Wall Street Celebrates Big Bonus Payday, But Where Are the Jobs?
March 18, 2011
(ChattahBox Business News)—Rich Wall Street fat cats have lots to celebrate these days. Money is appearing out of thin air, and the living is easy. Corporations are sitting on record levels of cash, while they bask in the afterglow of the highest profit margins in 18-years. And today, the Wall Street Journal reports that CEO bonuses have surged 30 percent to a three-year high. Woohoo! That means that any day now these altruistic job creators will start hiring American workers and trickle down some of that fabulous green money to the great unwashed, right? No siree! Not in the least. The unemployment rate still hovers near 9 percent, while the super rich pocket their tax savings, and the poor and the middle class are beaten down some more. Welcome to America’s 21st century plutocracy. Can’t you just smell that tea party freedom in the air?
With the rich getting richer and the poor getting poorer in this country, with much of the county’s wealth concentrated in the top one percent, it’s hard not to feel depressed these days about the future of our democracy.
The Wall Street Journal has the good news for the top one-percenters:
“CEO bonuses at 50 major corporations jumped a median of 30.5%, the biggest gain in at least three years, according to a study of the first batch of corporate CEO pay disclosures by consulting firm Hay Group for The Wall Street Journal.” [...]
“One of the big bonuses landed in the wallet of Robert A. Iger, leader of Walt Disney Co. He earned $13.5 million for the year ended Oct. 2. That represents a 45.4% increase. …”
Starbucks CEO Howard Schultz was handed $3.5 million and General Electric’s Jeffrey Immelt, was given $4 million, after he declined bonuses for the past two-years.
It’s great that top CEOs are rolling in the dough again, but when corporations hoard their money in overseas tax havens and offshore jobs to foreign countries to take advantage of slave labor, all the while with their hands out for more federal tax breaks and subsidies, at what point do we rightfully denounce these corporations as un-American? And why don’t we as a nation demand something more in return for all of the federal corporate welfare the Republicans throw at them?
The New York Times’ Paul Krugman has an apt piece out today, slamming Congress and the White House for abandoning the millions of unemployed in this country, while they slash and burn with budget cuts that would purposely put more Americans out of work.
“More than three years after we entered the worst economic slump since the 1930s, a strange and disturbing thing has happened to our political discourse: Washington has lost interest in the unemployed,” writes Krugman.
And despite paying occasional lip service to job creation, the Republicans in Congress and even President Obama, are more interested in appeasing the deficit hawks.
“But no jobs bills have been introduced in Congress, no job-creation plans have been advanced by the White House and all the policy focus seems to be on spending cuts,” adds Krugman
Hey Boehner, “Where are the jobs”?
Photo Source: Wikimedia/Miz Money in the Bank/Deron Kamisato/Flickr/Creative Commons Attribution.