Robert ReichWhat I always hear: “We can’t afford to pay our workers $15 an hour.”
What I never hear: “We can’t afford to pay our CEO millions of dollars a year.”
Funny how that works.
effyouck
Steve's Place@rbreich Somebody check my math. If a multi-billionaire owns a corporation with, say, 30,000 employees, and that unnamed multi-billionaire is trimmed by $12B/year, assuming everyone works 40 hours/week, 50 weeks a year, everyone gets a $200/hour raise.
People don't understand the scale of the transfer of wealth going on here. Every newly-minted billionaire is a blow to democracy. They have the wealth of nations in their petty cash drawers.
Andrew Macpherson@stevesplace @rbreich
The OP talked about CEOs getting millions, not billions. Billionaire bosses are far less common.
Here's my maths, different angle. Never mind raises; who gets to have a job at all?
$15/hour * 40 hour/week * 52 week/year = $31,200/year
$1million bonus / 31.2K/employee = 32.05 employees.
So, for every $1M a CEO gets in bonus, 32 employees could be retained for a year instead!
N.B. I ignored costs like pension/training/healthcare, so maybe 20 employees.