For most Americans, the COVID-19 pandemic has been a traumatic experience. Nearly 1 million Americans have died. Millions more lost their jobs. And nearly everyone had their daily lives upended dramatically. But for a number of large corporations, the pandemic has created an unprecedented windfall and record profits. These profits would not have materialized without frontline workers, who put their lives at risk to keep companies operating and the economy functioning. In the end, however, corporations chose to use almost all of that extra cash to reward shareholders and executives, according to a
Judd, This information must reach the ears of far more people. I just went in to a small shop in my neighborhood. Previously I had a conversation with the owner who is Greek (from Greece-not American Greek). She made a comment, clearly heard from rt wing media. Supporting Trump. I said to her, Trump supports fascism & authoritarianism! How can a Greek support THAT! She said oh I know, I know. I suggested she stop listening to Fox News. I in the shop yesterday, she said to me…Putin, I don’t know is he good, bad. I responded, he’s a monster. He’s trying to destroy the US! He’s killing people in Ukraine! She worried about innocent people killed. Then she said Biden was giving too much to the poor. They don’t want to work, and she doesn’t like lazy people! 🤦🏻 Armed with your corporate information, I explained to her, the Ultra wealthy were the problem not the poor!
I tell this story because this is the damage of far reaching and continuous monstrous lies from Fox “News” and other Rt Wing talk. When a Greek isn’t sure she is against a fascist, there is a big problem out there!!
There is a group in the UK..I believe they go by: @ByDonkeys on Twitter. They put videos of people talking about what is really happening and project their images on government buildings etc.
We must close down Russian backed US propaganda. We need to get creative in finding ways to get the information to a broader audience!
The Business Roundtable statement is an irrelevant marketing ploy. Most corporations are organized under Delaware law, where “shareholder primacy” prevails and corporations that don’t maximize shareholder profits face the risk of derivative suits. The federal government endorsed this attitude implicitly by creating 401(k) and IRA accounts. Instead of trading higher wages for the long-term security of pensions, workers just toil for lower wages and then must choose whether to reduce their cash flow further to fund their own retirements. Pensions have been eliminated, but workers aren’t paid more. All the money goes to shareholders.
There is a time correlation between falling tax rates on corporations and the highly paid and the movement away from a more equitable use of profits. Correlation is not causation, but it is certainly worthy of suspicion. We had a “trickle down” that worked for the benefit of everyone. Tax the hell out of the upper ranks. If they want to keep their wealth they have to invest it in things that give them tax deductions like their workers and their business infrastructure. Not just sit on ever-growing mounds of gold like Scrooge McDuck.
Our own kleptocracy. The people who run and profit from these behemoths are the oligarchs who own Congress and the bureaucracys, state and federal. Vote.
Fabulous work, Judd. To make any difference in this, ALL OF US readers and contacts must push this to as many media sources as possible. This is going to take a huge public outcry, and DOJ involvement (misappropriation of emergency federal funds?) to correct this. The UK is pushing for recovery of £5bn, but the Tories are in charge, and it's their buddies who benefitted, sadly.
These data and graphs are so important. The corporate boards of these companies have surely lost their way if they aren’t holding management accountable for these low ( non-living) wages. The fact that wages are stagnant and even not keeping up with inflation has been known for a decade, yet corporations keep raising C-suite salaries and proudly keeping worker wages low to increase profits. The pandemic was a boon for these multinational groups. Now they have the excuse of Ukraine and supply chain to raise prices even more and drive inflation without conscience. Deplorable
I believe the Trump administration tax changes are part of this? Paying higher salaries would result in paying higher taxes. I can tell you we realized a significant tax reduction in our two-person corporation by paying ourselves more in profits than wages. Does this apply to larger corporations as well?
Judd, can you add this to your reporting? Thanks for all you do!!
Democracy is on the ballot. Get out the vote and show what your thoughts are. We can’t let the Supreme Court decide where or how women get the health care they need.
I will admit that I was a Union worker. I worked for a local utility. But when union was formed they agreed to a “Evergreen Clause”. Example: Being a utility they did not want disruptions that strikes against the company could bring. So the Union and the company agreed the Union would not strike. But the Union would always have a contract with the company. The interests of the Union and the Company would be protected by going to binding arbitration if there were a disagreement on contract language or wages. The Union would propose three Arbiters waand the company would propose three Arbiters. The Union and Company would agree upon which Arbiter they would use. The Union didn’t always get what they wanted but the Company didn’t always get what they wanted. But we always showed up to work.
We need term limits. But I believe there should be check on term limits. If a representative or senator is doing what he/she promised they would do while in office. They could stay in office by winning the after termed out election by a 15% higher total than the nearest competitor.
I also believe holding office for one term should not give representative or a senator a golden parachute as it does now. They shouldn’t be set for life just because they held office
Not shocking in the slightest. Deeply disappointing but not shocking.
Judd, This information must reach the ears of far more people. I just went in to a small shop in my neighborhood. Previously I had a conversation with the owner who is Greek (from Greece-not American Greek). She made a comment, clearly heard from rt wing media. Supporting Trump. I said to her, Trump supports fascism & authoritarianism! How can a Greek support THAT! She said oh I know, I know. I suggested she stop listening to Fox News. I in the shop yesterday, she said to me…Putin, I don’t know is he good, bad. I responded, he’s a monster. He’s trying to destroy the US! He’s killing people in Ukraine! She worried about innocent people killed. Then she said Biden was giving too much to the poor. They don’t want to work, and she doesn’t like lazy people! 🤦🏻 Armed with your corporate information, I explained to her, the Ultra wealthy were the problem not the poor!
I tell this story because this is the damage of far reaching and continuous monstrous lies from Fox “News” and other Rt Wing talk. When a Greek isn’t sure she is against a fascist, there is a big problem out there!!
There is a group in the UK..I believe they go by: @ByDonkeys on Twitter. They put videos of people talking about what is really happening and project their images on government buildings etc.
We must close down Russian backed US propaganda. We need to get creative in finding ways to get the information to a broader audience!
The Business Roundtable statement is an irrelevant marketing ploy. Most corporations are organized under Delaware law, where “shareholder primacy” prevails and corporations that don’t maximize shareholder profits face the risk of derivative suits. The federal government endorsed this attitude implicitly by creating 401(k) and IRA accounts. Instead of trading higher wages for the long-term security of pensions, workers just toil for lower wages and then must choose whether to reduce their cash flow further to fund their own retirements. Pensions have been eliminated, but workers aren’t paid more. All the money goes to shareholders.
You are doing important research and reporting. So glad I found your Substack.
It’s like Peanuts’ Lucy and the football. Charlie falls for it every single time.
There is a time correlation between falling tax rates on corporations and the highly paid and the movement away from a more equitable use of profits. Correlation is not causation, but it is certainly worthy of suspicion. We had a “trickle down” that worked for the benefit of everyone. Tax the hell out of the upper ranks. If they want to keep their wealth they have to invest it in things that give them tax deductions like their workers and their business infrastructure. Not just sit on ever-growing mounds of gold like Scrooge McDuck.
Our own kleptocracy. The people who run and profit from these behemoths are the oligarchs who own Congress and the bureaucracys, state and federal. Vote.
Fabulous work, Judd. To make any difference in this, ALL OF US readers and contacts must push this to as many media sources as possible. This is going to take a huge public outcry, and DOJ involvement (misappropriation of emergency federal funds?) to correct this. The UK is pushing for recovery of £5bn, but the Tories are in charge, and it's their buddies who benefitted, sadly.
These data and graphs are so important. The corporate boards of these companies have surely lost their way if they aren’t holding management accountable for these low ( non-living) wages. The fact that wages are stagnant and even not keeping up with inflation has been known for a decade, yet corporations keep raising C-suite salaries and proudly keeping worker wages low to increase profits. The pandemic was a boon for these multinational groups. Now they have the excuse of Ukraine and supply chain to raise prices even more and drive inflation without conscience. Deplorable
I believe the Trump administration tax changes are part of this? Paying higher salaries would result in paying higher taxes. I can tell you we realized a significant tax reduction in our two-person corporation by paying ourselves more in profits than wages. Does this apply to larger corporations as well?
Judd, can you add this to your reporting? Thanks for all you do!!
Exactly what we all needed to know. Your contribution in informing the public cannot be underestimated. We are grateful for your work.
Democracy is on the ballot. Get out the vote and show what your thoughts are. We can’t let the Supreme Court decide where or how women get the health care they need.
Great topic. More like this, please.
I will admit that I was a Union worker. I worked for a local utility. But when union was formed they agreed to a “Evergreen Clause”. Example: Being a utility they did not want disruptions that strikes against the company could bring. So the Union and the company agreed the Union would not strike. But the Union would always have a contract with the company. The interests of the Union and the Company would be protected by going to binding arbitration if there were a disagreement on contract language or wages. The Union would propose three Arbiters waand the company would propose three Arbiters. The Union and Company would agree upon which Arbiter they would use. The Union didn’t always get what they wanted but the Company didn’t always get what they wanted. But we always showed up to work.
Absolutely spot-on, Judd!
We need term limits. But I believe there should be check on term limits. If a representative or senator is doing what he/she promised they would do while in office. They could stay in office by winning the after termed out election by a 15% higher total than the nearest competitor.
I also believe holding office for one term should not give representative or a senator a golden parachute as it does now. They shouldn’t be set for life just because they held office