Yesterday I shared with you an Associated Press report that workers’ wages and benefits were at an all-time low at 57.5% of the economy. At the same time during this recession recovery, corporate profits are up 50%.
Workers’ pay is stagnant, as company profits soar. The average workers’ hourly wages … after accounting for inflation … were 1.6% lower in May than a year earlier. Rising gasoline and food prices have devoured pay raises.
However, the A-P reports the typical chief executive officer at a major company earned 9 million dollars last year … up 25% from 2009. Hmmmm … average worker down 1.6% … C-E-O up 25%.
It’s good to see that somebody is doing well in this recovery. It just appears to me that there are darned few somebodies doing well, and too darned many somebodies doing poorly.
Meanwhile, the government sinks from too much spending and not enough revenue.
Hope you’re prospering during the recovery. I, personally, am not.
Our thought for today is from Christina Stead:
“If all the rich people in the world divided up their money among themselves there wouldn’t be enough to go around.”