In 2010, executives at America's leading corporations enjoyed pay hikes of between 27 and 40%, according to the most extensive survey of executive pay in the US. At those rates, many American executives would see their pay double in a little under 3 years.
Meanwhile, for the same year, American workers in private companies enjoyed pay hikes averaging a little above 2%, according to the Bureau of Labor Statistics. At that rate, the average American worker would see his or her pay double in somewhat less than 50 years.
"Go team!"
The news of executive pay comes on the tail of some even more cheerful holiday news. According to figures released by the Census Bureau today, 1 in 3 Americans (32%) are either low income or living in poverty.
Gee! Those "job creating" super-rich sure have put their tax cuts to good use.
On the upside, I came across a story in Mother Jones today about a small number of Wall Street professionals who have decided to join forces with the Occupy Movement in order to assist the 99% of us who are not super-rich. The Occupy Movement isn't winning yet, but it seems to be making progress -- if only an inch at a time.
I've often thought CEO pay should be restricted, but not necessarily limited. By that I mean a CEO should be able to make any dollar figure, but, that dollar figure can't be more than 10 times the lowest-paid employee of the company. So if they decide to use part-time workers making $20K a year, the CEO can only make $200K at most.
ReplyDeleteWhat a crazy idea, Wise Fool! Don't you know that if you made that the law, you would be tying the financial interests of senior executives to the financial interests of their workers? And what would happen then? It's possible you could set in motion a fairer distribution of the wealth in this country. My god, you might even close the gap between rich and poor! Companies that advertized "employees are our most important resource" might actually live up to their advertising. In short, madness would reign!
ReplyDeleteSo much for the "a rising tide lifts all boats" theory!
ReplyDeleteSpot on, Doug! The evidence seems to blow that theory out of the water!
ReplyDelete#OWS has been out of the headlines in the past couple of weeks. It's important to keep it alive, in spirit and in fact, for the movement has had a significant impact in shaping the conversation already and it has huge opportunity between now and November. When you write about it, you help.
ReplyDeleteI'm part of the lowest 32% and it sucks. I'm not gonna talk about it because it's not a pretty story and it isn't good for my less than stellar health. I don't hate rich people -- I hate greedy rich people.
ReplyDeleteGreed is one of the 7 deadly sins.
I lay it all before the altar of Ayn Rand and her Cult of Greed. I'm sending postcards to all the Republicans on the House Budget Committee:
ReplyDelete"Ayn Rand’s “philosophy” is nearly perfect in its immorality, which makes the size of her audience all the more ominous and symptomatic as we enter a curious new phase in our society....To justify and extol human greed and egotism is to my mind not only immoral, but evil.— Gore Vidal, 1961"
I address each committee member in the following way: "Dear Worshiper of Evil."
Nance, I'm of the opinion that, at this moment in time, the Occupy Movement in 1400 cities worldwide has become the average person's greatest hope for a better deal.
ReplyDeleteI'm with you, Kay: I don't mind people being rich. I mind people who take from me to become rich.
ReplyDeleteI think Ayn Rand has a lot -- a lot -- to do with it, Outlaw.
ReplyDelete