The CEOs of some of the largest employers with the lowest-paid workers in the US are more “focused on their own personal short-term windfall” – spending significantly more money on stock buybacks than capital investments and contributions to employee retirement plans, according to a new report released by the Institute for Policy Studies.
Between 2019 to 2023, the 100 largest low-wage employers in the US, the 100 corporations in the S&P 500 with the lowest median worker pay, spent $522bn on stock buybacks. Lowe’s and Home Depot spent the most on stock buybacks, with Lowe’s spending $42.6bn during this period and Home Depot spending $37.2bn.
The report cites that Lowe’s could have used those funds to give every one of its 285,000 employees an annual $29,865 bonus for five years, and Home Depot could have used those funds to give five annual $16,071 bonuses to each of the retailer’s 463,100 employees.
Institute for Policy Studies - News Source Context (Click to view Full Report)
Information for Institute for Policy Studies:
MBFC: Left - Credibility: Medium - Factual Reporting: Mostly Factual - United States of America
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The Guardian - News Source Context (Click to view Full Report)
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MBFC: Left-Center - Credibility: Medium - Factual Reporting: Mixed - United Kingdom
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I mean, file this under “duh!” but I also recognize that having hard numbers to demonstrate what we already know is a necessary first step to addressing it.
In other news, water is wet.
No shit! Eat the rich
Alternately: CEOs with interest in short term profits tend to exploit underpaid workers.
