CEOs argue they just don’t have the money to hire more workers or pay family-supporting wages. But their actions say something else.
shows that Lowe’s spent nearly $35 billion over the past three and a half years on stock buybacks. This is when a company takes money that could go towards worker wages or other productive investments and uses it to artificially inflate the value of their stock—and the value of their CEO’s stock-based pay.
In 2022 alone, Lowe’s spent $14.1 billion on buybacks. That would’ve been enough to give every one of the company’s 301,000 U.S. employees a $46,923 bonus. Instead, a typical Lowe’s worker made less than $30,000.Other big retailers aren’t much different. Walmart, Home Depot, Target, Dollar General, and Best Buy all spent more than $5 billion on stock buybacks over the past few years.” to shareholders.
Not surprisingly, the road to organizing the first big box store union has been bumpy. We’re proud that we overcame intense management opposition and gathered enough signatures on a petition to form a union. We also helped pressure Lowe’s to give out some modest raises and bonuses. But due to a technicality, we had to withdraw our petition. And then, a couple months ago, I was fired in what I believe was retaliation for my pro-union activities. The National Labor Relations Board has already ruled against
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