This reckless, rushed deal is going to make corporate concentration worse – and that hurts ALL of us.
Corporate concentration is KILLING them. New biz creation is at a 40-year low. And the # of store closings reached a record in 2017 and AGAIN in 2019.
We have a NEGATIVE start-up rate.
Workers are sharing in fewer profits today than they were 30 yrs ago even though corporations are making $14k MORE in profit per worker.
Labor’s share of income in salaries and benefits is 10% LESS than in the 1980s.
vice.com/en_us/article/…
Employment is roughly 13% LESS than it would be w/ a competitive labor market.
Concentrated firms hire fewer workers and produce less, yet make MORE profit than they would in a competitive market.
Corporate concentration costs the average American household $5,000 per YEAR!
hup.harvard.edu/catalog.php?is…
Corporate giants are too busy using their billions to prop up their own stock.
Corporate concentration is BREAKING our supply chain. And globalized Just-In-Time delivery systems leave hidden risk everywhere.
We don’t make key components for dozens of military-significant items anymore (from missiles to circuit boards). We rely solely on China for them.
And 2/3 of major U.S. defense contracts were awarded with NO competition in '18
They spent $3.4 billion in 2018 — an 8 year high! And that’s just what they reported.
Big biz probably doubled this w/ unregulated campaigns.
theintercept.com/2019/08/06/bus…
Look at the Boeing 737 Max crash — and how the Board did NOTHING to stop the second crash.
They spent $20 billion on more buybacks instead.
Over the past 20 years, more than 75% of industries have become more concentrated — on average, 90% more.
The Schumer/McConnell bill will dramatically accelerate this trend.
We can choose to craft a fair deal or rubber stamp a transfer of power to big business.
The Schumer/McConnell deal hands corporate giants the keys.