We’re Not Gonna Take It
🚀 What’s happening: Starbucks saw workers at more than 200 U.S. locations walk off the job last Thursday arguing for better pay, benefits, and working conditions (as of this publishing Starbucks has mostly yawned at the demands - they operate about 16,000 total stores in the U.S.).
So what?
If it seems like a new labor strike is in the headlines everyday, it’s because it is; 2023 has been a record year for labor strikes.
From healthcare to Hollywood writers to auto workers— over 400,000 workers across the country have walked off the job year to date compared to an average of about 150,000 over the past 15 years.
Why now?
Because while most traditional media remains puzzled why the average American thinks the economy is poor— the answer is staring us all right in the face.
Even though headline numbers (like unemployment, GDP, etc.) are good, wage growth has not kept pace with inflation since the start of the pandemic.
If your wages aren’t keeping pace with your costs, no other headline stat matters. Period. Which is exactly why all of these workers are going on strike.
So it’s all bad news?
No, there is hope! For the sixth month in a row we have started to see wage growth outpace inflation.
The latest reading showed October wage growth at +4.1% (and as noted above the CPI, or inflation, was +3.2%). We would like to see the wage growth vs. inflation gap widen, but it’s at least nice to be back in positive territory.
👪 Closer to home: Labor strikes tend to be a symptom of a lack of wage or job satisfaction, and it’s no coincidence we see an uptick now (the last time we had this many people striking was in the 1970s- also a time of high inflation and low wage growth).
Whatever you do for a living, we are all just tying to give our kids a better life than we had. Being stuck in a job you hate or not earning a wage that keeps up with inflation makes the situation even harder.
Our view is that it’s never too late to change, switch careers, ask your boss for a raise, or truly set out to live the life you want to live.
Remember, big change is just a series of small changes, so if you think you want to start moving in a different direction, why not start today (and we are always an email away for encouragement!).
Some further reading around career and money:
