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Minimum Wage ≠ Living Wage



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Minimum Wage ≠ Living Wage

  • ¼ of US jobs pay less than a poverty-level income
  • Wage theft common, worst among lowest paid workers
    • Robs workers and governments
  • Public service sector workers earn less than private sector employees (after adjustment for age, education, and years of experience)

Functional Apartheid

  • Undocumented immigrants face constant threat of deportation, disruption of family and social relationships
  • Undocumented immigrants pay taxes:
    • State and local income
    • Property
    • Excise taxes
    • Employer’s share of Social Security
    • Medicare
    • Unemployment taxes

Functional Apartheid

  • BUT, they are not eligible for many public services:
    • Medicaid
    • Supplemental Nutritional Assistance Program
    • Social Security
    • Medicare
      • Immigrants contribute est. $115 billion more to the Medicare trust fund than they took out (2002-2009)
    • Unemployment benefits
    • Temporary cash assistance
  • Open borders would add $39 trillion to global GDP over 25 yrs

Undocumented Immigrants

  • See Public Health and Social Justice website page on migrant and seasonal farm workers at http://phsj.org/migrant-and-seasonal-farm-worker-health/ and PHSJ website page on Race, Ethnicity, and Culture at http://phsj.org/race-ethnicity-and-culture/

Congressional and Supreme Court Wealth

  • In 4 of the last 5 years, Congress granted itself a $5,000 cost of living salary increase
  • ½ of legislators are millionaires (vs. 1% of U.S. citizens)
  • Average personal fortune:
    • Senator = $13 million
    • Representative = $5 million
  • All 9 Supreme Court justices hold over $1 million in personal net worth and sit comfortably within America’s richest 2%

Exorbitant CEO Pay

  • Median U.S. CEO salary (for S and P 500 corporations) = $10 million (2016)
    • American public thinks = $1 million
    • U.S. CEOs of large companies make almost 3 times what non-U.S. CEOs make
  • CEO salaries up 997% since 1978
    • Average worker pay up 11%
  • “Performance pay” loophole allows corporations to skirt $30 billion/yr in taxes

Most Recent Annual CEO Pay Average for Large Corporations, in Millions of Dollars (2016)

  • Japan: $2.4
  • France: $2.8
  • India: $3.1
  • Australia: $5.4
  • Germany: $8.4
  • Canada: $9.3
  • UK: $9.6
  • USA: $17.0

Exorbitant CEO Pay

  • The average CEO makes 373X the salary of the average U.S. worker (1960 - 41X)
    • Mexico 45:1
    • Britain 25:1
    • Japan 10:1
    • US Military: 20:1 (top rank : lowest rank)
    • US ratio of average CEO to minimum wage worker = 774:1

Exorbitant CEO Pay: The Role of Boards of Directors

  • Salaries determined by boards of directors
  • Board members predominantly other CEOs and members of top management of other companies
  • Board members’ average salary = $258,000 (2015) for 5 hrs/wk work
  • Vested interest in keeping CEO pay high

Exorbitant CEO Pay

  • Dodd-Frank Executive Pay provision requires corporations to report
    • SEC figuring out how to implement
    • Much compensation outside of salary (stock, stock options, other perks)
    • Shareholders only allowed “advisory” say on pay voting rights

CEO Personality Characteristics

  • Some data suggest certain traits common among psychopaths are also commonly found in CEOs (and politicians, world leaders, and serial killers):
    • Grandiose sense of self worth/narcissism
    • Persuasiveness
    • Superficial charm
    • Ruthlessness
    • Lack of remorse
    • Manipulation of others

The Mega-Rich

  • Worried / Investing in personal security
    • Bodyguards
    • Armored cars
    • Bullet-proof windows; machine gun proof doors
    • Home security fogs
    • Panic rooms
    • Fully-stocked home medical suites
    • Yachts with escape submarines
    • Islands

U.S. Debt

  • US national debt $17 trillion in 2014
    • $52,000 for every US citizen ($146,000/taxpayer)
  • Personal savings down
  • Annual bankruptcies up approximately 50% between 2007 and 2010

CEO Personality Characterisitics

  • Some data suggest certain traits common among psychopaths are also commonly found in CEOs (and politicians, world leaders, and serial killers):
    • Grandiose sense of self worth
    • Persuasiveness
    • Superficial charm
    • Ruthlessness
    • Lack of remorse
    • Manipulation of others

U.S. Debt

  • Average household debt (for mortgages, car loans, credit cards and all other debt combined) growing
  • Debt exacerbated by
    • Predatory lending practices, sub-prime mortgage collapse
    • Payday loans (22,000 stores, serving 10 million people/yr, $46 billion/yr business)
    • Rent-to-own companies

Total Credit Card Debt Up

    • 1990 - $243 billion
    • 1997 - $560 billion
    • 2002 - $1.5 trillion
    • 2005 - $800 billion
    • 2009 - $951 billion
    • Average number of credit cards per U.S. adult = 3.5

Bankruptcies

  • 1.6 million bankruptcies between 6/09 and 6/10
    • Over 60% of bankruptcies due to health care expenses (and ¾ of these individuals were insured)
    • exceed # of college graduates/year, # of persons diagnosed with cancer per year
    • Bankruptcy “reform” bill grossly unfair


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