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This is a real microcosm of how old, rich conservatives live in a bubble and have no idea how the real world works.
Varney says this is bad because it would slow growth in retirement accounts. But far fewer people own retirement accounts than would be helped by these reforms.
Varney says this is bad because it would slow growth in retirement accounts. But far fewer people own retirement accounts than would be helped by these reforms.
And why is it that so few Americans can own retirement accounts?
Because they can't afford to save money. Due to low wages, loss of worker rights, decline of communities, environmental disasters — all the things Warren wants to redirect corporate profits to address!
Because they can't afford to save money. Due to low wages, loss of worker rights, decline of communities, environmental disasters — all the things Warren wants to redirect corporate profits to address!
Now, reasonable people can agree or disagree on the finer points of the Accountable Capitalism Act. It is pretty sweeping and vague in what it directs corporations to consider.
But at the very least, we should mandate employee codetermination and ban or tax stock buybacks.
But at the very least, we should mandate employee codetermination and ban or tax stock buybacks.
Neither of those two things are exactly radical ideas. Codetermination (the requirement that employees of a public company have representation on the board) is already the law in many countries, like Germany. And America used to *have* a ban on stock buybacks until the mid-1980s.
