Tuesday, December 21, 2021

The Old Year

 As 2021 draws to an end let us not forget what the passing year brought.

The combined wealth of the 745 U.S. billionaires surpassed $5 trillion in 2021, up 70 percent since the beginning of the pandemic.

U.S. corporate after-tax profits hit a record high of $2.5 trillion in the third quarter of 2021, further enriching wealthy executives and shareholders. 

Corporations went on a stock buyback spree in 2021, spending a record $234 billion on share repurchases in the third quarter of the year. As analysts have long documented, stock buybacks artificially inflate executives’ stock-based pay and siphon off capital that could be used to raise worker wages 

 As of November 2021, there were 3.5 million fewer people in the U.S. labor force than before the pandemic. The drop has been most dramatic among Black women, a sign of how racial barriers compound pandemic-related health concerns and the shortage of affordable child care services.

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