The growth story is dead. Organic sales grew just over 1% last year, entirely from price hikes, while volume was flat. They cut 5,000 jobs and the median worker's pay dropped 13.7%. The CEO's pay went up. That tells you everything about where the money is going. They keep saying productivity will fund growth, but I've been hearing that for two years now. At what point does a dividend stock just become a bond with extra risk?
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