Corporations Slash Worker Pay, Spend Billions Buying Their Own Stock

Discussion in 'Latest US & World News' started by Horhey, Sep 16, 2020.

  1. Horhey

    Horhey Well-Known Member

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    Stores ended hazard pay for their workers. They're still spending hundreds of millions buying back their stock - CNN.com

    New pandemic projections place US death toll at over 400,000 by end of the year



    At the same time:

    Americans are spending $153 billion a year to subsidize McDonald's and Wal-Mart's low wage workers - The Washington Post

    Added to this, the government used the pandemic as an excuse to let select companies loot the Treasury and consolidate the economy. American Prospect‘s David Dayen (3/25/20):
    Corporations will buy up small businesses after coronavirus pandemic - Business Insider

    The public got crumbs to forestall a revolt.

    The Paycheck Recovery Act, authored by Rep. Pramila Jayapal, D-Wash., would've subsidized struggling companies’ payrolls in order to discourage layoffs and keep unemployment down. The legislation had bipartisan support and was still rejected by Nancy Pelosi. "Mass unemployment is a policy choice, and we must choose differently," Jayapal said.

    A similar bill was introduced by Senate Republicans. "We should put forward a proposal that is focused on jobs in contrast to what House Democrats are doing. They could have done something like this. They had an opportunity to put forward a jobs proposal and they didn’t," Senator Josh Hawley said. "It is unbelievable that you would propose $3 trillion in federal spending and you wouldn’t have a focus on workers."

    https://theintercept.com/2020/05/19/heroes-act-paycheck-bill-democrats/

    The US is becoming Brazil. Half the country was already poor before the pandemic. 46% are having "serious financial problems:

    [​IMG]

    Meanwhile in France, where the government actually fears the people because they have a strong labor movement:

    [​IMG]
     
    Last edited: Sep 16, 2020
  2. Kev12345

    Kev12345 Banned

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    Time for Republicans to understand trickle down economics DOES NOT WORK. Its a idea brought to the fold by the corporate elite to push down their taxes so they can in turn make even more money. Any middle class or under should never want trickle down economics...
     
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  3. Horhey

    Horhey Well-Known Member

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    Trump and McConnell were the bank robbers. Pelosi and Schumer drove the getaway car.
     
    Last edited: Sep 17, 2020
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  4. Kev12345

    Kev12345 Banned

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    More like pelosi and schumer opened the vault and moscow mitch and trump took all the money.
     
  5. FreshAir

    FreshAir Well-Known Member Past Donor

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    if you give the stimulus to the working class on down, the rich create jobs to get that money, which creates even more spending and more jobs

    give it to the rich and they do not have to create jobs to get that money, as they already have it
     
  6. Eleuthera

    Eleuthera Well-Known Member Donor

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    Worldwide depression on the horizon, as planned.
     
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  7. Chrizton

    Chrizton Newly Registered

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    I doubt the corporations will "buy up small businesses". Bricks and mortar retail is not as profitable and the corporations who buy up their own stocks generally cancel the shares as to make the remaining fewer shares more valuable, thereby boosting their stock market performance.
     
  8. Kev12345

    Kev12345 Banned

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    Pretty close. Actually the rich hire more bwcause the lower class is spending more thus they need more peeps to fill the demand.
     
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  9. fmw

    fmw Well-Known Member

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    I agree with the Washington Post article in that minimum wage does hurt workers. It provides a roadmap for companies to under-pay employees. It should be abolished.
     
  10. FreshAir

    FreshAir Well-Known Member Past Donor

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    sure it does, if the min wage was gone, those same greedy corps would pay people even less
     
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  11. DennisTate

    DennisTate Well-Known Member Past Donor

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    I do believe that there are ways that another 1929 type of event can be avoided.

    You might not like my idea on exactly how and where the recovery should begin though......?



    Can ...... pull the entire world economy out of a possible Bear Market, another 1929?


     
  12. Horhey

    Horhey Well-Known Member

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    They'll buy up the distressed assets at fire-sale prices.
    Biggest Firms Are Getting Even Bigger In The Pandemic Rearranged Economy - Bloomberg
     
    Last edited: Sep 17, 2020
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  13. Horhey

    Horhey Well-Known Member

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    Comments like this are why leftists continue to do lesser evil voting. To keep the monsters in the other party out of power. Every time people are ready to wash their hands of Joe Biden Trump does something that scares them back into lesser evilism.

    Trump Endorses Extrajudicial Killing
     
    Last edited: Sep 17, 2020
  14. fmw

    fmw Well-Known Member

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    What does what I posted have to do with Trump?
     
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  15. fmw

    fmw Well-Known Member

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    I disagree strongly. If you let the marketplace work, it will work.
     
  16. Chrizton

    Chrizton Newly Registered

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    From your first link: "The firms that were the top dogs going into the crisis also happen to have the most resilient business models because they can do everything online,” said Thomas Philippon, a professor of finance at New York University. “It turns out Amazon was one of the most successful businesses in the U.S., and on top of it, they are the ones who can keep processing orders.

    Amazon has no interest in buying up any small businesses. They can take their market share for free.
     
  17. Horhey

    Horhey Well-Known Member

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    Capitalist competition leads to the winners absorbing the losers:
     
    Last edited: Sep 17, 2020
  18. Chrizton

    Chrizton Newly Registered

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    Amazon is not going to merge, absorb, or takeover Mom & Pop Hardware. They will crush it, grind it into the dirt with their heels, piss on it, and salt the soil beneath it, but they are not going to otherwise have anything to do with them.
     
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  19. Horhey

    Horhey Well-Known Member

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    That's true for mom & pop businesses.
     
  20. Richard The Last

    Richard The Last Well-Known Member

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    Better yet, don't give money to anyone.
     
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  21. Richard The Last

    Richard The Last Well-Known Member

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    ...and the people would continue to go to work....
     
  22. roorooroo

    roorooroo Well-Known Member Past Donor

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    Forgive me for asking, and please don't think I am being rude, but could you further explain the above to me? If a company buys shares of itself, meaning money left the company, and then they "cancel" the acquired shares, what good does that do for the company? If the stock price goes up, that benefits the people who own the stock, but if the company "cancelled" their shares, they will have lost money on the transaction. Am I missing something?
     
  23. GrayMan

    GrayMan Well-Known Member

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    Neither does trickle up economics. Overall wealth produced is the exchange of money in constant circulation. Anything to increase the circulation and prevent impediment will generate more wealth for everyone. It's not as simple as trick up or trickle down. Both are junk economics as they only focus on half the picture.
     
    Last edited: Sep 18, 2020
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  24. GrayMan

    GrayMan Well-Known Member

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    I maybe I'm wrong but based on my very limited understanding.... If the money cannot be used for anything, it's better to give it back to the shareholders and eliminate having to pay dividends to those shareholders. This probably only applies to companies who receive investments faster than they can grow and put those investments to use. Maybe I don't know what I'm talking about though
     
  25. Kev12345

    Kev12345 Banned

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    Bull rubbish. Not sure of your financial standing but say you live paycheck to paycheck like most Americans. I give you a cpl thousand dollars or so what do you do with that money? YOU SPEND IT.
    Most ppl will buy stuff very few would bank it but if it is spent on goods who would make the product that you baught? If lower income ppl are making more that is more products having to be made. Simpke supply and demand economics here. If demand is up suppliers will need more ppl to create/ship/ and sell the products so that equals more jobs. That is how trickle up economics works and it does why do you think they want to give us checks its not to pay our debts its to jump start the economy because even Republicans on the hill know that is the best way to do it even tho they like to say differently.
     

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