The Trump administration’s tax breaks were sickening, running up the deficit, giving corporations the ability to bring back billions of dollars from overseas havens, and creating lower tax brackets for the wealthy. Now our options to stimulate the economy are limited. The ability for corporations to bring cash back wasn’t necessarily bad (I wish Democrats could be that strategic), but instead of investing in infrastructure or new products or increasing salaries, companies unloaded a total of $2 trillion in stock buybacks
Over the last 10 years, Boeing spent $43.4 billion on stock buybacks. Now they have the gall to call for at least $60 billion from the federal government to bail out their industry. Instead they could have saved the money for a rainy day and spent a small portion on the engineering discipline, talent, and effort required to deliver a plane that doesn’t crash.
Unfortunately, we will need to bail out Boeing and others. Perhaps (though it’s unlikely) corporate America could do the right thing, halt buybacks, and chip in for the greater good.