Sunday, April 10, 2011
Recession is over for CEOs
This article explains that while millions of Americans are trying not to lose their homes and jobs, the paychecks for the top American executives are increasing and some are increasing by a lot. The chief executive of Viacom, Philippe P. Daumen made $84.5 million in under a year. Unfortunately for the rest of us, these increases have not been trickling down. Despite the recent fortunes of the CEOs, they are not employing more workers. Although unemployment is down from its peak, economists say that the jobless rate will not significantly change anytime soon. There are new rules in place stating that shareholders should have a say in the paychecks of executives of company but it isn't clear how much of a say. So far this input has been minimal clearly.
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Reading these types of articles with these types of statistics,"The median pay for top executives at 200 major companies was $9.6 million last year. That was a 12 percent increase over 2009, according to a study conducted for The New York Times by Equilar, a compensation consulting firm based in Redwood City, Calif." make me wonder about the capitalist goals of maximizing profits is really a healthy goal to have. As you can see for some, they are truly benefiting from their profit maximization. My problem is with the millions of Americans that are facing so many issues because their family has gone from a two person income down to one or in some cases no income. I recently volunteered at the Mid-Ohio Foodbank and the statics for people who are in need of food has risen greatly with the current recession. I think we need to challenge the system and look at society as a whole and see what else we can do for others in these great times of need.
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