OWS is a bunch of whiny, dirty, filthy losers. All the adults know that.
But – they also have a legit point. They are just too ignorant or ideological to make it intelligently.
There is absolutely zero reason for a company to pay executives tens of millions of dollars to run a company. None. And the nonsense of companies paying execs (that they FIRE for doing a crappy job) tens of millions of dollars to GO AWAY is just pure insanity.
Back before Baby Boomers this was unheard of. I worked for IBM from 1977 – 1981, and from 1988 – 2001. This was then a multi-billion-dollar company that created the IT systems driving global productivity and standard-of-living increases. You know what the CEOs were paid across those timeframes? From $1M – $5M. That’s it.
(Oh, IBM last year offered to audit the Federal Govt to find waste and fraud – for FREE – and Barry turned them down flat. Probably too worried that the waste would all be in public union salaries and he’d actually have to become fiscally adult… which we all know will never happen…)
But now we have Boomers in the Exec Suite and with their inflated sense of worth they pay themselves tens of millions to manage or mismanage companies across the spectrum — and even more to just go away when they do a lousy job.
Disney years ago paid a fired CEO $90 MILLION to walk. That’s “90” with six zeroes behind it, a dozen zeroes on the Board writing the check, and another zero cashing the check.
Here’s a newsflash for you: Having corporations pay execs tens of millions of dollars while many in those companies struggle to get-by and send their kids to college and save for their retirement (because Congress has done such a bang-up job on Social Security) not only is dumb, it is EXTREMELY POOR Public Policy.
No legitimate reason exists not to have marginal income tax rates of 90% or 95% that kick-in when any corporate salary exceeds 100X of the salary or annual wage of the lowest-paid employee or contractor in that company.
And it doesn’t matter that the GOP doesn’t like this. If the GOP had three working brain cells they’d notice that most of these ridiculously enormous salaries are paid to folks on Wall Street and Hollywood, two industries that spend vast majorities of their campaign dollars on DEMOCRATS for cryin’ out loud.
Find a multiplier that works: 100X? 75X? 50X? 200X? And pass basically confiscatory taxes above that level. The market can pay CEOs whatever it wants, but good public policy will ensure that only a fraction of this is accumulated in yet more houses, more cars, more airplanes, more yachts….. AND that those working hard making these companies actually – WORK – actually have a chance at the American Dream.
Hate to tell the GOP they’re wrong on some part of taxation… but they are crazy-wrong on taxes for the very wealthy. I’ll bet that if the GOP did the above, the Dems would come partway toward them in broadening the tax base (everyone ought to pay something; have some skin in the game), and even discuss lowering or eliminating cap-gains, the money that, when left in the hands of investors, drives 100% of job creation. And if the GOP acted sensibly on this, they’d sweep the next election. Which is the ONLY way we will save America.
Most of America knows the Progs are wrong on just about everything and that their goal is the end of limited, self-government. But the GOP needs to stop being so stupid on taxes that the American voter will keep returning Constitutional enemies to office to govern a Constitutional Republic. I mean, talk about stupid?
“The Right is too stupid to discuss, but the Left is evil.” — Dr John Searle.