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So what?
It would not be the end of the world if most companies could not buy back stock. Buybacks were banned entirely until 1982.
It would not be the end of the world if most companies could not buy back stock. Buybacks were banned entirely until 1982.
If limiting buybacks to companies that pay a $15/hr min wage, offer 7 days of sick leave, and retirement accounts/pensions to employees would exclude most companies, we should ask why most companies don't offer their workers these things with corporate profits at a record high.
It's kind of astonishing to see, as a serious argument, that's it's not fair to restrict corporations from spending their profits to artificially jack up their stock price if they don't pay a living wage and benefits, because most of them don't pay a living wage and benefits.
Especially when you step back and realize that the first and foremost reason companies buy back their own stock is to goose the income of their executives. Why are we taking it as a given that it is of any inherent value to the economy for a business to do this?
