Tuesday, January 18, 2022

Really? How can you justify this?

Dwell for a moment on the take-home of American CEOs compared to that of rank-and-file employees. In 2018, the average chief executive of an S&P 500 company earned 287 times more than their median employee. Elon Musk made 40,668 times more money than the median Tesla employee. But we need not focus on the extreme of the extremes. Since so many employees are found in retail and food service, we might consider the pay ratios of executives to that of their median worker of Gap clothing (3,566 to l) or McDonald’s (2,124 to 1). Does a Gap executive, however brilliant or hardworking, really do 3,566 times the work of a median-level employee? What wonders must the McDonald’s CEO work to genuinely earn (i.e., deserve) 2,124 times his frontline cooks and cashiers? And has the CEOs’ reasonable value actually increased nearly tenfold since 1970, when the median ratio of executive compensation was 30 to 1.— Naming Neoliberalism: Exposing the Spirit of Our Age, 42

<idle musing>
Let's call it what it is: Sinful greed. Let's put that into a bit more perspective: The CEO of McDonalds makes as much in an hour as the line worker makes in a year—provided they are given 40 hours/week, which may or may not be the case. And the CEO has a full benefits package of retirement, insurance, and all the other perks. The line worker? Right! Fat chance.

James, the brother of Jesus has a word for them:

"Pay attention, you wealthy people! Weep and moan over the miseries coming upon you. Your riches have rotted. Moths have destroyed your clothes. Your gold and silver have rusted, and their rust will be evidence against you. It will eat your flesh like fire. Consider the treasure you have hoarded in the last days. Listen! Hear the cries of the wages of your field hands. These are the wages you stole from those who harvested your fields. The cries of the harvesters have reached the ears of the Lord of heavenly forces. You have lived a self-satisfying life on this earth, a life of luxury. You have stuffed your hearts in preparation for the day of slaughter. (James 5:1–5 CEB)
</idle musing>

2 comments:

David Reimer said...

Indeed. This reminds me of something that first caught my eye in an XKCD "comic" from 2011:

https://xkcd.com/980/

The salient box is the one in the "Dollars" section, bottom right, which graphically compares the earnings of "worker" vs. "CEO" in 1965 ($19.61 / $490.31 per hour) and 2007 ($19.71 / $5,419.97 per hour). Eye-watering.

jps said...

Pretty discouraging, and it has only gotten worse in the last 10 years. I saw today that the top richest people almost doubled their worth in the last 2 years. I guess pandemics/epidemics are good business : (