Commentary

The modern American CEO model comes to UNC

With the UNC Board of Governors moving swiftly to commence running the university system “like a business” (i.e. with massive “CEO” salaries and a combination of perpetually stagnant compensation and aggressive outsourcing for just about all the rest of the employees), today seems like a good day to highlight a couple items from the world of modern American inequality.

Number One is the great Calvin Trillin’s classic poem, “The Best Thing You Can Be Is CEO”

The best thing you can be is CEO.
No matter what, you always get your dough.
However many people out of work,
You still get every single little perk.
If fired, you are properly consoled,
By floating ‘neath a parachute of gold.
The best thing you can be is CEO.
No matter what, you always get your dough.

Number Two is this new and remarkable “infographic” from the good folks at Too Much Online entitled “How to retire on $277,686 per month”: Read more

Commentary

The latest CEO pay outrages

The good folks at Inequality.org are out with the latest edition of Too Much Online and it includes a wellspring of damning new stats and findings about runaway CEO pay and the gaps between the super-rich and everyone else. The latest issue also feature a new and disturbing infographic on CEO compensation. Scroll down to see the most amazing stat on the comparative growth rates of the pay received by CEO’s and average workers.

CEO swagger

Commentary

The kind of simple legislation Congress ought to be passing

Rep. Barbara Lee

Rep. Barbara Lee (Photo: Inequality.org)

We’re now a decade and a half into the 21st Century and the notion that our nation’s runaway inequality is going to get any better anytime soon via the “genius of the market” has been shown to be utter nonsense. To the contrary, the incomes of the nation’s ruling class continue to skyrocket at such an astounding rate that the idea of the U.S. as a “middle class society” has come to seem quaint.

Meanwhile, the New York Times reports that congressional Republicans can’t get their act together to do much of anything.

Of course, it doesn’t have to be this way. If a majority of the members of Congress possessed a modicum of courage and common sense, they’d be rushing through this bill as soon as possible.

As Congresswoman Barbara S. Lee of California explained here about the Income Equity Act of 2015 that she introduced last week:

“Few realize that CEO bonuses and ‘performance pay’ are subsidized by the American people. Corporations are given major tax breaks for providing exorbitant compensation.

Surely we can agree that corporations don’t need taxpayers to subsidize massive CEO pay?—?pay that’s grown nearly 1000 percent since 1978.

In America, corporations and executives are playing with a deck stacked against hardworking families.

And the Republican response to this profound income inequality has been a collective yawn.

It’s wrong for any business to keep workers in poverty while padding CEO’s wallets.

It’s even worse that some of these same businesses take huge tax deductions for millions in bonuses.

Clearly, our tax code is not designed to work for all Americans?—?just the select few.

My bill, the Income Equity Act, prohibits employers from taking tax deductions for excessive compensation—defined as any pay more than 25 times that of the company’s median wage worker or $500,000.

Congress should get to work for hardworking families, not millionaires and billionaires that want to get even richer on the backs of taxpayers.”

Amen, Congresswoman.

News

Walking to work, 21 miles a day

Here’s a glimpse of life in Detroit, far from us in North Carolina, but where the circumstances may ring familiar for thousands also trying to figure out how to get to work without much reliable transportation around.

James Robertson, a machine operator from Detroit, works 23 miles from his home, in a metropolitan area where public transportation is spotty.

His solution has been to walk – a combined 21 miles a day – in order to get to and from work every day. He’s been doing the four to six-hour commute, which also includes taking two buses, since his car broke down a decade ago.

 

 

Detroit also leads the nation in auto insurance rates, with the average driver shelling out $5,941 a year for auto insurance, compared to the average $1,022 bill that North Carolinians pay.

Amazingly and incredibly, Robertson has never missed a day of work because of his commuting challenges.

Read more