Schumer and Sanders: Limit Corporate Stock Buybacks

Corporate self-indulgence has become an enormous problem for workers and for the long-term strength of the economy.

By Chuck Schumer and Bernie Sanders
Feb. 3, 2019


Excerpt:

Whichever way a corporation chooses to invest in its workers, what’s clear to the vast majority of Americans is that companies should devote resources to workers and communities before buying back stock.

So, in this Congress, the two of us will attempt to get a vote on legislation that demands that corporations commit to addressing the needs of their workers and communities before the interests of their wealthy stockholders.

The past two years have been extremely disappointing for millions of workers. President Trump promised the typical American household a $4,000 pay raise as he pushed for his tax giveaway to the rich. The reality, however, is that from December 2017 to December 2018, real wages for average workers have gone up by just $9.11 a week. Sadly, average workers are making less today than they made in 1973 after adjusting for inflation, while stock buybacks have skyrocketed to record levels.

The time is long overdue for us to create an economy that works for all Americans, not just the people on top. Our legislation will be an important step in that direction.

https://www.nytimes.com/2019/02/03/opinion/chuck-schumer-bernie-sanders.html