Profits don’t grow to the sky and are subject to economic constraints. Squeezing labor costs to further increase margins creates not only political conflict but tips the economy into a nasty feedback loop of weak demand, lower capital spending, and more cowbell buybacks. The end result is punk economic and top-line growth further forcing firms to increase margins by additional cost-cutting. Wash, rinse, repeat.
https://global-macro-monitor.com/2019/06/05/how-many-hours-of-work-does-it-take-to-buy-the-sp500/
