LISTSERV mailing list manager LISTSERV 16.5

Help for PORTSIDE Archives


PORTSIDE Archives

PORTSIDE Archives


PORTSIDE@LISTS.PORTSIDE.ORG


View:

Message:

[

First

|

Previous

|

Next

|

Last

]

By Topic:

[

First

|

Previous

|

Next

|

Last

]

By Author:

[

First

|

Previous

|

Next

|

Last

]

Font:

Proportional Font

LISTSERV Archives

LISTSERV Archives

PORTSIDE Home

PORTSIDE Home

PORTSIDE  July 2011, Week 4

PORTSIDE July 2011, Week 4

Subject:

CEOs to Workers: More for Me, Less for You

From:

Portside Moderator <[log in to unmask]>

Reply-To:

[log in to unmask]

Date:

Tue, 26 Jul 2011 22:21:07 -0400

Content-Type:

text/plain

Parts/Attachments:

Parts/Attachments

text/plain (131 lines)

CEOs to Workers: More for Me, Less for You 

By Holly Sklar 
CommonDreams.org
July 25, 2011 

http://www.commondreams.org/view/2011/07/25-0

Big company CEOs got a 23 percent raise last year and
corporate profits are at record highs. But the minimum wage
has less buying power now than in 1956 - the year Elvis
Presley first topped the charts, videotape was breakthrough
technology and the Dow closed above 500 for the very first
time.

It’s no accident wages are down while corporate profits are
up. As JPMorgan’s July 11 "Eye on the Market" newsletter put
it, "Reductions in wages and benefits explain the majority of
the net improvement in [profit] margins - US labor
compensation is now at a 50-year low relative to both company
sales and US GDP."

The minimum wage sets the floor under wages, and that floor
is sinking. The 1956 minimum wage was $8.30, adjusted for
inflation.

Today’s minimum wage is $7.25 - just $15,080 annually.

CEOs make more in a few hours than minimum wage workers who
care for children, the ill and the elderly make in a year.
Median CEO pay was $10.8 million last year among 200 big
companies measured by Equilar.

The $15,080 minimum wage workers have for rent, groceries,
transportation, medicine and everything else for the year
doesn’t even buy 2 pounds of the imported caviar featured in
the Forbes Cost of Living Extremely Well Index.

The last increase in the minimum wage to $7.25 on July 24,
2009 was so little so late it left workers 30 percent below
the minimum wage peak of $10.38 in 1968 - $21,590 annually -
in 2011 dollars.

Today’s retail clerks, health aides, child care workers,
restaurant workers, security guards and other minimum wage
workers have $6,500 less in annual buying power than their
1968 counterparts.

That doesn’t help our corner stores, our communities or our
national economy. It hurts.

We didn’t have to go backwards. U.S. income grew $11,684 on
average between 1969 and 2008, the year Wall Street drove our
economy off a cliff. But there was nothing average about the
actual income distribution. Every dime of income growth went
to the top 10 percent. Income for the bottom 90 percent
declined.

Compare that to the period between 1917 (when the data began)
and 1968. Income growth averaged $26,574. The top 10 percent
got 31 percent of that growth. The bottom 90 percent got 69
percent.

You can’t have a strong middle class or a strong economy if
the bottom 90 percent gets none of the nation’s income
growth.

If the minimum wage had stayed above the $10.38 value it had
in 1968, it would have put upward pressure - rather than
downward pressure - on the average worker wage. Wal-Mart and
McDonald’s, our nation’s largest employers, couldn’t
routinely pay $7.25 or a little above.

McDonald’s wages would be more like In-N-Out Burger, which
has an entry wage of $10 plus good benefits and beats
McDonald’s and other fast food chains in the new Consumer
Reports ratings for food, service, value and speed. Wal-
Mart’s wages would be closer to Costco, which pays starting
wages of $11, has the lowest employee turnover in retail,
doesn’t need to spend money on advertising and outperforms
Wal-Mart.

The 2010 American Values Survey found that 67 percent of
Americans supported increasing the minimum wage from $7.25 to
$10.

Critics routinely oppose minimum wage increases in good times
and bad, claiming wrongly they will increase unemployment.
The most rigorous studies of the impact of actual minimum
wage increases, including two studies published recently in
the journal Industrial Relations and the Review of Economics
and Statistics, show they do not cause job losses - whether
during periods of economic growth or recession.

In the words of John Shepley, co-owner of Emory Knoll Farms
in Maryland and a member of Business for a Fair Minimum Wage,
"The notion that raising the minimum wage will kill jobs is
just bunk. People at the lower end of earnings tend to spend
100 percent of their after-tax income. They put it right back
into local businesses buying food, clothing, car repairs and
other necessities. - When the minimum wage is too low it not
only impoverishes productive workers, it weakens the key
consumer demand at the heart of our local economy."

It’s time to stop stuffing the penthouse of the economy with
gold and rebuild the crumbling foundation.

[ Holly Sklar's books include "Raise the Floor: Wages and
 Policies That Work for All of Us," "A Just Minimum Wage:
 Good for Workers, Business and Our Future" and "Streets of
 Hope: The Fall and Rise of an Urban Neighborhood." She can
 be reached at [log in to unmask]]

___________________________________________

Portside aims to provide material of interest to people
on the left that will help them to interpret the world
and to change it.

Submit via email: [log in to unmask]

Submit via the Web: http://portside.org/submittous3

Frequently asked questions: http://portside.org/faq

Sub/Unsub: http://portside.org/subscribe-and-unsubscribe

Search Portside archives: http://portside.org/archive

Contribute to Portside: https://portside.org/donate

Top of Message | Previous Page | Permalink

Advanced Options


Options

Log In

Log In

Get Password

Get Password


Search Archives

Search Archives


Subscribe or Unsubscribe

Subscribe or Unsubscribe


Archives

July 2019, Week 3
July 2019, Week 2
July 2019, Week 1
June 2019, Week 5
June 2019, Week 4
June 2019, Week 3
June 2019, Week 2
June 2019, Week 1
May 2019, Week 5
May 2019, Week 4
May 2019, Week 3
May 2019, Week 2
May 2019, Week 1
April 2019, Week 5
April 2019, Week 4
April 2019, Week 3
April 2019, Week 2
April 2019, Week 1
March 2019, Week 5
March 2019, Week 4
March 2019, Week 3
March 2019, Week 2
March 2019, Week 1
February 2019, Week 4
February 2019, Week 3
February 2019, Week 2
February 2019, Week 1
January 2019, Week 5
January 2019, Week 4
January 2019, Week 3
January 2019, Week 2
January 2019, Week 1
December 2018, Week 5
December 2018, Week 4
December 2018, Week 3
December 2018, Week 2
December 2018, Week 1
November 2018, Week 5
November 2018, Week 4
November 2018, Week 3
November 2018, Week 2
November 2018, Week 1
October 2018, Week 5
October 2018, Week 4
October 2018, Week 3
October 2018, Week 2
October 2018, Week 1
September 2018, Week 5
September 2018, Week 4
September 2018, Week 3
September 2018, Week 2
September 2018, Week 1
August 2018, Week 5
August 2018, Week 4
August 2018, Week 3
August 2018, Week 2
August 2018, Week 1
July 2018, Week 5
July 2018, Week 4
July 2018, Week 3
July 2018, Week 2
July 2018, Week 1
June 2018, Week 5
June 2018, Week 4
June 2018, Week 3
June 2018, Week 2
June 2018, Week 1
May 2018, Week 5
May 2018, Week 4
May 2018, Week 3
May 2018, Week 2
May 2018, Week 1
April 2018, Week 5
April 2018, Week 4
April 2018, Week 3
April 2018, Week 2
April 2018, Week 1
March 2018, Week 5
March 2018, Week 4
March 2018, Week 3
March 2018, Week 2
March 2018, Week 1
February 2018, Week 4
February 2018, Week 3
February 2018, Week 2
February 2018, Week 1
January 2018, Week 5
January 2018, Week 4
January 2018, Week 3
January 2018, Week 2
January 2018, Week 1
December 2017, Week 5
December 2017, Week 4
December 2017, Week 3
December 2017, Week 2
December 2017, Week 1
November 2017, Week 5
November 2017, Week 4
November 2017, Week 3
November 2017, Week 2
November 2017, Week 1
October 2017, Week 5
October 2017, Week 4
October 2017, Week 3
October 2017, Week 2
October 2017, Week 1
September 2017, Week 5
September 2017, Week 4
September 2017, Week 3
September 2017, Week 2
September 2017, Week 1
August 2017, Week 5
August 2017, Week 4
August 2017, Week 3
August 2017, Week 2
August 2017, Week 1
July 2017, Week 5
July 2017, Week 4
July 2017, Week 3
July 2017, Week 2
July 2017, Week 1
June 2017, Week 5
June 2017, Week 4
June 2017, Week 3
June 2017, Week 2
June 2017, Week 1
May 2017, Week 5
May 2017, Week 4
May 2017, Week 3
May 2017, Week 2
May 2017, Week 1
April 2017, Week 5
April 2017, Week 4
April 2017, Week 3
April 2017, Week 2
April 2017, Week 1
March 2017, Week 5
March 2017, Week 4
March 2017, Week 3
March 2017, Week 2
March 2017, Week 1
February 2017, Week 4
February 2017, Week 3
February 2017, Week 2
February 2017, Week 1
January 2017, Week 5
January 2017, Week 4
January 2017, Week 3
January 2017, Week 2
January 2017, Week 1
December 2016, Week 5
December 2016, Week 4
December 2016, Week 3
December 2016, Week 2
December 2016, Week 1
November 2016, Week 5
November 2016, Week 4
November 2016, Week 3
November 2016, Week 2
November 2016, Week 1
October 2016, Week 5
October 2016, Week 4
October 2016, Week 3
October 2016, Week 2
October 2016, Week 1
September 2016, Week 5
September 2016, Week 4
September 2016, Week 3
September 2016, Week 2
September 2016, Week 1
August 2016, Week 5
August 2016, Week 4
August 2016, Week 3
August 2016, Week 2
August 2016, Week 1
July 2016, Week 5
July 2016, Week 4
July 2016, Week 3
July 2016, Week 2
July 2016, Week 1
June 2016, Week 5
June 2016, Week 4
June 2016, Week 3
June 2016, Week 2
June 2016, Week 1
May 2016, Week 5
May 2016, Week 4
May 2016, Week 3
May 2016, Week 2
May 2016, Week 1
April 2016, Week 5
April 2016, Week 4
April 2016, Week 3
April 2016, Week 2
April 2016, Week 1
March 2016, Week 5
March 2016, Week 4
March 2016, Week 3
March 2016, Week 2
March 2016, Week 1
February 2016, Week 5
February 2016, Week 4
February 2016, Week 3
February 2016, Week 2
February 2016, Week 1
January 2016, Week 5
January 2016, Week 4
January 2016, Week 3
January 2016, Week 2
January 2016, Week 1
December 2015, Week 5
December 2015, Week 4
December 2015, Week 3
December 2015, Week 2
December 2015, Week 1
November 2015, Week 5
November 2015, Week 4
November 2015, Week 3
November 2015, Week 2
November 2015, Week 1
October 2015, Week 5
October 2015, Week 4
October 2015, Week 3
October 2015, Week 2
October 2015, Week 1
September 2015, Week 5
September 2015, Week 4
September 2015, Week 3
September 2015, Week 2
September 2015, Week 1
August 2015, Week 5
August 2015, Week 4
August 2015, Week 3
August 2015, Week 2
August 2015, Week 1
July 2015, Week 5
July 2015, Week 4
July 2015, Week 3
July 2015, Week 2
July 2015, Week 1
June 2015, Week 5
June 2015, Week 4
June 2015, Week 3
June 2015, Week 2
June 2015, Week 1
May 2015, Week 5
May 2015, Week 4
May 2015, Week 3
May 2015, Week 2
May 2015, Week 1
April 2015, Week 5
April 2015, Week 4
April 2015, Week 3
April 2015, Week 2
April 2015, Week 1
March 2015, Week 5
March 2015, Week 4
March 2015, Week 3
March 2015, Week 2
March 2015, Week 1
February 2015, Week 4
February 2015, Week 3
February 2015, Week 2
February 2015, Week 1
January 2015, Week 5
January 2015, Week 4
January 2015, Week 3
January 2015, Week 2
January 2015, Week 1
December 2014, Week 5
December 2014, Week 4
December 2014, Week 3
December 2014, Week 2
December 2014, Week 1
November 2014, Week 5
November 2014, Week 4
November 2014, Week 3
November 2014, Week 2
November 2014, Week 1
October 2014, Week 5
October 2014, Week 4
October 2014, Week 3
October 2014, Week 2
October 2014, Week 1
September 2014, Week 5
September 2014, Week 4
September 2014, Week 3
September 2014, Week 2
September 2014, Week 1
August 2014, Week 5
August 2014, Week 4
August 2014, Week 3
August 2014, Week 2
August 2014, Week 1
July 2014, Week 5
July 2014, Week 4
July 2014, Week 3
July 2014, Week 2
July 2014, Week 1
June 2014, Week 5
June 2014, Week 4
June 2014, Week 3
June 2014, Week 2
June 2014, Week 1
May 2014, Week 5
May 2014, Week 4
May 2014, Week 3
May 2014, Week 2
May 2014, Week 1
April 2014, Week 5
April 2014, Week 4
April 2014, Week 3
April 2014, Week 2
April 2014, Week 1
March 2014, Week 5
March 2014, Week 4
March 2014, Week 3
March 2014, Week 2
March 2014, Week 1
February 2014, Week 4
February 2014, Week 3
February 2014, Week 2
February 2014, Week 1
January 2014, Week 5
January 2014, Week 4
January 2014, Week 3
January 2014, Week 2
January 2014, Week 1
December 2013, Week 5
December 2013, Week 4
December 2013, Week 3
December 2013, Week 2
December 2013, Week 1
November 2013, Week 5
November 2013, Week 4
November 2013, Week 3
November 2013, Week 2
November 2013, Week 1
October 2013, Week 5
October 2013, Week 4
October 2013, Week 3
October 2013, Week 2
October 2013, Week 1
September 2013, Week 5
September 2013, Week 4
September 2013, Week 3
September 2013, Week 2
September 2013, Week 1
August 2013, Week 5
August 2013, Week 4
August 2013, Week 3
August 2013, Week 2
August 2013, Week 1
July 2013, Week 5
July 2013, Week 4
July 2013, Week 3
July 2013, Week 2
July 2013, Week 1
June 2013, Week 5
June 2013, Week 4
June 2013, Week 3
June 2013, Week 2
June 2013, Week 1
May 2013, Week 5
May 2013, Week 4
May 2013, Week 3
May 2013, Week 2
May 2013, Week 1
April 2013, Week 5
April 2013, Week 4
April 2013, Week 3
April 2013, Week 2
April 2013, Week 1
March 2013, Week 5
March 2013, Week 4
March 2013, Week 3
March 2013, Week 2
March 2013, Week 1
February 2013, Week 4
February 2013, Week 3
February 2013, Week 2
February 2013, Week 1
January 2013, Week 5
January 2013, Week 4
January 2013, Week 3
January 2013, Week 2
January 2013, Week 1
December 2012, Week 5
December 2012, Week 4
December 2012, Week 3
December 2012, Week 2
December 2012, Week 1
November 2012, Week 5
November 2012, Week 4
November 2012, Week 3
November 2012, Week 2
November 2012, Week 1
October 2012, Week 5
October 2012, Week 4
October 2012, Week 3
October 2012, Week 2
October 2012, Week 1
September 2012, Week 5
September 2012, Week 4
September 2012, Week 3
September 2012, Week 2
September 2012, Week 1
August 2012, Week 5
August 2012, Week 4
August 2012, Week 3
August 2012, Week 2
August 2012, Week 1
July 2012, Week 5
July 2012, Week 4
July 2012, Week 3
July 2012, Week 2
July 2012, Week 1
June 2012, Week 5
June 2012, Week 4
June 2012, Week 3
June 2012, Week 2
June 2012, Week 1
May 2012, Week 5
May 2012, Week 4
May 2012, Week 3
May 2012, Week 2
May 2012, Week 1
April 2012, Week 5
April 2012, Week 4
April 2012, Week 3
April 2012, Week 2
April 2012, Week 1
March 2012, Week 5
March 2012, Week 4
March 2012, Week 3
March 2012, Week 2
March 2012, Week 1
February 2012, Week 5
February 2012, Week 4
February 2012, Week 3
February 2012, Week 2
February 2012, Week 1
January 2012, Week 5
January 2012, Week 4
January 2012, Week 3
January 2012, Week 2
January 2012, Week 1
December 2011, Week 5
December 2011, Week 4
December 2011, Week 3
December 2011, Week 2
December 2011, Week 1
November 2011, Week 5
November 2011, Week 4
November 2011, Week 3
November 2011, Week 2
November 2011, Week 1
October 2011, Week 5
October 2011, Week 4
October 2011, Week 3
October 2011, Week 2
October 2011, Week 1
September 2011, Week 5
September 2011, Week 4
September 2011, Week 3
September 2011, Week 2
September 2011, Week 1
August 2011, Week 5
August 2011, Week 4
August 2011, Week 3
August 2011, Week 2
August 2011, Week 1
July 2011, Week 5
July 2011, Week 4
July 2011, Week 3
July 2011, Week 2
July 2011, Week 1
June 2011, Week 5
June 2011, Week 4
June 2011, Week 3
June 2011, Week 2
June 2011, Week 1
May 2011, Week 5
May 2011, Week 4
May 2011, Week 3
May 2011, Week 2
May 2011, Week 1
April 2011, Week 5
April 2011, Week 4
April 2011, Week 3
April 2011, Week 2
April 2011, Week 1
March 2011, Week 5
March 2011, Week 4
March 2011, Week 3
March 2011, Week 2
March 2011, Week 1
February 2011, Week 4
February 2011, Week 3
February 2011, Week 2
February 2011, Week 1
January 2011, Week 5
January 2011, Week 4
January 2011, Week 3
January 2011, Week 2
January 2011, Week 1
December 2010, Week 5
December 2010, Week 4
December 2010, Week 3
December 2010, Week 2
December 2010, Week 1
November 2010, Week 5
November 2010, Week 4
November 2010, Week 3
November 2010, Week 2
November 2010, Week 1
October 2010, Week 5
October 2010, Week 4
October 2010, Week 3
October 2010, Week 2
October 2010, Week 1
September 2010, Week 5
September 2010, Week 4
September 2010, Week 3
September 2010, Week 2
September 2010, Week 1
August 2010, Week 5
August 2010, Week 4
August 2010, Week 3
August 2010, Week 2
August 2010, Week 1
July 2010, Week 5
July 2010, Week 4
July 2010, Week 3
July 2010, Week 2
July 2010, Week 1

ATOM RSS1 RSS2



LISTS.PORTSIDE.ORG

CataList Email List Search Powered by the LISTSERV Email List Manager