May 25, 2012 by David K. Sutton
Invention by Republican: CEO Pay And Corporate Profits Break Records – Proves GOP Narrative Is Bunk
We already know the Republican narrative of “too much government regulation” and “a president that is hostile towards business and capitalism” is nonsense, but now we have even more evidence that Republicans are full of shit.
An Associated Press study finds that CEO pay was up 6 percent last year with the average CEO of a public company earning $9.6 million in 2011. The study also revealed that companies in the Standard & Poor’s 500 stock index posted a 16% increase in profits last year.
The typical American worker would have to labor for 244 years to make what the typical boss of a big public company makes in one. The median pay for U.S. workers was about $39,300 last year. That was up 1 percent from the year before, not enough to keep pace with inflation.
Sounds to me like capitalism is working just fine for the 1%. It also seems like companies are doing just fine with profits up 16% last year. So what is President Obama doing wrong again that is scaring companies away? It seems to me like the problem is not Obama, the problem is a growing sense of importance and entitlement among the richest people in this country. If we don’t give in to their every demand they will ship more jobs overseas and stop investing in America. The Republican solution is to give these fuckers more tax breaks with the promise that this time they will magically start creating jobs. It appears to me these CEOs and their companies are already flush with cash, so where are the damn jobs? I mean, if we are to believe in trickle-down, supply side economics then those profits should result in millions of new jobs, right?