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.
Quelle suprise. The cause of endemic poverty is that rich people and companies are too rich.
Not so much that they're rich as HOW they got rich: primarily by leeching resources from everyone else.
This 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.”
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