Lets talk paychecksDeb already pointed out that the average line worker makes only about $28 an hour (or $56,000 per year). I don't think many people would try to argue that $56,000 is too much for a family with a couple of kids, a mortgage, and the usual needs of a typical American family. Bill Kav noted:
Several Senators have used a figure of $73 per hour to describe UAW labor rates. The actual UAW rates vary, from $14 per hour for new workers at the Big Three to $33 per hour for skilled trades workers. The Republican $73 per hour figure includes not only adding in benefits, but also adding a hefty additional total of ALL current retirees benefits from contracts of years gone by, divided by the number of current workers (a much smaller workforce). Somehow, this figure made it seem as if current workers were rolling in clover at a huge hourly salary— which none of them are actually drawing.
In stark contrast:
[E]xecutives have been redistributing shareholder wealth to themselves -- while the company headed toward a cliff -- and the executive-friendly board allowed them to do it.
For example, General Motors CEO Rick Wagoner's 2007 pay ($14 million) breaks down to $7,000 per hour (based on a 2000-hour year). Yes, you read that correctly -- and that was a year that GM had $38 billion in losses.
If the average autoworker makes $28 per hour, then Mr. Wagoner's hourly pay could have instead paid 250 average GM workers -- people directly involved in making products that make money for GM shareholders.
Ford CEO Alan Mulally's 2007 pay was $21 million, which amounts to $10,500 per hour. A year earlier, Ford had record losses of $12 billion. Mr. Mulally's hourly pay could have instead paid 375 average Ford workers.
It doesn't stop with CEOs. Four of Ford's vice presidents were paid $39 million in 2007, an average of $9.75 million each or $4,875 per hour. The total hourly pay of all four execs combined could have instead paid 696 average autoworkers.
I don't have access to compensation data for the dozens -- or hundreds -- of other execs at GM and Ford... (BN-Pol)
But wait! There's more:MORE
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