British Labor Party leader Jeremy Corbin is starting a campaign against inequality that should be emulated by all (five, ten?) American politicians not controlled by big business.
“One proposal is pay ratios between top and bottom, so that the rewards don’t just accrue to those at the top,” he said.
“Of the G7 nations only the US has greater income inequality than the UK, and pay inequality on this scale is neither necessary nor inevitable.”
Corbin is talking about real compensation – wages, salaries and bonuses – while many reports for the American public will note an executive $1 million wage, but exclude their $12 million bonus. That trick is good PR for the overpaid, but not good statistics when comparing worker to CEO. Also not mentioned is that company owners (with no work required) usually make much more than the executives. When comparing apples to apples, the mismatch is onerous.
“Total direct compensation for 300 CEOs at public companies increased 5.5% to a median of $11.4 million in 2013, concluded an analysis by The Wall Street Journal and Hay Group. A separate AFL-CIO study of CEO pay across a broad sample of S&P 500 firms showed the average CEO earned 331 times more than the typical U.S. worker last year. In 1980, that multiple was 42,” according to a report in the Wall Street Journal in November, 2014.
The record of being the most unequal of G7 nations – Canada, France, Germany, Great Britain, Italy, Japan, and United States – is a distinction without merit. So-called pay inequality solutions here include lowering the taxes on the highest paid, sheltering savings of the richest Americans, and maintaining government subsidies to the poorest workers (EITC), rather than really raising (not $10.10) the minimum wage. And those negative plans are the ones endorsed by many in the Democrat Party. Most in the GOP also want to privatize everything from national parks to public roads and schools – in short, anywhere a buck can be squeezed.
“Another proposal would be to bar or restrict companies from distributing dividends until they pay all their workers the living wage,” Corbin explained.
“Only profitable employers will be paying dividends, if they depend on cheap labor for those profits, then I think there is a question over whether that is a business model to which we should be turning a blind eye.”
During the 2008 financial crisis, it was common that many, running for public office, also espoused caps on highest salaries to five or ten million dollars. Continue reading →
Hate Israel cartoon displayed by “neutral” nation’s ambassador on huge screen to promote business conference in Tehran
This is not a cartoon from a hate website. It is not from an Arab extremist group. It is not from a White supremacist handbook.
It was just shown by Giulio Haas, the ambassador of Switzerland to Iran, at a conference promoting the terrorist state.
That’s right – Switzerland!
Reuters reported that the cartoon appeared on an enormous screen at the conference, under the headline “Iran: now or never.” The cartoon, Reuters said, was a commentary on “responses to the deal,” and showed a pair of doves with American and Iranian flags on their chests, sitting on the head of Israeli Prime Minister Benjamin Netanyahu.
The hateful cartoon was put up on a huge screen during a speech to hundreds of Swiss and Iranian business people at a conference in Zurich on Thursday (August 27), in which he also described Iran as a “pole of stability” in the Middle East.
“Ambassador Haas did not intend to insult anybody with the cartoon,” a Swiss government statement said. “If that is the case, however, he regrets it and seeks the pardon of everyone who could have felt insulted.”
The image appeared at the conference, under the headline “Iran: now or never.” The cartoon, Reuters said, was a commentary on responses to the deal, and showed a pair of doves with American and Iranian flags on their chests, sitting and s#itting on the prime minister’s head.
Haas said Thursday that his almost two-year stint in Tehran has made him certain that America will change its view of Iran as an aggressor.
“Iran at the moment is most probably the pole of stability in a very, very unsafe region,” he said. “Iran seems still for a lot of people to be bearded, elderly Continue reading →
Greece bailouts are just to keep banks fat and happy, while families suffer from ten consecutive cuts to their livelihoods
Billions for banks. Hardly a farthing for the families of Greece. The country continues to face impending feudalism to pacify a financial monarchy ruling Europe.
Since 2010, Greece has received nearly $277 billion in bailout funds. Almost all of the money has gone to pay the country’s debts, cover credit default swaps, pay jacked up interest rates and bolster the local and international banks’ capital, rather than to provide any economic growth. Meanwhile, seniors have been robbed of pensions, minimum wage rates smashed, Continue reading →
Investor-owned properties destroying Baltimore home prices, while encouraging new slumlords, and bankrupting residents
Banks and investors own, plan to foreclose or auction, thousands of houses in Baltimore. Most are decrepit, but many are valued up to nearly a million dollars. But if you don’t have the cash, do you really think a mortgage company will finance your purchase here?
In one big city after another depressed property prices have been windfalls for slum landlords. They buy hundreds, sometimes a thousand or more houses at huge discounts, then rent them to the poor at a price far above fair value. The game then begins to see if the properties deteriorate by neglect of owner or renter before the investor gets back the purchase price plus profits. Continue reading →
The investment cash is going to China, India, South Korea and Vietnam, where factories are being built by American companies to make products to export to the U.S. and elsewhere. Those countries rebate the local Value Added Tax (around 20%) to exporters because most every country has their own VAT on products coming into their countries – EXCEPT THIS COUNTRY. In addition, most countries have tariffs on incoming goods if their local economy needs to promote manufacturing jobs.
If we introduced a Value Added Tax here to replace the Income Tax, business would pay an additional 20% to import into America, giving us real tax revenue, instead of sodomizing the middle class.
Ask yourself why almost every nation in the world has a VAT and encourages exports and discourages imports. Could it be big business benefits while Americans are the dumb consumers who allow this travesty sold to us as “free trade?”
Read the Article at HuffingtonPost