke up to $1,000 courtesy of Barack Obama? Exactly. Well, at least we all felt good?
Article last modified on July 12, 2018. Published by Debt.com, LLC . Mobile users may also access the AMP Version: Trump Promised to Get More Money for Workers — And He Has - AMP.
Article last modified on July 12, 2018. Published by Debt.com, LLC .