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In the late 1940's a corporate executive earned four or five times what an hourly worker earned. By 1980 that multiplier had grown to 45 times. By 1990 80 times and now...are you ready for this? 551 times what an hourly worker in a company earns. Just how much of the total do you think an ivy league graduate is actually worth? It's unadulterated greed which has grown in this country during my lifetime. The way a CEO pads the board of directors is like giving a fox the key to the hen house.
Now that we have that out of the way what about taxes on those people? In the 1950's anyone who earned more than $300,000 per year paid 93% of that excess to the government. Back then everybody paid their way. Reagan was the first president who believed it to be kosher to borrow money from foreign banks and funnel it to the wealthiest 1% in the form of lower taxes. Modern rich folks SUCK!
Yes, you can thank Reagan alright, but what is really sickening is how fortunes are transferred within the family and nobody pays any taxes on it.
Not only is wealth staying at the highest levels of corporations but that wealth has innumerable loopholes in order to avoid taxes while the working poor pay taxes on 100% of their earnings.
In the late 1940's a corporate executive earned four or five times what an hourly worker earned. By 1980 that multiplier had grown to 45 times. By 1990 80 times and now...are you ready for this? 551 times what an hourly worker in a company earns. Just how much of the total do you think an ivy league graduate is actually worth? It's unadulterated greed which has grown in this country during my lifetime. The way a CEO pads the board of directors is like giving a fox the key to the hen house.
Now that we have that out of the way what about taxes on those people? In the 1950's anyone who earned more than $300,000 per year paid 93% of that excess to the government. Back then everybody paid their way. Reagan was the first president who believed it to be kosher to borrow money from foreign banks and funnel it to the wealthiest 1% in the form of lower taxes. Modern rich folks SUCK!
But there's a broader issue that I raise in my book, “Freefall” about how all what's been going on is shaping our society. And that’s illustrated by the outsized bonuses. It was called incentive pay but we discovered during the crisis that that was just a name, it was really a charade because they got these huge bonuses even when they had record losses. Now what kind of society get bonuses for record losses?
I've examined this with both my psychotherapist hat on and my amateur economist hat on, and only one rational answer presents itself: CEOs in America make as much money as they do because there really is a shortage of people with their skill set. And it's such a serious shortage that some companies have to pay as much as $1 million a day to have somebody successfully do the job.
But what part of being a CEO could be so difficult -- so impossible for mere mortals -- that it would mean that there are only a few hundred individuals in the United States capable of performing it?
In the late 1940's a corporate executive earned four or five times what an hourly worker earned. By 1980 that multiplier had grown to 45 times. By 1990 80 times and now...are you ready for this? 551 times what an hourly worker in a company earns. Just how much of the total do you think an ivy league graduate is actually worth? It's unadulterated greed which has grown in this country during my lifetime. The way a CEO pads the board of directors is like giving a fox the key to the hen house.
Now that we have that out of the way what about taxes on those people? In the 1950's anyone who earned more than $300,000 per year paid 93% of that excess to the government. Back then everybody paid their way. Reagan was the first president who believed it to be kosher to borrow money from foreign banks and funnel it to the wealthiest 1% in the form of lower taxes. Modern rich folks SUCK!
Keep spreading the truth. Hopefully everyone else will see reality for what it is. The rich get richer, the workers and common people get stiffed over.
This is far beyond executives getting what they deserve, it's pure greed and exploitation.
there really is a shortage of people with their skill set. And it's such a serious shortage that some companies have to pay as much as $1 million a day to have somebody successfully do the job
Skills... Seems to me that for the last ten years every time one of them does a sorry job and their company fails they still leave their position with some kind of "golden parachute" which affords them enough money to maintain their mansion(s) and yacht(s) in fine shape.
Skills... Seems to me that for the last ten years every time one of them does a sorry job and their company fails they still leave their position with some kind of "golden parachute" which affords them enough money to maintain their mansion(s) and yacht(s) in fine shape.
Hartmann was being sarcastic with that line. If you read the rest, the skill he is referring to is the....
But there's a broader issue that I raise in my book, “Freefall” about how all what's been going on is shaping our society. And that’s illustrated by the outsized bonuses. It was called incentive pay but we discovered during the crisis that that was just a name, it was really a charade because they got these huge bonuses even when they had record losses. Now what kind of society get bonuses for record losses?
Maybe change your book title to "Cops and Robbers" and show Reagan, Clinton, Bush, Obama, Lloyd Blankfein, Hank Paulson, et al on the cover with the Federal Reserve Board as a backdrop.
But there's a broader issue that I raise in my book, “Freefall” about how all what's been going on is shaping our society. And that’s illustrated by the outsized bonuses. It was called incentive pay but we discovered during the crisis that that was just a name, it was really a charade because they got these huge bonuses even when they had record losses. Now what kind of society get bonuses for record losses?
Maybe change your book title to "Cops and Robbers" and show Reagan, Clinton, Bush, Obama, Lloyd Blankfein, Hank Paulson, et al on the cover with the Federal Reserve Board as a backdrop.
Yeah...no problem to spend $800 billion on the banks but squabble over a few billion for education or the infrastructure. For comparison...all the so called pork projects, of which some are indeed waste but most are actually to accomodate average Americans, total out at a massive $13 billion. All of the self serving bastards need a new perspective on what America used to be and who it used to serve. The "Government By The People and For The People" has ameliorated into a joke.
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