Thursday, April 24, 2025

[NJFAC] What the Economy Is Really For — And Why Tariffs Miss the Point

New at INET:


The money to support well-paid American jobs exists—it's just being hoarded at the top. Economist William Lazonick argues that this is not just unfair; it's a failure of the whole economic system.

Excerpt:

"For the last 40 years, millions upon millions of hard-working Americans have been clocking in, doing their part — and getting less in return. They are very upset, as well they should be. Wages have stalled. Job security's a joke.

Yet corporate profits are sky high.

Just look at the scoreboard: In 2024, Apple raked in $93.7 billion, Alphabet (Google's parent company) pulled in $100.1 billion, and ExxonMobil reaped $33.6 billion. Yet the workers powering these companies aren't seeing much of the immense value they have created. Some of Alphabet's contract workers only recently fought their way up to $14.50 an hour. That's not even close to a fair share of over $100 billion in profit.

So where's the money going?"


--
June Zaccone
National Jobs for All Network
http://www.njfac.org

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