Apple will not be the only multinational that will soon bring back gigantic profits to take advantage of new low repatriation rates. Microsoft holds $146 billion in overseas earnings, Pfizer $178 billion, General Electric $82 billion, Alphabet $78 billion, and Cisco $71 billion, according to estimates from the Zion Research Group. The total stash is about $3 trillion — by one measure nearly three times what it was just a decade ago.
.. the damage their hubris does to the anti-Trump case... But how can the critics who previously assured us that Trump’s election would cause certain calamity now explain that he’s nothing but a lucky bystander to forces beyond his control?.. The truth is that it’s hard to account exactly for why the economy does well or poorly from one year to the next. But it’s also true that the president has been nothing if not aggressive in his efforts to remove regulations, cut taxes and promote American business (not least his own), and animal spirits on Wall Street have responded accordingly... Democrats are placing a large bet that it’s a political showdown they can win. But what they are mainly doing is wrecking their chances of retaking the House or Senate by appearing to put the interests of DACA’s immigrant “Dreamers” ahead of the rest of America... Donald Trump is a profoundly defective person who nearly every morning does grave political self-harm with no assistance from his opponents. But he is also president, and normal Americans — that is, those who hold the outcome of the next election in their hands — do not want him to fail.. Wouldn’t it be smart of all of Trump’s opponents to show they are superior to him in the former? And wouldn’t a good way of doing that be to abjure the latter, even if it sometimes means giving him some credit?
The central issue in American politics is the economic security of the middle class and their sense of opportunity for their children. As long as a substantial majority of American adults believe that their children will not live as well as they did, our politics will remain bitter and divisive.
.. average hourly earnings last month rose by all of 3 cents — little more than a 0.1 percent bump. For the past year, they rose by only 2.5 percent. In contrast, profits of the S&P 500 are rising at a 16 percent annual rate.
.. Technology has given some employers — depending on the type of work involved — more scope for replacing American workers with foreign workers (think outsourcing) or with automation (think boarding-pass kiosks at airports) or by drawing on the gig economy (think Uber drivers). So their leverage to hold down wages has increased.
.. other factors have decreased the leverage of workers. For a variety of reasons, including reduced
- availability of mortgage credit and the loss of equity in existing homes, it is harder than it used to be to move to opportunity.
- Diminished savings in the wake of the 2008 financial crisis means many families cannot afford even a brief interruption in work. Closely related is the observation that workers as
- consumers appear more likely than years ago to have to purchase from monopolies — such as a consolidated airline sector or local health-care providers — rather than from firms engaged in fierce price competition. That means their paychecks do not go as far.
Workers seeking gigs on their own are inevitably less secure than a group collectively representing their interests. The decline in unionism is also a contributor to the pervasive sense that our political system is too often for sale to the highest bidder.