Unions Need to Spend Big to Seize the Day
Even as union density has declined, unions have spent little on organizing while amassing vast war chests. But the UAW and Workers United are showing that spending big on strikes and organizing pays off.
A “UAW on Strike” sign held on a picket line outside the main entrance at the General Motors Ypsilanti Processing Center in Ypsilanti, Michigan, on September 22, 2023. (Emily Elconin / Bloomberg via Getty Images)
In a moment of opportunity for workers and the labor movement, a key strategic question is whether union leaders are prepared to put at risk the more than $32 billion in assets they currently have sitting idle in union treasuries. Will organized labor decide to invest in large-scale organizing campaigns and militant strikes, or continue to invest its resources in Wall Street?
Unions like the United Auto Workers (UAW) and Service Employees International Union (SEIU) affiliate Workers United are demonstrating one path forward, dramatically increasing spending to support bold campaigns. For the labor movement to make the most of the current period of high favorability for unions and rising militancy, other unions will need to follow their lead.
Union Membership Is Down, but $32 Billion Is Parked With Wall Street
Union density and membership have steadily declined for decades, but paradoxically, labor’s financial assets have increased exponentially. I call this “finance unionism,” a practice whereby union leaders focus on accumulating Wall Street financial assets rather than investing those resources in mass organizing and strike activity.
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