Executives Reveal Trump Tax Lies: It’s Won’t Trickle Down To Workers
May 29, 2018
Trump and Republicans gave massive tax cuts to big corporations that they claimed would eventually trickle down to workers. Now, executives say to forget about broad-based pay hikes and that they also plan to reduce their workforces further.
Axios: Forget about broad-based pay hikes, executives say
Very few Americans have enjoyed steadily rising pay beyond inflation over the last couple of decades, a shift from prior years in which the working and middle classes enjoyed broad-based wage gains as the economy expanded.
Why it matters: Now, executives of big U.S. companies suggest that the days of most people getting a pay raise are over, and that they also plan to reduce their work forces further.
Quick take: This was rare, candid and bracing talk from executives atop corporate America, made at a conference Thursday at the Dallas Fed. The message is that Americans should stop waiting for across-the-board pay hikes coinciding with higher corporate profit; to cash in, workers will need to shift to higher-skilled jobs that command more income.