Listen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.

The History of Labor Day


Listen Later

It’s Labor Day and most of us are not working.  We’ll tell you the reason you have the day off and the story of those who sacrificed so you could sleep in.

Labor Day celebrates the American Labor movement.  It became an official holiday in 1887.  If you think you’re job is oppressive now, imagine what it was like before the concept of organized labor.  At least we get paid in money.  At some points, workers were paid with “company chit” that could only be spent at places that were conveniently owned by their employer.

Once upon a time, workers labored as apprentices under master workers.  You then became a journeyman and eventually, a master yourself.  By 1815, journeymen began to outnumber masters due to migration patterns.  As a result, investors began building labor intensive businesses on a big scale.

When the workers began to collude to raise wages, the practice was made illegal by the government.  Commonwealth vs Hunt made collusion to raise wages a legal activity.  That was the beginning of the modern labor movement.

The 20th Century is when labor really gained ground as far as wages and hours were concerned.  Between 1890-1914, unionized manufacturing wages rose from $17.63 a week to $21.37 and hours fell from 54.4 a week to 48.8.

In 1933 as a response to the Great Depression, FDR instituted the National Recovery Act to protect collective bargaining rights. It created the minimum wage and regulated working hours.

Unions are increasingly under fire today.  Which company is notorious for it’s poor treatment of employees?  If your answer was Walmart, good answer.  Walmart employees are not unionized, in fact, it is actively discouraged and people have been fired for scurrilous reasons that were really to do with trying to organize fellow workers.  Would a union fix everything?  No, but it would go a long way to improving worker conditions in that shit hole.  Does your job offer a pension?  Probably not.  If you were a union member, you would have one.  You would probably have health insurance superior to what you have now as well.

Fourth of July is honored as the holiday that exemplifies American sacrifice but as a Detroit girl, I think those who fought and died for the forty hour work week and a living wage are just as deserving of celebration, respect and gratitude. Remember  that when you toast at your back yard barbecue.

Show Notes

Imperial Pumpkin Ale:  It’s September and that means pumpkin beer!

Facebook Beer Season: That magical time when the fall beers are in season.

Learn more about your ad choices. Visit megaphone.fm/adchoices

...more
View all episodesView all episodes
Download on the App Store

Listen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.By ListenMoneyMatters.com | Andrew Fiebert and Matt Giovanisci

  • 4.4
  • 4.4
  • 4.4
  • 4.4
  • 4.4

4.4

2,234 ratings


More shows like Listen Money Matters - Free your inner financial badass. All the stuff you should know about personal finance.

View all
The Ramsey Show by Ramsey Network

The Ramsey Show

39,006 Listeners

Afford Anything by Paula Pant | Cumulus Podcast Network

Afford Anything

3,553 Listeners

Motley Fool Money by The Motley Fool

Motley Fool Money

3,222 Listeners

Money Guy Show by Brian Preston and Bo Hanson

Money Guy Show

3,223 Listeners

Your Money, Your Wealth by Joe Anderson, CFP® & Alan Clopine, CPA of Pure Financial Advisors

Your Money, Your Wealth

809 Listeners

Retirement Answer Man by Roger Whitney, CFP®, CIMA®, RMA, CPWA®

Retirement Answer Man

1,317 Listeners

ChooseFI by ChooseFI

ChooseFI

5,151 Listeners

Stay Wealthy Retirement Podcast by Taylor Schulte, CFP®

Stay Wealthy Retirement Podcast

670 Listeners

BiggerPockets Money Podcast by BiggerPockets

BiggerPockets Money Podcast

3,082 Listeners

Suze Orman's Women & Money (And Everyone Smart Enough To Listen) by Suze Orman Media

Suze Orman's Women & Money (And Everyone Smart Enough To Listen)

328 Listeners

Ready For Retirement by James Conole, CFP®

Ready For Retirement

813 Listeners

The Personal Finance Podcast by Andrew Giancola

The Personal Finance Podcast

1,412 Listeners

Barron's Live by Barron's Live

Barron's Live

208 Listeners

Two Sides of FI by Jason and Eric

Two Sides of FI

439 Listeners

Mile High FI Podcast by Doug Cunnington & Carl Jensen

Mile High FI Podcast

203 Listeners