Apple, Starbucks, and several other large companies have reported that they’ve missed their profits for this quarter have been less than expected. Now, set aside the fact that most corporations have absurdly high standards for what’s profitable, standards that get higher and more unsustainable by the day (Apple, for example, broke business records last quarter yet responded that they still could h
ave done better).
Instead, what really upsets me is that these companies blame the consumers for not buying enough of their products and services. I wonder if that lack of consumption has anything to do with the fact that the average person is getting paid more or less the same as in the 1970s (even though our productivity continues to rise, which should merit pay raises); or maybe it’s because median household income is less than it was 20 years ago. And during that time, CEO pay increased by an average several hundred percentage points.
So maybe if more companies hoarded less money at the top and instead used at least a fraction of it to pay people better, more Americans would have the disposable income to buy things. Or we could just keep taking out loans and credit cards to shore up our lack of real money.
Instead, what really upsets me is that these companies blame the consumers for not buying enough of their products and services. I wonder if that lack of consumption has anything to do with the fact that the average person is getting paid more or less the same as in the 1970s (even though our productivity continues to rise, which should merit pay raises); or maybe it’s because median household income is less than it was 20 years ago. And during that time, CEO pay increased by an average several hundred percentage points.
So maybe if more companies hoarded less money at the top and instead used at least a fraction of it to pay people better, more Americans would have the disposable income to buy things. Or we could just keep taking out loans and credit cards to shore up our lack of real money.
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