It is time to fight for opportunity, freedom and fairness for all working people.
*Corporate CEOs spent more than $1 billion to elect politicians and now they want payback.
Instead of cutting perks and waste in their own offices or closing corporate tax loopholes, governors and legislators in states across the country are pushing cuts in wages, elimination of benefits and the outsourcing of our jobs.
They talk about "shared sacrifice," but tax breaks keep going to the wealthiest people and to corporations that are shipping jobs overseas, while working people struggle.
It's time to join together and fight back.
- Wages fell for both high school and college graduates from 2000 to 2009
- Wall Street's biggest banks pulled in more revenue in 2009-2010 than they ever have before.
- 20 percent of people have 85 percent of the wealth. Everyone else-80 percent of people-have just 15 percent of America's wealth.
- Tax cuts usually go to the wealthy, who spend only a fraction of their tax breaks. That's why a dollar of tax cuts delivers less than 40 cents of economic growth. Meanwhile, corporations use tax loopholes to ship jobs overseas.
- Investments in infrastructure make businesses more productive. Every dollar of government spending on infrastructure boosts the economy by $1.20.
- Every dollar of unemployment insurance generates a whopping $1.90 of economic activity, because the money is quickly spent on things families need. That boosts sales at local businesses and creates jobs.
*Reposting from I Am Working America
To watch the great Folk Artists, Pete Seeger, and Arlo Guthrie sing Union Maid click here!
My comment: Don't cry out...Unions are corrupt, and unionized workers got greedy... When several CEOs earn more yearly than the blue collar worker earns in a lifetime!!!
Check this out:
1. Lloyd Blankfein, Chief Executive Officer and Chairman, Goldman Sachs Group Inc.
Based on recent Goldman Sachs share prices, CEO Lloyd Blankfein's bonus is expected to jump significantly this year as the investment bank executives get their delayed payouts from previous fiscal years. In 2009, Blankfein's bonus - $9 million in stock options that couldn't be sold for five years - was shockingly underwhelming to some compared to the $68.5 million he pocketed in 2007.
2. William Johnson, Chairman and President, H.J. Heinz
The ketchup chief - a longtime employee who joined Heinz in 1982 - saw his bonus spike 17.6% in 2010 to $8.6 million. Through his tenure, Johnson has been credited with the company's expansion overseas, primarily in Asia, and under his watch, the Pennsylvania-based ketchup business has grown to over $10 billion in annual sales. In 2010, Heinz's net income also rose to $882.34 million, up 4.4% from last year.
3. Lawrence Ellison, CEO, Oracle
Oracle's czar Lawrence Ellison, who also co-founded the software empire, is in a prime spot for another record-breaking year. 2009's proxy filings revealed that Ellison took home the most pay as a CEO last year, including $6.1 million in cash compensation and $78.4 million in stock and options. Following Oracle's strong 2010 performance, it would not be surprising to see this bonus figure increased. In 2010, Oracles sales are $26.82 billion, up 15.34% and net income is $6.14 billion, up 9.69%. (Find out how to determine whether a CEO is being overpaid. Check out Evaluating Executive Compensation.)
4. Mark Parker, President and CEO, Nike
Though it isn't the heftiest bonus among the biggest-name CEOs, Parker's $4.4 million bonus surged a whopping 393%. Parker, who joined the company in 1979 as a footwear designer, has diversified and grown the sports retailer's umbrella of brands to encompass Cole Haan, Converse and Hurley International. While sales are up less than 1% to $19.01 billion this year, Nike's profits are soaring. For 2010, the company's net income is $1.91 billion, a jump of 28.25%.
5. Donnie Smith, President and CEO, Tyson Foods Inc.
In his first year as the czar of the food processing company, Smith pulled in a cash bonus of $3.8 million. Smith, who previously served as the senior group vice president of poultry and prepared food, received additional compensation, including a salary of $855,577, according to ABC News, and stock/options valued at around $4 million. However, the food giant had a big comeback year. Tyson returned to a profit in 2010 - a net income of $780 million compared to a net loss of $547 million in 2009 - after a tumultuous few years.
IN PICTURES: Retire A Millionaire In 10 Steps
CEO Bonuses Vs. Your Lifetime Compensation
It's likely that many top CEOs in the U.S. make annual bonuses greater than what the average American will earn over the course of their entire career. According to the report, "The Big Payoff: Educational Attainment and Synthetic Estimates of Work-Life Earnings," those with a college degree can expect to make $2.1 million over their lifetime. On average, those with a master's degree are projected to accumulate $2.5 in total lifetime paychecks while those only with a high school degree are likely to earn about half - $1.2 million. Many believe that top CEOs are overpaid, but the other side in this heated debate argues that the pay is warranted for the job - and that regulating pay will only jeopardize competition and transparency in the corporate world. (For additional related reading, refer to Evaluating The Board Of Directors.)
No comments:
Post a Comment