Latest news with #RobertReich
LeMonde
03-06-2025
- Business
- LeMonde
The heart of Trump's wrangle with judges: Nationwide injunctions
In the "Big Beautiful Bill," the budget legislation passed by the House of Representatives on May 22, American constitutional law experts noted a provision concerning the judiciary. Slipped into Section 70302 ("Restriction on enforcement"), this measure would limit the power of federal courts to sanction parties who do not comply with their rulings. The bill prohibits judges from using public funds to "enforce a contempt citation for failure to comply with an injunction or temporary restraining order if no security was given when the injunction or order was issued." In other words, it would require anyone suing the government to provide a financial guarantee before the court can use its enforcement tools – such as sanctions, fines or contempt of court – to ensure its orders are respected. According to most legal experts, if confirmed by the US Senate, this measure would effectively deprive judges of any coercive mechanism. "Without the ability to enforce judicial orders, they are rendered mere advisory opinions, which parties are free to disregard," warned Erwin Chemerinsky, dean of the law school at the University of California, Berkeley. According to his colleague, economist Robert Reich, "Trump will have crowned himself king," and no Congress could stop him, due to the lack of judicial support for enforcing requests for hearings or investigations.
Yahoo
31-05-2025
- Business
- Yahoo
Robert Reich Says 'CEO Pay Is Up 1,085% Since 1978,' Worker Pay Up Only 24%. Asks, Why Is It Always 'We Can't Afford Workers,' But Never CEOs?
Robert Reich, who served as labor secretary under President Bill Clinton, called out what he sees as a glaring contradiction in corporate America: skyrocketing CEO pay alongside stagnant wages for everyday workers. 'CEO pay is up 1,085% since 1978, while typical worker pay is up just 24%,' Reich wrote May 24 on X. 'Why do we always hear 'we can't afford to pay our workers more' but never 'we can't afford to pay our CEO more'?' Don't Miss: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Hasbro, MGM, and Skechers trust this AI marketing firm — Reich's post drew on data from a 2024 report by the Economic Policy Institute, which shows that while CEO compensation dipped in 2023, the long-term trend is unmistakable: executive pay has exploded over the last four decades. In 2023, CEOs at the top 350 U.S. firms earned 290 times more than the average worker. That's a huge jump from 1965, when the ratio was just 21 to one. The report also found that CEO compensation has increased far faster than even the earnings of the top 0.1% of wage earners, indicating it's not just about market competition for talent. 'CEO compensation reflects substantial 'rents' (income in excess of actual productivity),' the authors wrote. Trending: Invest where it hurts — and help millions heal:. One reason for this, the report says, is that CEOs have more sway over their pay than most workers do. Their compensation is heavily tied to stock performance and negotiated with corporate boards that often lack independence. In 2023, stock-related pay made up 77.6% of total CEO compensation. Meanwhile, average worker pay has only seen a modest increase, just 24% since 1978, despite a 74.8% rise in overall productivity during that time. The EPI report says this imbalance is a key driver of income inequality. 'If very high earners hadn't pulled away so dramatically, there would be room for broader-based wage growth for the rest of the workforce,' it rein in executive pay, the report suggests policies such as raising taxes on top incomes, tying corporate tax rates to CEO-to-worker pay ratios, and giving shareholders more power to approve or reject executive compensation packages. Reich's post comes amid broader conversations about wage fairness, labor strikes, and inflation. His question touches a nerve in today's economy: why is there always money for the top, but not for the base? Read Next: Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Robert Reich Says 'CEO Pay Is Up 1,085% Since 1978,' Worker Pay Up Only 24%. Asks, Why Is It Always 'We Can't Afford Workers,' But Never CEOs? originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNBC
19-05-2025
- Business
- CNBC
Tariffs could signal decline of American influence in the world: Robert Reich
Former Labor Secretary Robert Reich warned that the tariffs from President Donald Trump's economic policy agenda could signal the end of American influence in the world. In a recent episode of "The Bottom Line," Reich, a professor at the University of California, Berkeley, said when global investors, including Americans, started pulling their money out of Treasury bills and away from U.S. dollars after the tariffs were announced, America's standing in the world may have wavered. The U.S. dollar and Treasury bills are the safest places in the world to hold money, Reich said. If that changes, the U.S. would "lose power and we would also lose a lot of wealth in this country," he said. "Having the dollar be the reserve currency helps all of us Americans here because we get, in a sense, a free ride," Reich said. "We get the benefits of the rest of the global economy investing in us." He questioned why the Trump administration would want to create policies that end this American hegemony sooner than might have otherwise happened. Reich also said the tariffs are hardest on Americans with lower incomes. "Every consumer, effectively, is poorer," he said. "It is a regressive tax in the sense that consumers who have lower incomes ... have to pay a larger portion of their incomes in the form of this tariff tax." Watch the video to hear more from Robert Reich about the future of manufacturing in America, immigration, and what companies can do to protect their bottom lines.
CNBC
19-05-2025
- Business
- CNBC
Tariffs could precipitate the end of American hegemony: Robert Reich
Former Labor Secretary Robert Reich warned that the tariffs from President Trump's economic policy agenda could signal the end of American influence in the world. Reich says if global investors, including Americans, start to pull their money out of Treasury bills and away from U.S. dollars in the wake of Trump's tariff announcement, it could precipitate the end of America's dominance on the world stage.
Miami Herald
24-04-2025
- Business
- Miami Herald
Struggling grocery chain closing 19 stores (locations revealed)
Try to recall, for a moment, the last time you set a budget for yourself. Perhaps it was quite a while ago, because most of your banking is automated and you have a general sense of what comes in and goes out every month. Related: Massive sports retail chain suddenly closing 50 stores Or maybe you're more old school, and you like to sit down with a pen and paper each month to anticipate where everything is going. Perhaps you're a little more tech savvy, and your online spreadsheet actually tells you what you can afford to spend in the coming weeks. Or, if you're like many people, your budget changes like the tide to keep up with the many rising costs associated with living in the 2020s. These days, it may feel like the most common things you need every day are only getting pricier. And you're not wrong. Take a look next time you visit the gas station, home supplies store, or grocery store. Chances are, the price of some of your most essential consumer staples have been on the rise pretty steadily since 2020. In some cases, the rising cost of living may help some retailers. Especially during and after Covid, some companies used sneaky tactics to pass costs off to consumers and keep profits elevated. For example, in 2020 and 2021, when many people struggled to afford the essentials like meat, paper goods, and milk, many retailers seized the opportunity. More closings: Iconic ice cream chain unexpectedly closing locationsStruggling auto parts chain closing down all stores but oneAnother discount retailer closing over 1,000 storesIconic retail chain closing nearly 500 stores Some grocery stores raised their prices and kept them elevated well after they should have come down. "Meat prices increased by double digits," former Secretary of Labor Robert Reich tweeted of the rise in corporate profits in 2022. "Tyson's CEO says they're asking customers to 'pay for inflation.' Meanwhile, Tyson's posted $1 billion in profits last quarter - a 48% increase from the first quarter of 2021. Don't be fooled. This is about corporate greed. It always is." But not every retail business can get away with passing off costs onto consumers. Such is the case for Central Co-Op, a grocery and cooperative chain based in the UK. The retailer announced it will shutter 19 locations by May 2025, mainly clustered across the Midlands and East England. Related: Home Depot makes drastic move to edge out Lowe's It cited a difficult financial environment, including the rising cost of living, increasing operating costs, high rents, and consumers cutting spending. The stores are in the following areas: Barnby DunBroughtonCroftDesboroughDudleyEastwoodEnderbyKingstandingLeicester (Evington Road and Narborough Road)NarboroughPeterboroughSprowstonStaffordWigstonYardleyCromerErdingtonShepshed It's expected that three of the stores will be leased by B&M variety stores. The other 16 will be sold to Samy Limited, which operates convenience stores like Spar, Londis, and Premier. At the same time, Central Co-Op plans to renovate 35 pre-existing stores across the UK and has opened five new stores. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
