In the ever-evolving landscape of American business, few voices carry the weight of someone who helped build an empire from the ground up. Bernie Marcus, the co-founder of Home Depot, remains one of those voices. Although he retired from the company in 2002, the 93-year-old businessman continues to make headlines with his candid observations about the modern workforce, economic policies, and the direction of corporate leadership. His recent remarks, featured in interviews with the Financial Times and appearances on Fox Business Network, have ignited debate and reflection on the values shaping today’s economy.
A Harsh Critique of Today’s Workforce
At the heart of Mr. Marcus’s commentary is his critical view of the current American labor force. He describes today’s generation of workers as “fat, lazy and stupid,” expressing frustration at what he sees as a widespread lack of motivation and a preference for government handouts over hard work. According to Marcus, this mindset is contributing significantly to economic challenges.
He cites the puzzling labor market mismatch, noting that while there are over 10 million job openings across the country, only about 6 million people are actively seeking employment. This, he argues, points to a deeper cultural issue, where too many Americans have become disengaged from the traditional workforce.
Marcus is especially critical of white-collar employees, stating that “nobody wants to work anymore, especially office people,” and expressing disbelief that many now seek only three-day workweeks. “How do you have a recession when you have people that don’t want jobs?” he asked, highlighting a disconnect between economic conditions and the willingness to participate in the labor market.
Blame on Government Policies and Pandemic Relief
Marcus places a significant share of the blame for this shift on government policies, particularly financial aid distributed during the COVID-19 pandemic. He argues that these programs made it possible for people to live off assistance with income comparable to, or even exceeding, what they previously earned through employment. This, in his view, has fostered a culture of entitlement and dependence.
He characterizes the current environment as leaning toward a “socialistic society,” where individuals are “given everything,” leading to what he calls “laziness.” These changes, he believes, are undermining the spirit of capitalism that enabled his own success.
Frustration with “Woke” Corporate Culture
Beyond the workforce itself, Marcus has voiced strong opposition to what he sees as the rise of “woke” business culture. He has criticized modern business leaders for prioritizing issues like climate control and diversity initiatives over core financial responsibilities. Referring to discussions at the World Economic Forum in Davos, he expressed dismay at leaders advocating for increased spending on climate initiatives, arguing, “We’ve already overspent,” and controversially claiming that “climate control has caused most of the problems we have today.”
For Marcus, the role of a business leader is to focus on profitability, shareholders, and employee well-being. He believes today’s leaders are distracted by social concerns that do not benefit the company’s bottom line. “We need leaders who are basically thinking about the shareholders and their employees,” he said, contrasting this with what he sees as a new corporate focus on “woke diversity” and policies that do not drive business success.
Concerns for Capitalism and Regulatory Overreach
Marcus’s concerns extend to broader economic and political trends. He fears that the rise of “woke” ideology threatens the foundations of capitalism itself, including free speech. “We used to have free speech here. We don’t have it,” he stated. “The woke people have taken over the world.”
He also points to increasing regulation as a significant barrier to entrepreneurship. Using the example of a struggling pizzeria owner, Marcus lamented burdensome labor laws and business rules, especially in states like New York and California, calling them “absurd” and “dumber and dumber.” He believes such regulations are making it nearly impossible for small businesses to survive.
Challenges for Small Businesses in the Modern Economy
Marcus is particularly worried about the future of small businesses, which he notes employ 70 percent of America’s active workforce. Citing a recent survey, he highlighted that 60 percent of small business owners fear they won’t survive due to inflation and the ongoing labor shortage. These issues, he argues, stem in part from an unwillingness to work and from policies that stifle business flexibility.
Political Alignment and Support for Business-Oriented Leadership
Marcus has not shied away from expressing his political views. He has openly supported former President Donald Trump and Florida Governor Ron DeSantis, contributing financially to both. He strongly criticizes the current administration, calling President Joe Biden “the worst president in the history of this country.”
He praises DeSantis’s business-first policies, including the “Stop WOKE Act,” which aims to curtail corporate engagement in environmental, social, and governance (ESG) initiatives. Marcus sees such measures as critical to restoring what he considers proper business priorities.
A Counterpoint: A Changing Workforce and Labor Market Complexit
While Marcus attributes the labor shortage to a declining work ethic, other factors complicate the picture. The “Great Resignation,” often misunderstood, was influenced by factors such as early retirements and strong investment returns, allowing many Americans—especially baby boomers—to exit the workforce.
At the same time, many younger workers are seeking greater meaning and flexibility in their jobs. A New York Federal Reserve Bank poll revealed that workers under 45 have significantly higher salary expectations than in previous years. In November, the average minimum salary workers would accept from a new employer rose to $73,667, up from less than $55,000 in 2014. Rising wage expectations may help explain hiring challenges, especially among younger demographics.
These insights suggest that the labor market is not just experiencing a drop in motivation but also undergoing a transformation in values, expectations, and work-life balance.
Home Depot’s Continued Success: A Mixed Signal
Despite Marcus’s concerns, Home Depot has continued to thrive. The company boasts over 2,300 locations across North America, a market capitalization of $300 billion, and annual revenues exceeding $150 billion. In 2022, it reported record sales in the first two fiscal quarters and a 5.6 percent year-over-year sales increase in the third quarter. This success could suggest that even in a more regulated and socially conscious environment, large corporations can still prosper.
However, Marcus remains skeptical that Home Depot could achieve such growth if launched today. He believes today’s regulatory and cultural climate would limit the company to just “15, 16 stores,” preventing the kind of expansion he experienced decades ago.
A Legacy of Giving: Bernie Marcus the Philanthropist
While known for his outspoken business views, Marcus has also dedicated a significant portion of his fortune to philanthropy. He has joined the Giving Pledge, committing to donate at least half of his wealth to charitable causes. Through the Marcus Foundation, he has contributed more than $2 billion to over 500 organizations, supporting initiatives in autism research, stem cell science, cancer treatment, and stroke recovery.
He also funded the construction of the Georgia Aquarium, aiming to bring the wonders of the ocean to the public. In 2019, Marcus summarized his philanthropic mission by saying, “I want to live to be 100 because I want to be in a position to give it away to those things that I really believe in.”
Bernie Marcus’s commentary reflects the convictions of a business titan shaped by a very different era. His views on work ethic, capitalism, regulation, and corporate priorities continue to provoke strong reactions. While some may see his critiques as outdated or overly harsh, others view them as a necessary reminder of foundational business principles.
Ultimately, his words serve as a lens through which to examine the evolving dynamics of the American workforce, the tension between profit and purpose, and the ongoing debate over what leadership should look like in a rapidly changing world.
