The workers are losing their jobs….and yet the markets are doing so well during this time that shareholders are making billions…..why is this?
Five major U.S. corporations that have laid off thousands of workers in recent weeks have simultaneously dished out hundreds of millions of dollars in cash dividends to wealthy shareholders, drawing outrage from Sen. Bernie Sanders and others who say the companies should be using the money to keep people employed.
The Washington Post reported Tuesday that manufacturing giant Caterpillar, toolmaker Stanley Black & Decker, clothing company Levi Strauss, office furniture company Steelcase, and World Wrestling Entertainment have paid out a combined $700 million in cash dividends to shareholders while they shutter operations and lay off employees as the Covid-19 pandemic continues to ravage the U.S. economy.
Seems like bodies are commodities…..
The allure of capitalism has never been a clean or ethical one—the very roots are predicated on a system of continued growth and extraction, only becoming less feudal and more “modern” with the advent of beliefs that technological advances could usher in continued input to help the system survive. This has been true in some ways, such as the advent of fracking, which was able to massively disrupt Hubbert’s peak (the bell curve expected to show the gradual diminished reserves of oil). That peak was extended like a covid graph 10 days after an evangelical beach party. The rub with all things extractive and unsustainable is that there is always inherent blow-back. Just because there is more petro-product to burn doesn’t mean those greenhouse gases won’t build up from actually burning them—there will be hell to pay. This is because the natural world has a way of slapping down hubris with an intangible, almost sentient response to the greed.
Instead of helping the US deal with the coming viral storm….companies kept shipping much needed supplies overseas…..
U.S. companies continued their massive sell-off of medical masks overseas throughout March, well after the coronavirus began infecting Americans and draining hospitals of critical supplies and even as White House officials raised red flags, a USA TODAY investigation found.
America exported more protective masks — including disposable surgical masks and N95 respirator masks — this March than in any other month in the past decade. In all, $83.1 million worth of such products were sent from the United States to the rest of the world, according to an analysis of the latest U.S. Census Bureau trade data for the export category that includes textile-based protective masks.
The capitalism has grown into profits even at the price of screwing the country…..there is no “patriotism” in the souls of these corporations….
…consider 23 ways in which it is a crisis of and by capital and its class rule profits system:
+1. The Straw that Broke the Camel’s Back. United States capitalism was already on the verge of a major recession before COVID-19 hit. All the classic signs were there: absurdly inflated P/E ratios s (an absurdly inflated stock market), massively deb-leveraged corporations, giant consumer and student debt, savage economic inequality (so extreme that the top tenth of the U.S. upper 1 percent had more wealth than the nation’s bottom 90 percent), tens of millions living just one inadequate paycheck away from being unable to meet basic living expenses, and more. If the virus hadn’t broken that camel’s back, something else would have done the job, albeit with a less devastating impact than an epic pandemic.
It is time for a change….but this election will bring NO CHANGE….mostly a few reforms that do nothing but strengthen the hold that capital has on the nation….and more people will suffer and die…..
WE NEED CHANGE NOW!
WE NEED STRONG UNIONS!
Will you be part of it or just a by-stander?
I Read, I Write, You Know
“lego ergo scribo”