On the day after Obama gave a major speech on immigration, and on the day I participated on a demonstration in Jim Thorpe, and when so many stupid things about assault weapons are bandied about, I’m writing about a small thing. Forgive me.
The business section of the New York Times today ran an article with this headline:
“Chief of the Jefferies Group Earned $19 Million in 2012.” I have seen many similar headlines in the past, and it drives me nuts.
Nobody EARNS $19 million. They may “rake in” $19 million, they may “rip off” $19 million, they may “plunder” $19 million, they may “bag” $19 million, but they sure as heck don’t EARN it.
In Japan, the average CEO earns $500,000 to $800,000. There is little income inequality there. Image if that CEO only made $1 million dollars. There would be $18,000,000 to bring wages up of the other employees of that company.
ReplyDeleteI don't know why people aren't talking about this more. I don't know why people aren't outraged. Prices are soaring while income is decling.
This is the dark age of business maybe even the dark ages of capitalism. I pray President Obama makes income inequality a priority of his second term.
Finally, I would like to see higher taxes on $1 million and $5 million. I would like to see the rate on $1 million somewhere near 49% and the rate for $5 million somewhere near 65%.