House of Mouse Ousts Health Coverage for Employee Spouse
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Jamie Lang at Cartoon Brew has excellent coverage of two Disney related news stories. Headline for the first: “Disney Profits Soar After Three Rounds Of Layoffs, Millions In Tax Credits, And $100M Tariff Refund” Headline for the second: “Disney To End Health Coverage For Thousands Of Employees’ Spouses.”
And near the bottom of the second story is this tidbit:
The company also added another $1 billion to its stock-buyback plans, bringing the annual total to at least $9 billion. Stock buybacks reduce the number of Disney shares on the market, potentially increasing the value of those still held by investors. The company is therefore committing billions to supporting shareholder value while reducing healthcare benefits for employees and their families.
This change in healthcare coverage will affect far more employees than just the artists who work for the legendary animation company, but it’s another example of a large, profitable corporation valuing its stock holders greater than its employees who generate the company’s wealth. It’s no wonder we are reading more headlines like the Wall Street Journal “America’s Support for Capitalism Has Declined Over Last Decade” (or here) or CNN: “Americans — including many Republicans — are losing faith in capitalism, polling shows.“
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