Papantonio: Sweatshop Capitalism Comes To America
For the first time in world history, the 10 highest paid CEOs in the US all received more than $100 million a year in direct compensation, and two of them took home billion dollar paychecks.
Understand, all that is after Americans went through all that public drama and soul-searching where they were holding public media events and shareholder meetings asking that those ridiculous rhetorical questions, like, is the system broken? Should management really be making 600 to 800 dollars for every one dollar an hour that a worker makes? As double digit increases every year for top management takes place, double digit decreases in compensation benefits for Americas workers continue.
In fact, when more than 2,259 U.S. CEOs compensation was analyzed, even the small to average size businesses were increasing CEO compensation at a rate of about 9% a year. But that was far from what the average worker was experiencing.
Huge blocks of stock options, stock grant bonanza-caliber bonuses and compensation windfalls of every kind for top management continues to help the US move toward an economic picture that looks more and more like a sweatshop, third world banana Republic for the American worker.
Full text at
Ring of Fire.