The National  Memo Logo

Smart. Sharp. Funny. Fearless.

Monday, December 09, 2019 {{ new Date().getDay() }}

Reprinted with permission from AlterNet.

By Jake Johnson / Common Dreams

 

As America’s largest banks post record profits, massive companies continue their unprecedented stock buyback spree, and already-obscene CEO pay packages are set to rapidly expand in the aftermath of the Trump-GOP tax cuts, top corporate executives are now openly admitting that they have no plans whatsoever to invest their enormous windfall into wage increases for workers.

During what Axios described as a “rare, candid, and bracing talk from executives atop corporate America” at the Dallas Fed late last week, Troy Taylor, CEO of Florida’s Coca-Cola franchise, said of the possibility of broad wage hikes for workers: “It’s just not going to happen. Absolutely not in my business.”

“Of course the GOP tax scam didn’t help working people,” noted Wisconsin congressional candidate Randy Bryce, aka “The Iron Stache,” in response to the Axiosreport. “CEOs would rather pay themselves than pay us.”

Don’t let big tech control what news you see. Get more stories like this in your inbox, every day.

And CEOs are not merely conceding that “the days of most people getting a pay raise are over” despite the lofty promises Republicans made after they rammed through their $1.5 trillion in tax cuts. As Axios reports, well-heeled corporate executives are also actively moving to “reduce their workforces further” to cut costs and boost their bottom lines.

“The message is that Americans should stop waiting for across-the-board pay hikes coinciding with higher corporate profit; to cash in, workers will need to shift to higher-skilled jobs that command more income,” Axios summarized.

While the executives’ comments were met with outrage and disgust on social media, few expressed genuine surprise that corporations are deciding to hoard their profits and line the pockets of top executives rather than redistribute the gains downward, as this is precisely what they’ve been doing for decades.

And this is also precisely what analysts predicted would happen as the GOP tax plan—which dramatically slashed the corporate rate and the top marginal tax rate for individuals—made its way through Congress last year.

“The tax cuts are working exactly as intended,” Sen. Brian Schatz (D-Hawaii) concluded.

Jake Johnson is a staff writer for Common Dreams. Follow him on Twitter: @wordsofdissent

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Dave Reilly

Reprinted with permission from DailyKos

Most of us are old enough to remember when Republicans eager to court the evangelical Christian vote would recoil in (not entirely genuine) horror at any hint of antisemitism in any political candidate, particularly on a GOP slate. But for the new post-insurrection Trumpian Republican Party, it seems not only to be no problem, it's practically an asset.

Keep reading... Show less
Photo by Jon Tyson on Unsplash

Reprinted with permission from PressRun

Leaning into the doomsday narrative that President Joe Biden's agenda and presidency is slipping away as Democrats work to pass both a huge infrastructure bill and even bigger social spending bill, dubbed Build Back Better, the Beltway press continues to do a great job ignoring the contents of the historic effort.
Keep reading... Show less
x
{{ post.roar_specific_data.api_data.analytics }}