From WSJopinion: Automatic wage hikes can’t keep up with inflation. They can only fuel it further, writes Bill Lane
Potomac Watch: With ‘Build Back Better’ Chuck Schumer seems to be expecting a Christmas miracle. He’d be better off taking a leaf from Joe Manchin’s book. Images: Getty Images Composite: Mark Kellyto resurrect a 1970s-era benefit in its labor agreement with the United Auto Workers last month. The wages of the company’s union workers will be directly tied to the consumer-price index, and cost-of-living adjustments will help insulate union members from the negative effects of inflation.
The rediscovery of these adjustments could be a harbinger. But John Deere uniquely may be able to pass labor cost increases on to its customers. The company boasted it was able to raise prices 8% on large farm equipment during its most recent fiscal year. It isn’t clear whether other industrial companies plan to follow John Deere’s lead, but for those contemplating a similar move, allow me to share a cautionary tale.
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