PAY THE
PEOPLE!
Why Fair Pay is Good for Business and Great for America
In Pay the People! John Driscoll, former Walgreens executive and health-care CEO, and Morris Pearl, former BlackRock executive and board chair of the Patriotic Millionaires, argue that the combination of Congress’s failure to raise the minimum wage and business leaders’ refusal to pay employees fairly limits consumer demand, impairs business success, and ultimately threatens democratic capitalism. This thought-provoking book rebukes current wage practices and congressional paralysis and outlines a simple path to stable, inclusive economic growth.
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Meet the Authors
John Driscoll
John is the Chair of Magnit Global, an international staffing firm managing over 700,000 employees. He’s also a Senior Advisor to Walgreens Boots Alliance (WBA) and the EQT Group, and chairs the board of Waystar (NASDAQ:WAY). Previously, John was President and Executive Vice President of WBA (NASDAQ:WBA), where he oversaw Walgreens' healthcare assets. Driscoll joined WBA in October 2022 when the company acquired CareCentrix, where he had served as Chief Executive Officer since 2013. During his tenure, CareCentrix was widely recognized for its strong corporate culture by organizations like Fortune, Forbes, USA Today, and Fierce Healthcare.
Before joining CareCentrix, Driscoll was President at Castlight, a healthcare technology company. He also served as Group President for New Markets at Medco (NYSE:MHS). Additionally, he founded and chaired the Surescripts ePrescribing Network. Earlier in his career, Driscoll was EVP at Walker Digital, the corporate parent of Priceline. He also held the position of Corporate Vice President for Government Programs at Oxford Health Plans (NASDAQ:OXHP).
John co-hosts the CareTalk podcast, a top healthcare business podcast. He serves on the boards of Business Executives for National Security, and Johns Hopkins Hospital System. Previously, he chaired the audit committee at the Press Ganey corporation.
John Driscoll holds a B.A. and M.B.A. from Harvard University and an MPhil from Cambridge University in England. He served as a Captain in the U.S. Army Reserve.
Read:
John’s op-ed in the Guardian:
We froze the salaries of 20 executives – and it improved the lives of 500 employees
Watch:
Morris Pearl
Morris Pearl is the Board Chair of the Patriotic Millionaires. Previously, Mr. Pearl was a managing director at BlackRock, one of the largest investment firms in the world. His work included the Maiden Lane transactions and assessing governments’ potential losses from bank bailouts in the United States and in Europe. Prior to BlackRock, Mr. Pearl had a long tenure on Wall Street where he invented some of the securitization technology connecting America’s capital markets to consumers in need of credit.
Morris is a CFA CharterHolder, a member of the CFA Institute, the New York Society of Securities Analysts, and on the board of a number of organizations, including Amalgamated Foundation, Verified Voting, the Center for Political Accountability, and Capital & Main. He also co-authored Tax the Rich: How Lies, Loopholes and Lobbyists Make the Rich Richer. Mr. Pearl currently lives in New York City with his wife Barbara where he enjoys spending time with his two adult sons and riding his bicycle around the city.
Read:
Morris’ Profile in NPR:
He's Part Of The 1%. And He Thinks His Taxes Aren't High Enough
Watch:
For media inquiries please contact sam@patrioticmillionaires.org.
PRAISE
REVIEWS
"This book makes a strong case for raising the minimum wage and stands for a more fundamental idea that doing well and doing good go together. I hope it influences Federal and state policy for years to come. "
Lawrence H. Summers
Charles W. Eliot University Professor at Harvard and former Secretary of the Treasury for President Clinton and Director of the National Economic Council for President Obama
"Pay the People is not just a call for policy reform, it is a tribute to what we can achieve when we prioritize the needs of working people – just as John Driscoll has done for nearly three decades. I am proud to call John a partner in the fight to ensure every working American, no matter their zip code, has the financial security to comfortably raise a family and make their future."
Gov. Phil Murphy
Governor of New Jersey
“Raising the minimum wage is not just an economic imperative but a moral one. In this insightful book Driscoll and Pearl lay bare the clear benefits of paying a living wage. They expertly weave together data, personal stories and historical context to make the case for why paying a living wage is critical to creating an economy that is as inclusive as it is vibrant and restoring the American Dream. This book is a must-read for policy makers, business leaders and anyone who cares about building a better future for all Americans."
Rep. Ro Khanna
Representative of California’s 17th District
“Pay the People makes a convincing case for building a stronger economy from the bottom up. Business leaders take note - fair wages aren’t a drag on business, they’re one of the best investment you can make as a Chief Executive. This book is a powerful reminder that everyone benefits when working people have financial security, dignity and opportunity.”
Ursula Burns
Former CEO of Xerox, Chair of Teneo
"As a leader who believes in the power of people, I understand how fair wages ensure dedicated employees and build strong companies. Reforming the wage structure is not just about economics, it’s about ensuring the dignity and self-respect of every employee. Driscoll and Pearl make a compelling case for why it’s time for America to invest in our greatest asset - our people."
Indra Nooyi
Former Chairman and Chief Executive Officer of PepsiCo
"Over the past thirty years of teaching and managing, I have been guided by a simple set of rules learned from David Glass, former CEO of WalMart.…”Better people, better paid, who stay with you longer wins every time.” With Pay the People Driscoll and Pearl convincingly demonstrate that the truth continues to hold and is even more important today. A must read and reminder!"
Leonard Schlesinger
Harvard Business School Professor, and former Vice-Chair of The Limited and Babson College President
“To have a growing economy, you must have an inclusive economy. We have to be a society that incentivizes work and provides pathways to work, wages, and wealth. That’s what this book is about and that’s what John’s life’s mission has been centered on.”
Gov. Wes Moore
Governor of Maryland
“Based on many decades of working in politics, I know that doing the right thing isn't always a winning strategy. Pay the People makes a compelling case that raising the minimum wage is a winner in every way. Driscoll and Pearl show how raising wages for struggling workers helps businesses and the economy thrive, and argue that it is a winner for politicians. Over the past 25 years every time raising the minimum wage has been on the ballot - in red states and in blue - it's won. It's time for us to give American workers a raise!"
James Carville
Political consultant, Democratic strategist, and author
"In a world where economic disparities continue to grow - paying a living wage is a vital step in building strong companies and healthy communities. Pay the People provides a compelling exploration of how fair wages lift up workers, transform companies and sustain democracy. It reminds us of the urgent need for government and industry to invest in wages that workers can live on. As Ford Foundation CEO, I fully endorse this powerful and timely work."
Darren Walker
Chief Executive Officer, Ford Foundation
"Pay the People is a simple, yet compelling argument for a true living wage. John Driscoll, a successful business leader who has long advocated for fair wages for hard working Americans, dispels the myths that doing what's right isn't also the smartest move - it is. Workers, like soldiers, do their best when their pay reflects how critical they are."
Stan McChrystal
CEO of the McChrystal Group and retired General and former commander of US forces in Afghanistan as well as the former commander of US Joint Special Operations Command
“For the past decade, I’ve marched and gone to jail with low-wage workers crying out against poverty wages and demanding a living wage and a union. I joined them because their cause is right, and I serve a God who hears their cry. But I also know from the study of economics that what they’re demanding would be good for all of us. Which is why I’m so glad to see the Patriotic Millionaires joining their call. When we all get together, we can build an economy that works for all of us.”
Bishop William J. Barber, II
Author of White Poverty, How Exposing Myths About Race and Class Can Reconstruct American Democracy
“Pay the People! is a timely and compelling exploration of the deep income inequalities that undermine the American economy. With a clear-eyed analysis and a wealth of data, Driscoll and Pearl provide a searing critique of the corporate greed and flawed policies that keep millions of workers in poverty. They also offer a visionary roadmap for creating an economy that works for everyone."
Saru Jayaraman
President of One Fair Wage and author of One Fair Wage
In the media
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"If Harris makes this election about higher wages, even if it moves just a few thousand voters in each swing state, she’ll likely win."
Raising the minimum wage is the key to the White House for Kamala Harris
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"It was unacceptable to me as a leader to be running a business that was making a profit and not paying people enough to afford to live on the wages we were paying."
Healthcare CEO: Why businesses can be key allies in the fight against inequality
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"The system doesn’t really work for the poor. We have a broken social contract, and a tattered safety net that only partially works. For me, the promise of America is that everybody has a shot. I see it as an American obligation to protect the American dream."
‘Tax the Rich!’ Say These “Patriotic Millionaires’
The Problem
“Up until the mid-1970s, the minimum wage kept up with increases in productivity. As workers produced more value for their employers, they were paid more. That’s supposed to be an essential part of the social contract of capitalism. But in the 1970s a gap started forming, and really exploded during the Reagan administration, as workers became more productive while the minimum wage stayed flat. Instead of paying workers according to the value they produced, employers began to pocket more and more of the yield of their employees’ labor, increasing profits while keeping wages low.”
“Consider this: from 1948 to 1973, productivity rose by 97 percent while hourly compensation rose by 91 percent.During these years, workers received the benefit of increased productivity in the form of higher wages. After 1973, productivity continued to rise, but compensation no longer tracked with it. From 1973 to 2014, productivity rose by 72.2 percent while hourly compensation rose only 9.2 percent.”
Excerpt from Pay the People!
CEO Pay vs The People Who Actually Do the Work
In 1965 — 20:1
In 1980 — 42:1
In 2020 — 351:1
Did you know?
Almost nine in 10 (87%) agree that the growing gap between CEO pay and worker pay is a problem in this country.
85% agree that one way America’s largest companies can meaningfully act to reduce income inequality is by raising their minimum wage to a living wage.
81% believe large corporations are responsible for ensuring the basic financial security of their lowest-paid workers.
About the Patriotic Millionaires
The Patriotic Millionaires is a group of business leaders and investors who are deeply concerned about historic levels of inequality and the destabilizing concentration of wealth and power in America. The mission of the organization is to build a strong, prosperous and inclusive nation by promoting public policies based on the “first principles” of equal political representation, a guaranteed living wage for all working citizens, and a fair tax system.
Also by the Patriotic Millionaires
Blunt and irreverent, Tax the Rich! unapologetically dismantles the “intellectual” justifications for a tax code that virtually guarantees destabilizing levels of inequality and consequent social unrest. Infographics, charts, cartoons, and lively characters including “the Werkhardts” and “the Slumps” make a complicated subject accessible (and, yes, sometimes even funny) and illuminate the practical reforms that can put America on the road to stability and shared prosperity before it’s too late. Never have the arguments in this book been more timely—or more important.
