Nearly half of the country's largest low-wage corporations spent more on CEO pay-inflating stock buybacks than on capital expenditures over the past five years.
At a time of intense political divisions, Americans across the political spectrum share enormous common ground on at least one problem—the extreme divide between CEO and worker pay.A recent Bentley University-Gallup survey of likely voters found that 96 percent of Democrats, 83 percent of independents, and 67 percent of Republicans agreed that businesses should narrow their CEO-worker pay gaps.That tracks with what I've been hearing.
In a discussion I led in Richland Center, Wis., a worker for a big box home improvement chain shared his frustrations with understaffing and low pay.Both Lowe's and Home Depot are extreme examples of companies that enrich CEOs and shareholders while shortchanging workers. With the $42.6 billion Lowe's alone spent on buybacks between 2019 and 2023, the company could've instead given all of its employees a $30,000 annual bonus for five years.
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