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The US should be setting this trend, encouraging fairer treatment of employees and social upward mobility, in which we used to be the world leader. No more.
FTSE 100 company bosses enjoyed a 49 per cent rise in salaries in the last financial year, while their companies only saw a 3 per cent rise in value.
Sadly, America's wealthy have used our system against us.
They've gradually used their resources to pervert government and turn it into a advocate for protecting their wealth from market forces. And in so doing, have sent the bill to the rest of us via the Wall St bailouts such as TARP and extended tax cuts. All those who whine cluelessly about socialism and tax rates ignore the reality that our current situation is that in America, wealth is privatized while debt is socialized. The wealthy get the socialism they've lobbied and influenced for while the rest of us get capitalism in the form of competing against the 3rd world/communist China.
So ironic these days that "American" corporations that love to trumpet their "patriotism" openly prefer communist Chinese workers over their fellow Americans.
You are right, that the US should be setting this trend, but we are not. Instead, the US likes to squander taxpayers' money in bonuses to the people who helped crashed the global economy. If salaries and bonuses were tied to economic performance, then many of the people and institution in which we bailed out would be paying the taxpayer instead.
Unfortunately, in America, we have a large and vocal segment of the population who believe that some of the uber rich who crashed the global economy and surround themselves with an incestuous board of directors provide a vital service and deserve every penny that they receive.
Also a President who believes such and hires many of these same men to be advisers, cabinet members, and top staff.
How many saw the FT article on the $378 million dollar payday for the new Apple CEO? He hasn't done anything yet.
The iPod generation apparently does't have a problem with it. They also think Mr. Facebook and Messrs Google are worthy of their billions.
Yet some guy forms a pharmaceutical company and makes a few bucks and he is "Public Enemy Number 1". I don't get it.
how do you figure all this?
if i go along with your premise that these are widespread views, i'd say it has to do with perception. I think some people might perceive the pharm industry to be immoral, because they (a). Have all sorts of shady price-fixing contracts with the gov't, (b). Play a role in driving up the cost of health care treatment, (c). Pursue R&D for things like Viagra for the rich world, instead of life-saving drugs for poorer people, and (d) Do not pay very much back in taxes.
Sadly, America's wealthy have used our system against us.
They've gradually used their resources to pervert government and turn it into a advocate for protecting their wealth from market forces. And in so doing, have sent the bill to the rest of us via the Wall St bailouts such as TARP and extended tax cuts. All those who whine cluelessly about socialism and tax rates ignore the reality that our current situation is that in America, wealth is privatized while debt is socialized. The wealthy get the socialism they've lobbied and influenced for while the rest of us get capitalism in the form of competing against the 3rd world/communist China.
So ironic these days that "American" corporations that love to trumpet their "patriotism" openly prefer communist Chinese workers over their fellow Americans.
That's so true.
When they fall into debt from their own bad decision making, the government bails them out, yet when they make profits from good choices they object to being taxed.
Also a President who believes such and hires many of these same men to be advisers, cabinet members, and top staff.
Yes. People on the left who really want to vote for the benefit of the nation cannot vote for the 'hope and change' candidate. I will not vote for this man on the basis of what he does (or his public relations) in this last year of his term. It's too late for Obama.
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