| A day to reflect on the accomplishments
| |
| | couple of examples, Pensions &
|
| of working people: That's been the proud
| |
| | Investments magazine estimated that
|
| tradition since the first, unofficial,
| |
| | General Motor's pension fund had assets
|
| Labor Day back in 1882.But, one of
| |
| | of $82.5 billion and the pension fund of
|
| labor's greatest accomplishments has gone
| |
| | the Western Conference Teamsters had
|
| largely unrecognized. Since the end of
| |
| | assets of $22.6 billion, at September 30,
|
| World War II, working people have bought
| |
| | 2001.This ownership of big business by
|
| up a huge chunk of big business. They now
| |
| | working people is the result of
|
| own a piece of just about everything in
| |
| | contributions to pension funds, mutual
|
| business, from multinational corporations
| |
| | funds, and life insurance policies with a
|
| to small companies that build mini-malls
| |
| | savings component.What does all this
|
| in their neighborhoods.It may be the
| |
| | mean? Well, for starters, perhaps an end
|
| greatest economic transformation since
| |
| | of complaints about the profits of
|
| the Industrial Revolution; management
| |
| | corporations. After all, most of those
|
| guru Peter Drucker calls it "The Pension
| |
| | profits go toward the retirement incomes
|
| Fund Revolution."To get a sense of the
| |
| | of working people.More complicated,
|
| transformation, consider this: At the end
| |
| | though, is the relationship between
|
| of 2001, America's 242 billionaires had
| |
| | working people who own a big company and
|
| assets totalling about $800 billion.
| |
| | other working people employed by it. How
|
| That's a sizable amount, certainly, but
| |
| | to share corporate profits -- through
|
| working people had assets of $11.8
| |
| | continuing employment and higher wages,
|
| trillion in pension and mutual funds.
| |
| | or through higher returns to shareholders
|
| That's almost 15 times as much as the
| |
| | -- remains a difficult issue. Especially
|
| billionaires.Most working people
| |
| | for those working people who lose their
|
| contribute only modest amounts to their
| |
| | jobs.On the other side of the coin,
|
| retirement plans, but there are simply so
| |
| | working people have bought enough stocks
|
| many of us that our collective nest egg
| |
| | and shares to become the bosses of the
|
| grew very quickly. If you're still not
| |
| | bosses. Some pension funds have begun
|
| sure, try this on your calculator:
| |
| | making that clear; CalPERS, the
|
| Multiply a contribution of $1,000 per
| |
| | California Public Employees' Retirement
|
| year by one million working people.
| |
| | System, has led the way in telling Chief
|
| Answer: $1 billion dollars per year. Now
| |
| | Executive Officers (CEOs) and boards of
|
| note there are hundreds of millions of
| |
| | directors that they'd better manage
|
| working people here and in other
| |
| | effectively. And, CEOs and directors
|
| countries. And we're contributing new
| |
| | listen; after all CalPERS runs the
|
| money every year.Even a relatively small
| |
| | country's biggest pension fund, with
|
| number of working people can build a big
| |
| | assets of more than $130 billion.One
|
| fund. For example, the New York State
| |
| | other thing: if you're a working person,
|
| Common Retirement Fund, with 944,000
| |
| | you're a consumer, as well as an owner
|
| members in or retired from state public
| |
| | and employee. When you go shopping,
|
| services, had assets of $112 billion at
| |
| | there's a chance you'll buy from a
|
| the end of March last year. According to
| |
| | business owned by yourself, your friends,
|
| the Fund's annual report for 2002, about
| |
| | or your neighbors. What's more, the
|
| $76.6 billion of that total was invested
| |
| | clerks who take your credit card with
|
| in companies. The remainder, about $35
| |
| | smiles may work for you. Or, maybe the
|
| billion, was in bonds, mortgages, and
| |
| | clerks own the company for which you
|
| other types of loans.Look at the private
| |
| | work. Smile at them, too, just to be on
|
| sector and unions, too. To cite just a
| |
| | the safe side!
|
