Op-Ed: How America’s Business Leaders Can Restore Faith in Capitalism
Joe Biden’s “Build Back Better” agenda puts the American worker front and center. His experienced nominees can make his aspiration to “reward work” a reality. But to do that, they need business and investors to work together with labor and engage with the government to restore a level playing field and give workers their just share of the prosperity that they create.
For too long, the people most important to the success of our capitalist economy — the workers — have not received their fair share as companies became more subject to the power of investors demanding immediate profits. For the past 40 years, worker productivity increased 70%, the S&P 500 grew more than 700% in value, CEO compensation skyrocketed by 940%, but the hourly wages for average workers rose by only 12%.