WE ARE THE ECONOMY
The Groundwork Collaborative is dedicated to unifying progressives and activists in communities across the country to refine and advance a progressive economic worldview.
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Google is making record quarterly profits and raising top executive compensation by millions of dollars.
But when its regular workers want pay raises because they're concerned about rising prices? Not so much.
Google boosted base pay for 4 top execs to $1 million and handed them up to $34 million in stock, weeks after employees raised concerns about pay and inflation
All four will also "participate in a maximum $2,000,000 annual bonus program," according to SEC filings.
www.businessinsider.com
The truth is that pandemic profiteering and corporate consolidation aren't the sole reasons for inflation — but CEOs aren't wasting any time to use inflation as a cover to jack up prices on consumers to make record profits.
White House allies split over inflation plan as Biden focuses on corporate greed
The administration has blamed large companies for price increases but some question that approach.
www.washingtonpost.com
If inflation is truly harming corporate America, why are they making record profits? We have a few ideas:
➡️ Concentrated corporate power
➡️ Price gouging
➡️ Pandemic profiteering
➡️ Underinvestment in our economy
Corporate profits in Q3 2021 at an all-time high in the US (12.5% of national income)
https://fred.stlouisfed.org/graph/?g=KJvW
Rising wages for the lowest earning workers is good news — but it's hardly enough. We can't rely on private companies and free markets to pay living wages or look out for workers' best interests.
https://www.bloomberg.com/news/articles/2022-01-07/hunt-for-cheap-labor-gets-more-expensive-for-corporate-america?sref=vuYGislZ
During the pandemic, @redlobster said "Our employees are heroes."
But a new investigation by @MorePerfectUS & @JuddLegum found it refused to pay sick leave for 50k workers, forcing 63% to go to work sick — while the company's owner earned record profits.
OUR PRINCIPLES
We believe that taking action under these guiding principles will benefit all of us.
IF PEOPLE AREN’T DOING WELL, THE ECONOMY ISN’T DOING WELL
THERE IS NO SINGLE SOLUTION
RACE AND GENDER ARE CENTRAL
The Groundwork Collaborative’s mission is to advance an economic vision for strong, broadly shared prosperity and true opportunity for all.
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