Les Leopold is the executive director of the Labor Institute and author of the new book, “Wall Street’s War on Workers: How Mass Layoffs and Greed Are Destroying the Working Class and What to Do About It.' (2024). Read more of his work on his substack here.
The number one issue in the election this year, polls tell us, is “the economy.” But what does that mean?That depends on who you are and where you sit in the vast structure of inequality that engulfs us. If you’re sitting pretty, “the economy” means an expanding gross national product, the growth of your investments, higher stock prices, and lower personal and corporate income taxes.
The buyback doesn’t improve the company’s performance, it simply raises the price of the shares and shovels money to the wealthiest investors and company officials. This is plain and simple stock manipulation, something that Econ 101 tells us is a no-no in free-market capitalism where prices are supposed to be set by market supply and demand, not by one company’s self-dealing.
Democratic Party Economy Election 2024 Inequality Kamala Harris Labor Mass Layoffs Stock Buybacks Working Class
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