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this post was submitted on 14 Feb 2024
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About time some Democrats start developing the awareness that they'll have to aim above their target if they want to hit it instead of consistently missing or failing to take the shot.
First I want to put out that Lee is basing her argument in data, something her detractors in the article are not doing.
The number she's putting out is about twice what wages would be had they kept up with either a) per worker productivity or b) inflation. Once we account for inflation, real wages have declined by about 20% since the 70s.
If minimum wage had kept up with CEO compensation, the minimum wage in today dollars would be ~$130.
So Lee is striking a mid point between those two values. This seems reasonable.
I propose that we decide on some ratio of CEO compensation to minimum wage at a given company (say, 100x), and any company in violation of this has their profits taxed at 100% and redistributed to their employees.
I like the 12 to 1 rule. CEOs can't make more in one month than their lowest paid employee makes in a year. If you want to make more than that then raise the standard for everyone.
They just outsource services. No longer does a janitor work for the company. It is outsourced to a janitorial services company. Average wage increases as does pay.
Most proposals for chaining CEO pay talk about anyone who has contributed to the work product. Including by letting the working area clean. So that would include sub contractors of sub contractors and independent contractors and subsidiary workers. It might even include a rival company.
So, for a zoom meeting, does the software get considered? Zoom has workers too. The work from home employees that have a cleaner. WFH that don't. Etc etc.
Is it just that outsourced janitor considered, or the recruiter that hired them, their manager and CEO of that company, their marketing and sales dept etc.
I agree that CEO salary should be lower relative to workers, but when you have a kpi, people work to the kpi, not what we want to achieve. It wouldn't lead to better employee pay, but more creative accounting is my point.
The idea is obviously not fully baked here. This is why seemingly simple ideas run a hundred pages when the law is actually passed.
Haha, yes indeed. I think focusing on the comparison between workers leads to infighting. Most CEOs of small companies are on good salaries but they are not billionaires. Tax exeryine accordingly, including companies and CEOs and ensure wages offer a good standard of living. Raising minimum wage based on cost of living and improved living standards is easier to sell and achieve and has a knock on effect of raising everyone.
Less kids in poverty leads to more social mobility.
What about a max percentage of the valuation of the company? This would include other incentives such as stocks, vehicles, etc
Mandatory employee stakeholder status for every company, so that each company is 50% employee owned, it works in Europe.
Ask for the whole pie and you're guaranteed a slice.