The $5.8 billion share of Lockheed Martin’s buybacks enabled by government funding costs more than nine times what recently proposed cuts to food stamps would have raised each year, in their original form, writes brtthnz.
Brett Heinz is a political researcher and writer currently based in Washington, D.C., with a focus on economic justice, political inequality, and U.S. foreign policy. He currently works as a National Security/Foreign Influence intern at the Quincy Institute for Responsible Statecraft, and previously analyzed U.S. relations with Latin America at the Center for Economic and Policy Research.
The value of Lockheed Martin’s stock grew by 37% last year, representing an incredible financial gain for investors in the nation’sThis spike was hardly the result of changing market conditions, however: The S&P 500 ended the year with growth of -20%. Instead, this growth came from stock buybacks. In 2022, the company bought back more of its own stock than in any other year in its history:, 73.5% of the company’s sales last year were to the U.S.
This is without including Foreign Military Sales, roughly another 19.2% of the total, which are sold to foreign governmentsWhen contractors who receive most of their money from government sales issue buybacks, it is ultimately taxpayer dollars being redirected towards shareholders’ pockets. Data from Lockheed Martin’ssuggests that company outdid itself in 2022, offering its investors a record level of taxpayer-backed buybacks equivalent to the prior four years combined.
This isn’t a new phenomenon. Since 1982, U.S. corporations have been able to buy back their own stock in order to raise the value of the remaining stock, an investor payout similar to dividends but with a
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