"Automakers Prioritize Shareholders, Neglect Workers' Compensation"

Auto workers are preparing for a major strike over inadequate pay and job security, while the Big Three automakers (General Motors, Ford, and Stellantis) have authorized $5 billion in stock buybacks in the past year, benefiting shareholders instead of workers. The automakers have reported $21 billion in profits in the first half of 2023 but claim poverty when it comes to wage increases. The United Auto Workers (UAW) has proposed automatic payments to workers when buybacks or dividends are authorized, but the companies have responded with concessionary proposals. The rise in stock buybacks has been linked to the decline of organized labor, and experts argue that labor unions should focus on influencing resource allocation and corporate governance to address this issue.