I am unable to paste the graphics (since Substack does not allow) from the WSJ article, which sums up the situation very well as the most money is accumulating with top quartile (mostly top 10%) especially, the top executives in the most organization. I know some CEO makes a huge difference especially to a company that is struggling, but most do not to be paid 300 times of median salary. Also, too much focus on short term share price than long term growth of a company.
Labor costs for union workers at the three automakers, which include wages and benefits, amount to more than $60 an hour, exceeding the estimated $55 average at nonunion plants and $45 at nonunion Tesla, according to Barclays analysts.
Ford’s Farley last year earned around $21 million, or 281 times the company’s median employee earnings, compared with the multiple of 157 that his predecessor Jim Hackett earned in 2019 when the auto workers signed their last contract. Last year, employee median pay was $74,691.
At General Motors, Barra made $29 million last year. That was 362 times the median employee earnings of $80,034, and up from a comparable multiple of 203 times in 2019.
Labor costs for union workers at the three automakers, which include wages and benefits, amount to more than $60 an hour, exceeding the estimated $55 average at nonunion plants and $45 at nonunion Tesla, according to Barclays analysts.
Ford’s Farley last year earned around $21 million, or 281 times the company’s median employee earnings, compared with the multiple of 157 that his predecessor Jim Hackett earned in 2019 when the auto workers signed their last contract. Last year, employee median pay was $74,691.
At General Motors, Barra made $29 million last year. That was 362 times the median employee earnings of $80,034, and up from a comparable multiple of 203 times in 2019.
The middle classes have been part of the problem! They’ve been apologists for the establishment in order to maintain a lifestyle that is unequal - they’ve argued only for their own class and this has perpetuated the inequality. Newspapers in the UK (Daily Mail) exist purely for this reason and put words in the mouths of those who think have joined the ‘upper echelons’. Everyone is entitled to a decent standard of living (according to need and ability) and I can’t believe I’ve been asked whether we should maintain the class system on this thread!
This is great, Joan! I'm so glad you mentioned the waning union membership. I'm biased, but the more I look into it, the more it becomes apparent the decrease in union membership has opened the door for the capitalist class to take the wealth of the middle class for themselves.
Thankfully, we're starting to see the working class to push back.
Yes, our parents were able to buy a home because home prices then were commensurate with ones' income. Now that is no longer true; housing costs have risen beyond all reason and who even knows why. And of course rental prices have increased to ridiculous amounts. I am not even close to being in the middle class now.
It was reported in The Australian Newspaper this morning that the Macquarie Bank paid its CEO $32.8M last year.
The average chief executive pay at some of Australia’s biggest companies is more than $5m, and dozens received double-digit salary increases, according to annual reports and other information released during the recent profit reporting season.
The head of an international Jewellery chain took home $1.9m salary $2.05m in performance-based payments and a huge $24.975m in share options and rights.
Remuneration figures collated by The Australian from more than 70 big companies showed most CEOs got pay rises far exceeding inflation rates.
About 30 CEOs received double-digit percentage pay increases for the year, at a time when interest rates and inflation remained stubbornly high.
Double digits mean from 10 to 99%.
The argument is that one needs to keep up with international standards. I don't hear that argument put forward in justification for a rise in the minimum wage.
To counter greed, one needs a progressive income tax and hefty inheritance taxes.
I am unable to paste the graphics (since Substack does not allow) from the WSJ article, which sums up the situation very well as the most money is accumulating with top quartile (mostly top 10%) especially, the top executives in the most organization. I know some CEO makes a huge difference especially to a company that is struggling, but most do not to be paid 300 times of median salary. Also, too much focus on short term share price than long term growth of a company.
https://www.wsj.com/business/auto-ceos-make-about-300-times-what-their-median-worker-is-paid-heres-how-that-stacks-up-cefc9a5?mod=hp_lead_pos2
Some excerpts:
Labor costs for union workers at the three automakers, which include wages and benefits, amount to more than $60 an hour, exceeding the estimated $55 average at nonunion plants and $45 at nonunion Tesla, according to Barclays analysts.
Ford’s Farley last year earned around $21 million, or 281 times the company’s median employee earnings, compared with the multiple of 157 that his predecessor Jim Hackett earned in 2019 when the auto workers signed their last contract. Last year, employee median pay was $74,691.
At General Motors, Barra made $29 million last year. That was 362 times the median employee earnings of $80,034, and up from a comparable multiple of 203 times in 2019.
Labor costs for union workers at the three automakers, which include wages and benefits, amount to more than $60 an hour, exceeding the estimated $55 average at nonunion plants and $45 at nonunion Tesla, according to Barclays analysts.
Ford’s Farley last year earned around $21 million, or 281 times the company’s median employee earnings, compared with the multiple of 157 that his predecessor Jim Hackett earned in 2019 when the auto workers signed their last contract. Last year, employee median pay was $74,691.
At General Motors, Barra made $29 million last year. That was 362 times the median employee earnings of $80,034, and up from a comparable multiple of 203 times in 2019.
The middle classes have been part of the problem! They’ve been apologists for the establishment in order to maintain a lifestyle that is unequal - they’ve argued only for their own class and this has perpetuated the inequality. Newspapers in the UK (Daily Mail) exist purely for this reason and put words in the mouths of those who think have joined the ‘upper echelons’. Everyone is entitled to a decent standard of living (according to need and ability) and I can’t believe I’ve been asked whether we should maintain the class system on this thread!
This is great, Joan! I'm so glad you mentioned the waning union membership. I'm biased, but the more I look into it, the more it becomes apparent the decrease in union membership has opened the door for the capitalist class to take the wealth of the middle class for themselves.
Thankfully, we're starting to see the working class to push back.
Yes, our parents were able to buy a home because home prices then were commensurate with ones' income. Now that is no longer true; housing costs have risen beyond all reason and who even knows why. And of course rental prices have increased to ridiculous amounts. I am not even close to being in the middle class now.
It was reported in The Australian Newspaper this morning that the Macquarie Bank paid its CEO $32.8M last year.
The average chief executive pay at some of Australia’s biggest companies is more than $5m, and dozens received double-digit salary increases, according to annual reports and other information released during the recent profit reporting season.
The head of an international Jewellery chain took home $1.9m salary $2.05m in performance-based payments and a huge $24.975m in share options and rights.
Remuneration figures collated by The Australian from more than 70 big companies showed most CEOs got pay rises far exceeding inflation rates.
About 30 CEOs received double-digit percentage pay increases for the year, at a time when interest rates and inflation remained stubbornly high.
Double digits mean from 10 to 99%.
The argument is that one needs to keep up with international standards. I don't hear that argument put forward in justification for a rise in the minimum wage.
To counter greed, one needs a progressive income tax and hefty inheritance taxes.