I personally believe that when companies do well, so do their workers and that the potential to increase workers as well. However, as we have seen, some industries have not faced the disruptions that others have and are still built as "cash cows" for their shareholders which are prioritized over all else. No better example of this is seen than in the banking industry. Bloomberg reports that over $32 billion of profits have been made in excess of previous years in the banking sector thanks to the tax cuts. This is due to the fact that tax rates went from an average 30% to 18% in the past two years.
Unfortunately, what has been seen is that the majority of those savings have gone to shareholders! Payouts to shareholders have increase by almost $22 billion. While that moves equity markets, the economic impact is not necessarily felt in ways that was probably intended. Jobs in the industry measured by Bloomberg actually went down by 1,200 people. While those that remained in the workforce experienced better compensation, the fact that there are less job is somewhat disappointing but probably not surprising. The reality is that part of the savings was probably invested into the business where technology continues to increase productivity which thus require less workers.
What was most surprising for me is the fact that the banking sector has not translated this new capital into more potential as loan growth has remained relatively flat with 1-3% growth. Loans provide the fuel for economic activity so it is clear that the banking sector has not been part of the economic development since the tax cuts. That raises questions on whether the long term economic growth is truly sustainable or not. It continues to seem that most benefits continue to be funneled to less economic producing areas which will impact the ability to grow in the future. Then, the question will become where the stimulus will come from.
Ran into some issues with posting to Dlike today but thought it was still worth the read. Here is the Article link:
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