See I thought it was Eddie Lampert, who carved up Sears and played around with its model as the quality of its stores deteriorated.
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Yes, but after he was gone it would have been salvageable if it weren't for the pension liabilities
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That is true. Reminds me of the Blue Sky Deal in Wall Street.
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This also fails the "and then what?" test. So private companies should be forced to pay above the market rate for labor? These people forget 2nd order consequences.
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Forced to pay above market? No. There are lots of ways to alter the system to mitigate both of these negative outcomes. But we are still at the phase of quantifying the problem. People are still printing stuff about "wasteful millennials". We are coming to grips.
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Examples?
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Pensions: They keep failing. Even though they are heavily regulated. Our government has backstopped several. Successful pensions can be useful tools. But failed pensions hurt both companies and pensioners. Maybe it's time to offload pensions from companies? Change our laws?
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Low wage problems: Adults making $11/hour to subcontract with an Amazon warehouse are not making enough money. They can't cover their own health expenses, we need to subsidize them. Single parents may receive SNAP. They are eligible for housing assistance in some places.
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Not that it's a huge difference, buthttps://www.cnbc.com/2018/10/02/amazon-raises-minimum-wage-to-15-for-all-us-employees.html …
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Definitely a step in the right direction. But they also had some good business reasons to do this. But it's still unsustainable. The US healthcare burden is about $10k/year/person. A parent with one child earning $30k has earmarked 2/3 of income for medical alone.
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Also, why are they comparing sears salesmen to amazon warehouse workers? Apples to oranges
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Businesses shouldn’t have to have anything to do with the retirement of their employees. Pay a freely agreed to wage/salary/commission and let the employees save for their own retirements.
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Most people did not realize what it meant nor were they ready for the switch from defined benefit to defined contribution. Our society is built on the average worker not knowing how money works. This was done on purpose.
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Figuring out how to replace pensions will be a monumental part of moving the us economy forward in coming generations
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"Private equity buys a company and loads it with debt. Company folds... It was because of the pesky pensions."

The pension liabilities were on the books when Lampert bought Sears. Perhaps he shouldbhave factored them into his calculations.Thanks. Twitter will use this to make your timeline better. UndoUndo
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Last time I was at a Sears it looked like mannequin zombies at a college off campus apartment yard sale. I think that was their problem... + pension liablities.
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Maybe a partnership with amazon warehouse workers is something to explore for Lambda School
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Thanks for pointing that out because it's important for people to hear that perspective.
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The salesman to warehouse worker analogy doesn't make much sense to me. Sears salesman to UX dev is probably a better analogy.
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You could also provide for a family on one sole income. So much has changed since those days.
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