"Give me the liberty to know, to utter, and to argue freely according to conscience, above all liberties. Truth was never put to the worse in a free and open encounter..."
~ Milton
Those who would give up essential liberty to purchase a little temporary safety deserve neither liberty nor safety.
~Benjamin Franklin

Reading:
A Fistful of Euros
Andrew Tobias
Angry Liberal
Archy
Bad Attitudes
Common Dreams
Fablog
Hullabaloo
Informed Comment
Madelaine Kane
Mahablog
Obsidian Wings
Off the Kuff
Orcinus
Sarah Kendzior
War and Piece
Washington Monthly

Books
The Emerging Democratic Majority (Judis & Teixeira)
Lies and the Lying Liars Who Tell Them (Franken)
Rush Limbaugh Is A Big Fat Idiot (Franken)
The True Believer (Hoffer)
Still Being Bushwhacked

All Book Reviews
Race, Gender, and Sexuality
It's always "us" vs "them"
Women's March on (fill in your location)
Children learn what their parents teach them.
You Got My Support. But.
Even Endangered Penguins Do It

All Race, Gender, and Sexuality
Campaigns and Voting
Where do we go from here?
It's always "us" vs "them"
Some interpretations
On and on I go
Just appalled

All Campaigns and Voting
Lecture Circuit
It Was 40 Years Ago Today
July 2, 1964
Pledge
May 14-15, 1970
The Erotica of Bare Knees

All Lecture Circuit
Media
The Liberal Media, At It Again
Fairly UNbalanced
P.S.
What's this?
OHMIGOD

All Media
Big Brother
Shoulda' Guessed
Where did my country go?
You know what you never thought you'd read?
Not in his name
Sleight of Hand

All Big Brother
World O'Blog
It's Vocabulary Time!
They wrote it
Mighty-fine blogging
Other People Said....
Phillipines

All World O'Blog
Aimless Ranting
It's always "us" vs "them"
So, I'm thinking with half my brain
Do You Know Peter?
Long, Little Privacy Rant
My Takeaway

All Aimless Ranting
Archives
February 05, 2017 - February 11, 2017
January 22, 2017 - January 28, 2017
January 15, 2017 - January 21, 2017
November 13, 2016 - November 19, 2016
October 09, 2016 - October 15, 2016

All Weekly Archives


Electioneering
Open Secrets
Political Wire Exit Polls
Politics1
Polling Report

Information
American Research Group
Center for Democracy and Technology
Center for Public Integrity
Center on Budget and Policy Priorities
Congressional Report Cards
Death Row Roll Call
DebtChannel.org
Democracy Now
Economic Policy Institute
FairVote Colorado
Foreign Policy In Focus
Global Exchange
Human Rights Watch
Independent Judiciary
Inequality
Institute on Money in State Politics
Institute for Public Accuracy
JobWatch
Lying in ponds
Media Reform
Media Transparency
Move On
One World
Open Democracy
Pew Research Center
Project Censored
Public Citizen Health Research Group
Stockholm International Peace Research Institute
Take Back The Media
The Urban Institute
WHO Outbreak News

Connections
XML & RDF
Peevish for PDA



Blog Directory


Search








Credits
Powered by Movable Type

Site Design by Sekimori





All content © 2002-2005 Anne Zook

May 19, 2004
It's Good To Be King

From the Center on Budget and Policy Priorities:

A new study finds that total median compensation for CEOs in the S&P 500 rose to $4.6 million last year, a 27% increase from 2002. According to census data released last fall, the median household income fell to $42,409 in 2002, a $500 drop.

My, my. Up 27%! How nice it is to reap the just rewards of a well-structured tax code. (Please note that CEO compensation for 2003 is being cited, next to median household income for 2002. It doesn't materially change the story, but I always like to make a note of these little discrepancies.)

From the same census data link cited above:

Census data released today show that poverty increased and median household income fell in 2002 for the second consecutive year. The number of poor people increased by 1.7 million to 34.6 million; the poverty rate rose from 11.7 percent to 12.1 percent; and median household income fell by $500, or 1.1 percent, to $42,409. There were 3 million more poor people in 2002 than in 2000, the last year before unemployment began to rise.

In addition, those who were poor became poorer on average. The poverty rate — the percentage of people with incomes below the poverty line — was lower in 2002 than in most other years of the 1980s and 1990s, although higher than in most years of the 1970s. But the basic measure of the depth, or severity, of poverty — the average amount by which the incomes of those who are poor fall below the poverty line — was greater in 2002 than in any other year on record, with these data going back to 1979.

Note this:

“Also, Congress and the President chose to exclude low-income working families from the increased child tax credit benefits that went to better-off families this summer,” Greenstein added. “Yet this year’s tax legislation will give people earning $1 million or more an average tax cut of $93,000.”

Because…why?

Because no one needs a child tax credit less than the poor.

No, no, because no one needs a tax break more than the rich.

Because…I don't know. It's too hard of a question.

Because poor people don't vote, I guess.

Posted by AnneZook at 08:32 AM


Comments

Nice summary of how bad things are. I believe that someday America may become a capitalist nation, but till then we will have rule by the rip off artist, that is, the CEO. It is worth remembering that every penny that goes to the CEO is a penny that does not go to the capitalists, that is, the investors. And the investors are, in part, people like you and me, investing through our 401ks and mutual funds. But even if there were no 401ks and mutual funds, even if the middle class stayed out of the stock market and left it to the rich, I think we would still get much better economic performance if the investors (the rich investors) had more power to control their corporations. As things stand now, CEOs have to be outrageously bad before enough stockholders band together and threaten a board revolt. In normal times, the CEO gets to hand pick their board, and therefore control it, to the detriment of those who actually own the company.

Let's suppose for a moment that right-wingers are correct when they say labor unions are evil because the power of labor unions causes money to be diverted from the capitalists to the workers. If that's true, then the power of the CEO's is equally evil, as the CEO's, just like the labor unions, divert money from the capitalists and into their own pockets.

Socialism and capitalism may have their flaws, but I believe CEO domination represents the worst of both worlds.

Posted by: Lawrence Krubner at May 19, 2004 10:41 PM

What always astonishes me is the claim that "market forces" drive these appalling salaries. They say they can't hire anyone competent for less than $50 million a year.

Posted by: Anne at May 23, 2004 09:32 AM