CHRIS KANTHAN—Since 2007, U.S. corporations have spent trillions of dollars on stock buybacks. In 2018 alone, they will spend $800 billion on this financial engineering tool (which has also led to a massive stock market bubble). They won’t use the billions to hire Americans, boost wages or innovate new products. Instead, the CEOs will buy yachts and tell you that Chinese or Mexicans stole your jobs.
Do the low-wage employees of Disneyland get any shares or stock options? A silly question, indeed.
Thus we have a situation where American employers ruthlessly exploit American workers. This isn’t a good model for a country. China and Mexico don’t make us poor. Corporate greed does.