Coronavirus crisis shows pathway to longterm shared economic progress

House Speaker Nancy Pelosi discusses the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020.


Crises always seem to bring out the best in Americans. Six weeks ago, AT&T and the Communications Workers of America were in a tense struggle over the legendary company’s future.  AT&T’s leadership, under pressure from activist investor Paul Singer to post short-term share price gains, was deferring needed investment in favor of a stock-buyback strategy. AT&T had cut almost 40,000 jobs over the last two years. The union was fighting for its members’ jobs, families, and future.

Then, last week, AT&T changed direction. After negotiations with CWA and in recognition of the extraordinary efforts of its workers to keep the company running and its customers connected in the face of a global pandemic, AT&T announced a 20% bonus for its front line union employees, whether they are working from home or at their regular work sites.

But AT&T and CWA looked beyond the money to make sound decisions about the present and future.  The company canceled $4 billion worth of stock buybacks and worked with the union to enhance safety procedures and strengthen sick and family leave protection for all CWA-represented AT&T workers. With their close collaboration, focus on the long term, and commitment to problem-solving, AT&T and CWA showed us the right way forward through the crisis and beyond.


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By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.