These are the best of times. For American CEOs apparently. According to NYT.
And yet:
“Pay skyrocketed last year because many companies brought back cash bonuses, says Aaron Boyd, head of research at Equilar. Cash bonuses, as opposed to those awarded in stock options, jumped by an astounding 38 percent, the final numbers show.”
However:
“And it’s not as if most workers are getting fat raises. The average American worker was taking home $752 a week in late 2010, up a mere 0.5 percent from a year earlier. After inflation, workers were actually making less.”
Just to turn on the way-back machine, how many folks out there remember this quote by the candidate Obama?
We’re not trying to push financial reform because we begrudge success that’s fairly earned. I mean, I do think at a certain point you’ve made enough money. But, you know, part of the American way is, you know, you can just keep on making it if you’re providing a good product or providing good service. We don’t want people to stop, ah, fulfilling the core responsibilities of the financial system to help grow our economy.” —on Wall Street reform, Quincy, Ill., April 29, 2010
And don’t forget, the POTUS himself is earning millions from his book(s) while in a $400,000 per year job.
Just to remind you where the earnings are.
Oh, and just to put things in even greater perspective, the White House now admits the so-called stimulus has cost us $278,000 per job.
Daniel McAndrew 