'By wielding the power of the public purse against excessive CEO pay, the president could strike another blow against extreme inequality. All workers, up and down the corporate ladder, deserve a fair share of the wealth they create.'
No, just the opposite. In 2021, Target spent of their extra cash on stock buybacks. That would've been enough to give every one of their 450,000 employees a $16,000 raise.
When a company repurchases their own shares, it does nothing for workers. Instead, it makes rich CEOs even richer by artificially inflating the value of their stock-based pay. Last year, Target CEO Brian Cornell made How do CEOs get away with making hundreds of times more than their workers? Corporate pay practices are still based on the ridiculous notion that the"genius" in the corner office is almost single-handedly responsible for company value.
This was always pure nonsense, but during the pandemic it became even clearer that lower-level workers are essential to their companies and our whole economy.the Institute for Policy Studies , we looked at 300 low-wage employers and found that the average gap between CEO and worker pay rose to 670 to 1 in 2021. That was up from an already obscene 604 to 1 the year before.
And among the companies where worker pay fell below inflation, about two-thirds spent huge sums on stock buybacks to further enrich their CEOs. With such extreme unfairness, it's no wonder we're seeing
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