America’s largest companies are fueling record inequality, says new study
America’s largest companies are fueling record inequality, says new study
US-based corporations are making more money than ever before, and they’re putting that money right back into shareholders’ pockets.
Yeah, we know. We're very well aware.
Honestly this is the first article I've seen from a major outlet actually saying it outright instead of pretending the people and workers are the problem. Now what the fuck are we going to do about it?
74Well that's the problem, as an individual you can't. Just like saving the planet.
You can do your "bit" but you'll have no real effect
2
Stock buybacks should have stayed illegal. It’s naked market manipulation done as a flex with whatever fresh layoffs cash you have on-hand.
The stock market is literally gambling, and these behemoth corporations are allowed to affect the outcome. It’s blatantly cheating, but TPTB made it not just legal, but commonplace.
48Stock buybacks should have stayed illegal. It’s naked market manipulation done as a flex with whatever fresh layoffs cash you have on-hand.
Oh come on. Sometimes its bailout cash.
16I'm okay with buybacks because it's the only way for a corporation to go private if they want to, and honestly I think the stock market would probably be a lot healthier if the idea was for corporations to eventually buy back stocks after going public instead of them getting traded like commodities. I mean, my understanding is that's kinda how private investing works. You give someone money in exchange for ownership of a percentage of the company, a share of the profits, or whatever, and eventually the company will pay you back.
However, stocks that are bought back should be frozen for a certain period of or something; to keep corporations from using them to game the system.
Edit: I also think things like CEO bonuses and stocks should be capped to a percentage of their workers' bonuses. If workers receive a $1,000 bonus, the CEO shouldn't be getting $10 million. If the CEO wants to give themselves a $10m bonus, then that's fine, they should just be prepared to shell out 6~7 figure bonuses to their workers.
15
I'm shocked. Shocked I tell you! Well...
14This is why, they keep saying trickle down is a myth because when it finally happens it's gonna be way more than a trickle... Right?
Like... Right?
5Probably more likely to feel a fire hose than anything from trickle down.
2
“Would you like to play ‘Capitalism’?”
13The neat thing about Capitalism is that when you're born, you're already playing it!
...and you already have a status condition, "poor."
19
24
In the UK they've tried to label this as the cost of living crisis, as if the change in value due to inflation it put to some kind of inflation control account in the sky.
Its always been the corporate greed crisis. You'll even get corporate bootlickers trying some kind of "its not like they just became greedy." Which is true. However, they've never had such a good excuse to whack up their prices, to see what sticks, and have the very same people they're ripping off stick up for them rather than use their brains before.
Stock bros with just enough knowledge to be dangerous types.
7This is the best summary I could come up with:
What’s happening: The 200 largest publicly traded companies in the United States saw their combined net profits soar to $1.25 trillion in 2022, a gain of 63% from 2018.
These are just unbelievable numbers that indicate we are in a new Gilded Age,” said Irit Tamir, senior director of Oxfam America’s private sector department.
Oxfam’s report — collected by analyzing companies’ 10-Ks, proxy statements and other public data — found that the retail sector, which is the most demographically diverse in the country, was also the least equal.
“No billionaire should pay a lower tax rate than a teacher, a sanitation worker, a nurse,” he said in his State of the Union address on March 7.
However, there are lock-up restrictions that would likely prevent Trump from selling or even borrowing against the value of that stock for months, reports my colleague Matt Egan.
Devin Nunes, the CEO of the combined company, said in a statement that the business will move to “reclaim the Internet from Big Tech censors.”
The original article contains 1,120 words, the summary contains 168 words. Saved 85%. I'm a bot and I'm open source!
6