More bad news for the workers thanx to the Trump admin during the pandemic.
All those economic stim packages that were aimed at helping workers to live until the virus can be conquered…..most of the money….all the money….has made it into the hands of corporations….and to add one more failed program to save the workers from unemployment.
A new analysis out Wednesday reveals that the Federal Reserve bond purchasing program meant to prevent workers from losing their jobs amid the Covid-19 pandemic instead bolstered companies who laid off more than one million workers while paying massive dividends to shareholders—a finding escalating concerns that the central bank’s behavior is “contributing to an economic recovery that benefits wealthy executives and investors but leaves behind American workers.”
The report put forth by the Select Subcommittee on the Coronavirus Crisis —titled “Prioritizing Wall Street” (pdf)—examines individual corporate bonds purchased through the Fed’s Secondary Market Corporate Credit Facility (SMCCF), a lending system supported by funds from the CARES Act but which lacks taxpayer and worker protections included in other programs backed by the legislation passed earlier this year.
For corporations hoping to become eligible to issue bonds purchased by the Fed, the SMCCF “imposes no conditions requiring companies to save jobs or limit payments to executives or shareholders,” the report notes.
“The primary beneficiaries of the program have been corporate executives and investors, not workers.”
This is no different than the rest of the stim plans……make the CEOs richer and the screw the people that make these corporations possible.
Not to worry though the whole BS about the shareholders saving the working people is a LIE….please let me repeat that for the mentally slow….IT IS A LIE!
When the Business Roundtable issued a statement on corporate purpose and promised to “deliver value to all of… our stakeholders” in 2019, some applauded the attention paid to social and environmental concerns by 181 CEOs as a significant improvement from neoliberal economist Milton Friedman’s 1970 dictate that “the social responsibility of business is to increase its profits,” which marked the beginning of an era of shareholder primacy.
But a study (pdf) published Tuesday by the Test of Corporate Purpose (TCP) initiative showed that amid 2020’s disastrous public health, economic, social, and environmental challenges—the coronavirus pandemic, massive unemployment and worsening inequality, persistent police violence and racial injustice, and intensified climate crisis—”stakeholder capitalism” has failed to follow through on its promises to do more to benefit workers and communities, continuing to “put profits ahead of people” instead.
“The study enhances doubts that corporations can be depended upon to moderate their quest for profits to pursue solutions to challenges like climate change, racial injustice, and economic inequality.”
The more you learn the more you see what a biased system we live in….the workers mean NOTHING.
If you cannot see the inequality you are either ignorant or a Trump supporter….wait…that is basically the same thing.
I Read, I Write, You Know
“lego ergo scribo”