This is the same line of thinking that pins the country's economic performance to the stock market. Stock market performance is not a strong indicator of the country's economic performance.
Wall Street bonuses are up because Wall Street is making more money. Perhaps because Boomers have all their money saved up and invested with Wall Street banks that use it to make more money.
Businesses aren't making that much more money, and while CEO pay has exploded, there's usually only 1 CEO per company. Walmart's CEO makes $22m total compensation per year, if they made the same as their average employee you'd be able to pay each of the 1.6m US employees $14 more per year. Big whoop. The apparent value that the best CEO for the job can bring Walmart per year far exceeds $22m, but a cashier can be replaced by a machine.
What we're seeing are the effects of automation and the devaluation of replaceable workers it causes.
My recommendation? Middle managers all the way up to C-suite rent-seek when they ask people to do more without raising wages to compensate for the additional effort. Counter-rent-seeking is a totally valid, reasonable response: unionize.
Wall Street bonuses are up because Wall Street is making more money. Perhaps because Boomers have all their money saved up and invested with Wall Street banks that use it to make more money.
Businesses aren't making that much more money, and while CEO pay has exploded, there's usually only 1 CEO per company. Walmart's CEO makes $22m total compensation per year, if they made the same as their average employee you'd be able to pay each of the 1.6m US employees $14 more per year. Big whoop. The apparent value that the best CEO for the job can bring Walmart per year far exceeds $22m, but a cashier can be replaced by a machine.
What we're seeing are the effects of automation and the devaluation of replaceable workers it causes.
My recommendation? Middle managers all the way up to C-suite rent-seek when they ask people to do more without raising wages to compensate for the additional effort. Counter-rent-seeking is a totally valid, reasonable response: unionize.