Where can you regularly invest for 10 years and see no return?
Some might think a lot of places, but this site might surprise you.
One group has proved that they can spend years on Michigan Ave in downtown Chicago and get no return.
Yesterday, on May 30 a group of 130 Chicago area hotel workers that walked off their jobs at the Congress Plaza Hotel in the summer of 2003 made history, but they did not get an opportunity to earn the money they fought for.
Lesson on time and money
After 10 long years, Henry Tamarin, president of Unite Here Local 1, which represented the striking workers said, “The decision to end the Congress strike was a hard one, but it is the right time for the union and the strikers to move on.”
Workers can return to work
The hotel workers that spent years outside of the hotel picketing can now go inside to work. It is unlikely that many will. The union that represents them reported that more than 60 of the striking workers have jobs.
Likewise, if they would return to work at the Congress Hotel they might receive less money than their counterparts in other hotels. A room attendant at the Congress Plaza Hotel only earns $8.33 an hour which is far less than the average salary of $16.40 that is typical in other hotels across the city.
Over the years, the striking hotel workers have become a well known to Chicagoans and visitors, some might even say they’re famous for their long stance outside of the Congress Plaza Hotel. The workers had become like a Chicago artifact with a wide range of cultural and archival significance.
In the end, the striking hotel workers acquired fame and made history, but lost time and money to a cause that did not seem to end well for them. Was it worth it?
A lesson in personal finance
The Congress Plaza Hotel workers strike is considered to be one of the longest union strikes in American history can teach us something about time and money. In finance, investments over time usually do add up although value is never guaranteed. Do you think the union and the workers held on too long?
What do you think?
Are unions worth it and/or needed today?
What message does this send to union leaders and members expressly after the Chicago Teachers Union’s strike?