Ted Bauman explains that the history of Labor Day is not as simple as many people think it is. It is not just about celebrating the labor movement and the commitment of many Americans to go work. It is a lot more than that, and it has a darker side, but it still should provide everyone with a glimmer of hope.
After the Civil War, the economy in the United States blossomed and grew. This was the industrial age, and many people left their farms and cotton fields in order to go work in large factories and mines. The only problem was that there were great monopolies that were able to take advantage of workers.
The Pullman company was one of them. What many people may not know about this company is that they built an entire city for their workers, called Pullman, near Chicago. Visit crunchbase.com to know more.
What they did was that they said that all their workers should live in the city, but they did not let anyone buy any property. Instead, they all had to rent it from the Pullman company. What Pullman later did was lower the wages for all of the workers while not lowering the rent and the costs of utilities. In other words, he was easily able to create a monopoly and take advantage of people. Debs was a famous union leader who organized the unhappy workers, and they started to strike. In the end, two hundred and fifty thousand workers went on strike. They stopped a large portion of the railroad operations.
Inflation Is Staring You in the Face. Are You Prepared? Will You Profit?#inflation #economy #quantitativeeasing #monetarypolicy #interestrates #stockmarket #stocks #investing #banyanhillhttps://t.co/dGcqmqThc0
— Ted Bauman Guru (@Ted_B_Guru) December 4, 2017
President Cleveland wanted to find a way to end the strike. Unfortunately, he charged the Attorney General with the task, who called in the United States army to oppress the workers. They shot thirty workers and wounded many more. Of course, there was outrage about all of this, and so President Cleveland started Labor Day in order to reassure workers.
Ted Bauman explains that our situation today has many problems as well. We still have large monopolies who take advantage of smaller competitors. We need to learn our history and not make the same mistakes that were made then. We can make our country great again by learning from our mistakes and not repeating them.
Ted Bauman is a well known financial journalist. He is the editor of The Bauman Letter, and he writes about financial news and investing.
Learn more: https://stocktwits.com/tedbauman