For Immediate Release
Tuesday, October 31, 2023
Patriotic Millionaires Applaud Tentative UAW Deals with Big Three
“These agreements are a testament to the power and importance of workers organizing; their efforts will mean finally receiving their fair share of the wealth they generated for their employers.”
Washington, DC – Yesterday, after coming to an agreement with General Motors, the United Auto Workers union has now reached tentative deals for new contracts with all of the “Big Three” automakers. The deals include, among other things, a 25% increase in base wages, cost-of-living adjustments, the elimination of wage tiers, and boosts to benefits.
In response, Morris Pearl, the Chair of the Patriotic Millionaires and a former managing director at BlackRock, Inc., released the following statement:
“The Patriotic Millionaires applaud the tentative contract agreements that the UAW has reached with the Big Three automakers after a historic six-week strike. During the 2008 financial crisis, auto workers agreed to pay freezes and benefit cuts to keep the industry alive; profits eventually recovered for the executives and investors in the Big Three, but those profits never found their way to workers’ wallets. These agreements are a testament to the power and importance of workers organizing; their efforts will mean finally receiving their fair share of the wealth they generated for their employers. UAW President Shawn Fain declared at the start of this strike: “Record profits mean record contracts.” The UAW has delivered on this for their members.
The UAW’s victory should stand as an example to all Americans about what can be achieved through collective action. These workers and their new contracts demonstrate that sharing profits with workers is not only possible but essential to ensure long-term financial success.”
For additional information or interview requests, please contact Emily McCloskey at emily@patrioticmillionaires.