I'm reminded of Charles Dickens' quote, "It was the best of times and it was the worst of times," as I read the news today.From the Economic Policy Institute comes this:
In 2005, an average Chief Executive Officer (CEO) was paid 821 times as much as a minimum wage earner, who earns just $5.15 per hour. An average CEO earns more before lunchtime on the very first day of work in the year than a minimum wage worker earns all year.Efforts to raise the minimum wage continue to get shot down by our Republican-controlled Congress, but that may soon change according to this Carpetbagger Report: Dems vow to block pay raises until minimum wage increased.
This extreme compensation ratio reflects both the extraordinary growth of CEO pay and also the diminishing value of the federal minimum wage that has not been raised since 1997: adjusting for inflation, the purchasing power of the minimum wage is now at its lowest since 1955.
In the meantime, Washington will stick to their plan.
What plan is that you ask? Well, according to The Colbert Report, whose host is very understanding when it comes to the minimum wage, this is the plan: Class Warfare: Keep the poor...poor.
UPDATE: Here's a fact from Abi that I thought was important for everyone to see:
The chief executives of the 11 largest companies in the United States earned a combined $865 million over the past two years at the same time as their shareholders lost $640 million.That's money your retirement account will never see.
3 comments:
Here's another intersting stat: "the chief executives of the 11 largest companies in the United States earned a combined $865 million over the past two years at the same time as their shareholders lost $640 million."
Tell me again what the Repubs say about their principles of responsibility and accountability? Oh that's right, those are just for the ordinary folks.
Kvatch, I agree that Abi's stat was great so I updated my post and added it in!
I also agree about indexing Congressional pay to the minimum wage, but Reid didn't suggest that. Actually, I think taxpayers should be able to decide their raises since they work for us!
...since they work for us
Oh you poor deluded child...
;-)
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