When the CEO gets a 40% raise, what do the workers deserve?
to make things more "fair" for workers and voters has been a long-stated goal of President Joe Biden's economic plan. Capitalism is supposed to work "for the good of the American people," Biden has said, but decades of "trickle down" tax cuts for companies and the wealthy in the U.S. have undermined the system.
As the strikes began last week, Biden echoed Fain, saying automakers should offer more of the share of their profits to workers. But the White House hasbesides the bully pulpit and is studying how to stave off the economic impact of a long-term walkout instead. Attempts to address rising CEO pay in decades past have not had the intended effect, said Rosanna Landis Weaver, director of wage justice and CEO pay at As You Sow, a non-profit shareholder advocacy group.
Salaries were held down, but compensating top executives through the use of stock options that many considered "free money" increased, she said. "Anytime you tried to squeeze pay in one area it popped out in another - the balloon was never squeezed enough to pop, just enough for the air to go somewhere else."
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