snip
Enlarge(Credit: AP/J. Scott Applewhite)This article originally appeared on Demos.
In America, chief executive pay is now 300 times more than the average worker. That’s a high enough ratio that presidential candidates are taking note on both sides of the aisle. Senator Bernie Sanders listed the statistic in a statement supporting mandated CEO disclosure of salaries, and CEO Trump himself declared that the numbers were “disgraceful.” However, even on a topic where a democratic socialist and a real estate mogul agree, it turns out that there’s always a devil’s advocate. JPMorgan CEO Jamie Dimon proposed an interesting hypothesis on a recent “Meet the Press“: lowering executive pay won’t fix our nation’s staggering income inequality.
“If you took all the compensation of all the CEOs of the top 500 companies in America, it wouldn’t make a dent in the problem,” he said.
Like two ships passing each other in the night, this neatly parallels another recent CEO wage moment. In April, Dan Price of Gravity Payments announced that everyone in his 120-person company—from the lowest-paid clerk on up—would receive a minimum salary of $70,000. In part, he achieved this by cutting his own $1 million salary to $70,000.
No comments:
Post a Comment