Something needs to be done about the economic genocide of the middle class. With average workers pay declining in real dollars, cheap labor flooding our markets reducing our standard of living and the widening gap of CEO pay - the rich get richer; everyone else gets poorer. I'm sorry - call me a socialist if you must label me but NO ONE - NO CEO is that worthy and deserves that much money! They are just addicted and we need to put them on a 12 step program.
The following is a letter to the editor of the Sunday NY Times Magazine Section. I felt compelled to write about an article by Walter Kirn regarding the pay gap between CEO's and workers.
If you read the Sunday magazine section today (4/16/2006), please read 'the way we live now'. I sent the following letter to the editor and thought you might be interested in my view. The article is about the ratio of average CEO pay to average worker pay. The 2004 ratio was 431, it's quadrupled since 1990 when the ratio was 107. From data I've seen, the 2005 ratio is over 550. The middle class can not be silent any more.
Editor,
The word of the day is "worthyism" (thanks to Steven Colbert for tweaking my brain). The CEO of Exxon is retiring and getting a $400 million retirement package. Wow! Perhaps if we flood the market with more cheap labor he won't have to skip lunches.
But I think this "differentiated compensation" mind set started during the Reagan administration. Remember 'trickle down economics' with incredible tax breaks for the very wealthy and a mentality to match. 'Greed is good' was the mantra that followed and pumped up the egos of those men 'in-charge' then as it does today. What Walter Kirn and Secretary Snow call a phenomenon is nothing short of an addiction to money and power. Are they better than us or just drunk/stoned and addicted to "worthyism"?
And all the while in every boardroom fellow CEO's and board members saying - if he's worth $100 million than I'm worth $150 and the spiraling out of control begins. (This is of course coupled with shareholders with no clue about what is going on and ignoring the annual reports.) Tax breaks for the wealthy and super wealthy feed 'worthyism' the more money the more worthy; a vicious cycle like any other addiction.
I think it's a calculated plot to enrich one group of people at the horrific expense of the poor and middle class; an economic genocide of sorts. If it is allowed to continue there are severe consequences. As an example there will never again be an Einstein born into poverty but lucky enough to get a good education and make a mark in this world. America is quickly becoming a nation where only the rich have "worthyism" and the class warfare is not far behind. What values are we really talking about? What values are we hiding? The real entitlement programs? They may wear jeans but the t-shirt they are wearing says I'm worthy, I'm entitled and I don't care!
The so-called entitled are snickering in their wood paneled offices and enjoying the pay gap as it gets wider and wider. Another day of "worthyism" - while a senior citizen eats cat food for supper so they can pay for a prescription and a bright poor kid gives up on the dream of a college education. America - don't you just love what it's become? It's not a mystery to us!
(If you do not know who Steven Colbert is it's obvious you do not watch the Daily show with Jon Stewart or the Colbert report either. In that case much of this will not make sense to you... but in case some of it does........ read it and weep!)