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How Big Corporations are Draining the Life out of a Sick America

Originally published at http://www.commondreams.org/views/2020/08/31/how-big-corporations-are-draining-life-out-sick-america

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Remember Archie Bunker: “Hey Edith, get me a beer.”

Now it’s the oligarchs: “Hey America, give me your billions.”

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Hi WiseOwl:

if corporations are “people,” then they need to pay what WE the DNA People, pay. Corporations can’t be “people,” and a non human business at the same time! : (

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Colleen Boyle, writing at In These Times, writes that the Dow Jones corporations could have given each of their employees a $46,000 raise in 2018, but they spent the money on stock buybacks. Boyle has a new article out somewhere, but I can’t remember. And the total buyback figure could have added $16,000 a year more income to about 60 million workers, by my calculation, the 60 million are those who work at Large companies employing more than 500 workers. A trillion dollars could have been better spent, it’s a ton of money. But then, the shareholders really deserve it, they earned it, right? Furthermore, the “average weekly earnings of production and non-supervisory workers”, about 80% of all workers, was higher in February 1965 than in 2020. Wage stagnation. The hourly average earnings were higher by 11%. The entire economy was up by 200% on a per capita basis, inflation adjusted. I calculated recently that $160 million is the average wealth of the 160,000 families who are in the top-saving 0.1%. While the lower 40% own less than $3,000 on average. How can this stark condition become common knowledge> A child can understand the unfairness.

They cannot be stopped because, in part, we make ourselves helpless before them.
The people (management) within corporations are just as flesh-and-blood as the rest of us, but - they are shielded from responsibility for their actions in a way that they would not be as private citizens.
There is a legal term of art for it, too: “corporate veil.”