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If we're going to do this, let's start with a liberal bastion: the music industry. If the lowliest street musician makes $1000/yr in spare change dropped into his guitar case, then Beyoncé can make at most $12,000 dollars, the rest to be righteously confiscated from her. It would ruin the music industry. No musician is going to practice 16 hours per day for $12,000. I suppose it would make some people feel very good though.
Your analogy completely fails. Beyoncé does not supervise street musicians, hire/fire street musicians, set their working conditions, or benefit from their labor.
Yes, I would favor some sort of limit to executive compensation. It would need to include stock options and other similar types of compensation. 12x might be too low, but I could see 30x perhaps
The problem is its un-American to believe in redistribution of wealth as mentioned. However, corporations are treating the workforce so poorly, that we are being forced to consider un-American actions. Therefore couldnt one conclude that corporations are acting in an un-American way? And thus must be curtailed?
No. Most large businesses are publicly traded. I would not support this if I had a stake in a company. If you want good COs you have to pay them accordingly.
Let's look at Waste Management as an example. This comes to mind because they probably have employees that make close to minimum wage. But the CEO has a salary of over $1 million per year and his total compensation is over $7 million a year. It's monthly revenue is over $1 billion and it has over 40,000 employees. So are you suggesting they find a CEO to run this company that will work for $200k/yr? I sure wouldn't be happy about that if I was an investor. Or are you suggesting they pay all of their 40,000 employees at least $100k/yr? The company could not support that. I suppose they could lay off some of the workforce, outsource jobs, use more contractors, etc. But, why mess with this company in the first place? I guess it's my conservative upbringing which makes me question the logic in this, and my concerns that it could ruin a lot of companies in America if we tried something like this.
"capping executive pay at 12 times what the lowest-paid worker at a company makes -- the premise being that a CEO should make no more in a month than a low-level employee earns in a year."
I would love to see that applied to the McDonald's CEO. Since he can't pay his lowest level worker a wage that doesn't require state aid, I think he could use an 8.5 million dollar pay cut.
"capping executive pay at 12 times what the lowest-paid worker at a company makes -- the premise being that a CEO should make no more in a month than a low-level employee earns in a year."
maybe a ceo's skillset is 12x more than the lowest employee so he's not going to be paid for his skills and experience?
also most of the time ceo's big money comes from stocks and bonuses not fromsalary so thats really not changing anything. salary of 400k but then a few million in stocks and a few million more in bonueses and you still have the pay inequity you dont want.
also, most companies probably have some employees working at min wage which means just runing some rough numbers a ceo would be capped at 400K
"Walmart wages are so low that many of its workers rely on food stamps and other government aid programs to fulfill their basic needs, a reality that could cost taxpayers as much as $900,000 at just one Walmart Supercenter in Wisconsin, according to a study released by Congressional Democrats on Thursday."
Why should tax payers indirectly be supporting Walmart's greed ass CEO?
Personally, I would rather see $900,000 (and that's just 1 freaking Walmart) got to job creation, better roads, better schools, the national deficit than lining the CEO's pocket.
Why pay CEO's so much when the gov pays to sustain stores? THAT SHOULD BE A CRIME!!!
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