Business Leaders Agree: Inequality Hurts The Bottom Line

A growing number of corporate leaders say it’s time for them to start sharing the wealth. For decades, big business leaders have warned that redistributing wealth is bad for business. Taxing the rich to pay for infrastructure and education, they say, will kill the goose that lays the golden egg. But what if it’s the opposite? What if decades of stagnant wages and growing inequality are scrambling the golden egg and stifling the economy? A growing body of research suggests that’s exactly what’s happening. And a growing number of business leaders now agree. Jim Sinegal, the retired CEO of Costco, famously fended off Wall Street pressure to cut wages and made an eloquent case for a higher federal minimum wage. “The more people make, the better lives they’re going to have and the better consumers they’re going to be,” Sinegal told the Washington Post years ago.
Share This