CEO’s Get Higher Pay, Workers Get Diddly

The Labor Department reported today that in March there were 216,000 jobs added and the unemployment rate dropped down to 8.8%. That the NY Times reported today is a sign that the U.S. economy is “kicking into gear.”

President Obama and the Democrats quickly pointed to the numbers as proof that their policies, from the stimulus spending to the payroll tax cut, are working. “Our economy is showing signs of real strength,” President Obama said to applause from several hundred employees at a UPS shipping facility in Landover, Md., where he appeared on Friday. But, he added, “Although we got good news today we have to keep the momentum going.”

Yes we do have to keep the momentum going and President Obama and Congress should look at this piece in the news today and ask some serious questions about why the rich keep getting richer and the poor, do really keep getting poorer:

The heads of the nation’s top companies got the biggest raises in recent memory last year after taking a hiatus during the recession.

At a time most employees can barely remember their last substantial raise, median CEO pay jumped 27% in 2010 as the executives’ compensation started working its way back to prerecession levels, a USA TODAY analysis of data from GovernanceMetrics International found…

The big increases in executive compensation are difficult for workers to swallow, given that many Americans are struggling just trying to find a job or make ends meet, says Alan Johnson of executive pay consulting firm Johnson Associates. “The fact this makes us all squirm is true.”

These CEO’s need to start putting the profits in the worker’s pockets and not there own. That’s the bottom line. If companies can afford these massive pay increases for the already wealthy CEO’s it’s time to stop cutting hours, lay off workers and handing out raises. Not yesterday. Today.

Oh and speaking of financial inequality, read: Of the 1%, by the 1%, for the 1%.

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