http://www.ueunion.org/stwd_gasbfasb.html
This is from some union website but good old Siri found it. Something obscure she does well but easy ones not so good. I think they are working more on the natural speech capabilities than they are the cognitive. I am becoming less concerned about how fast AGI will arrive. The dialog has started finally on this subject and ramifications for society, work, self-worth, relationships… I thought it was one of the bigger issue government should lead teams from everywhere.
I wrote about FASB yesterday or whenever because I have seen how their statement directly influences companies behavior, compensation, spending and investment, location but most of all it has been the stock options, and retiree benefits that forced not only companies but towns and counties that ran plans to suddenly have to start funding them, book the liability which I think is the least harmful to everyone. Wall Street would get over it and from a compensation standpoint it was better than cash. that is what is called TEC and companies and employees like it. So FASB f that up unless their agenda was to save money on the backs of workers. Are you starting to see why we ended up with the 98%? Isn’t it amazing that everything went against workers and for Employers?
The craziest thing is that the shift to the right is not even recognized by them. The still use liberal press. In fact, most of my republican friends use the same cliches as in the 50’s 60s. It is like they won’t accept or acknowledge change. Of they have only one tool and everything gets fixed with it.
If people would like to call America great again, we need to move beyond Russia or China or India. To compete, we have had workers continue to get less and less in pucrhasing power. That is not hard to do.
Question: How to solve the problem of global competition?
United States: Somehow we continually pay less of healthcare costs that are so high because all those companies have to make money off of your illness. FASB like the Credit Rating companies is private. It has board members that are from different parts of industry as accountants. So I would wager a few bucks that they are majority republicans and buddies with many company comptrollers. Maybe they are naive in terms of how incentives work but they must have known what would happen with their rulings of employees. But I was naive when we moved from defined benefits plans that allowed employees knew what he was going to get at 65. Just as you know roughly and then more closely you will get 2,000 a month and you couldn’t figure out how to do that without living on the street: how does it feel? I changed DB to DC plans in a number of countries and US for companies and I thought it was better for the employee especially those that changed jobs. And it is. But company management can’t resist cutting their costs. I only wanted to remove their risk of costs going up and down. But I expected companies to pay at least 8% and better 12% of pay for retirement. You need to set aside that much every year if you want to have around 67% of your working income. It might be less I think when I started interest assumptions were 8% and it assumed investment return would exceed income increases by 2%. With these assumptions it was about 8% a year. European companies I am sure take care but US companies put in less than 6% so you should be putting in 6%.
So workers have been getting the shorter end of the stick than executives that control their pay and use stock to incent them to get the stock price up. You can create phantom shares also that value is based on some other measure of improvement. But, anything that doesn’t provide for growth in share prices—maybe. The stock market is nothing like what we have been told or taught.
I ramble but the point is an obscure organization has made decisions that impacted employees for a long time and no one but a few voices understand. Or I go back to Galbraith’s Innocent Fraud. I don’t see the populist movement slowing down if things continue. 