He was CEO of the hamburger behemoth, McDonald's, pulling down a hefty $8.8 million in pay. Last year, though, Skinner retired, and, rather than getting a gold watch, he was given a load of gold — so large that even a Brink's armored truck would have been too small to haul it all away. His salary of $753,000 was the least of it.
The Big Mac chain also served up $1.7 million to the chief in stock and $3 million in option awards. Then it slathered on another $10.2 million in retirement pay. All that was topped by a super-rich dessert: $11.6 million in "incentive pay."
What? Why does a guy with millions already on his food tray need any incentive to do his job? Maybe because Skinner found it hard to stomach the biggest part of his job, which was to pay poverty wages to McDonald's workers, shove thousands of them onto food stamps and other programs paid for by taxpayers, and lobby aggressively to prevent any increases in the minimum wage or any tax hikes on uber-rich elites like him.
It's dirty work, but Skinner did it, finally skipping away with a 2012 pay package totaling $27.7 million. Yet, in the phantasmagoric plutocracy of CorporateLand, too much is not enough. Last year, for the first time ever, the 10 highest-paid CEOs in America hauled in at least $100 million each, even as the great majority of workaday families have lost income.
This gaping (and ever-widening) inequality is the greatest threat to our society's cohesion. Too few people now control an unconscionable and untenable share of America's money and power, using it to grab more of both for themselves. They can build a $100-million wall, but it won't be high enough to hide their greed from the rest of us.
But there's an added dimension to this inequality that you might find especially interesting: Not only are low-wage corporations overly generous to their top dogs, but so are you and I.
For example, I'm sure you'll be as delighted as I am to know that we — all of us taxpayers together — contribute day-in and day-out to the very big global cause of Supersizing McDonald's.
The world's largest hamburger chain is a particularly needy charity case, because without your and my generous tax support, the Big Mac bosses in charge would have to pay a living wage to their 860,000-plus American workers. But, thanks to us, the $27 billion-a-year hamburger-flipping flim flammers can get away with paying poverty wages — and then send their workforce to get food stamps, Medicaid, child welfare payments, public housing and other tax-funded poverty benefits. This public subsidy of the Golden Arches adds up to a very golden $1.2 billion a year. What a creative business plan! Who says giant corporations aren't enterprising?
Well, sniff the chain's top executives; we operate on razor-thin profit margins, so we can't afford to throw money at workers. Really? Last year's $5.6 billion in profits doesn't sound thin to me. Also, note that McDonald's more than tripled the pay of its new CEO last year, elevating him from $4.1 million to $13.8 million.
But what really galls its workers (whose low wages and forced part-time schedules mean they average less than $12,000 a year) is that the taxpayer-subsidized profiteer laid out a fat $35 million in October to add a brand new executive jet to its corporate fleet. This one is a "Bombardier 605" with the full package of luxurious amenities, and it cost $2,500 an hour to fly it.
Just flying one hour on the Bombardier cost more than the combined hourly wages of more than 300 McDonald's workers. Remember, you're subsidizing this. Aren't you just "Lovin' it," as the chain's ad slogan puts it? To tell McDonald's CEO that this is immoral, go to OurFuture.org.
Link to original article from Creators.com
Let’s say that at the end of the day, liberals face a choice: Which is worse, extended sequestration or a Grand Bargain that cuts Social Security and Medicare in exchange for new revenues, as Obama’s forthcoming budget seems designed to secure?
The massive federal budget cuts that will start Friday as part of the "sequester" will damage our economic recovery and mean fewer services here in Southern Arizona. Strip away the conservative economic theories and party-line rhetoric and that's the reality we're facing.
Comprehensive immigration reform could go down as one of the most overlooked, overdue priorities Washington has ever let slide.
Washington, D.C. – This morning 107 House Democrats – a majority of the House Democratic Caucus – wrote President Obama urging him to reject any proposals to cut the Social Security, Medicare or Medicaid benefits millions of American families depend upon.
Washington, D.C. – Rep. Raúl M. Grijalva today highlighted the introduction by Rep. Gwen Moore (D-Wisc.) of the Violence Against Women Reauthorization Act, a bill to reinstate the law that protected women from domestic violence until the House Republican majority allowed it to lapse in 2011.
A coalition of more than 200 environmental and progressive groups is urging President Obama to nominate Rep. Raul Grijalva, an outspoken liberal, to be the next Interior Secretary.
Liberal House Democrats on Thursday warned Republicans and President Barack Obama that including a change to how the government calculates cost-of-living adjustments could serve as a poison pill for any fiscal deal.
Washington, D.C. – Rep. Raúl M. Grijalva today released the following statement on the potential inclusion of a so-called chained Consumer Price Index feature in the latest floated version of a financial agreement: “Federal law has always prohibited Social Security from contributing to the deficit. Any talk of shrinking the program to ‘save money’ is flawed from the start because Social Security is not part of the national budget...."
Washington, D.C. – Rep. Raúl M. Grijalva today released the following statement on the recent school shooting in Newtown, Conn.
“When a man kills twenty children and seven others for no reason other than his own demons, the immediate human response is the same anywhere: deep pain, grief, anger and frustration. In the United States, unfortunately, such a tragedy carries an added weight because it is not unique.
Washington, D.C. – A report released this morning by the Government Accountability Office (GAO), originally requested by Rep. Raúl M. Grijalva (D-Ariz.) and Sen. Tom Udall (D-N.M.), highlights billions of dollars in lost public royalty revenue from oil and gas extraction on federal lands and describes glaring shortfalls in the data publicly available on hardrock mineral extraction on those lands.
Washington, D.C. – Congressional Progressive Caucus (CPC) Co-Chairs Reps. Raúl M. Grijalva (D-AZ) and Keith Ellison (D-MN) today led 39 CPC members in introducing the Deal for All. The Deal for All presents the Caucus’ basic principles for resolving tax and budget issues Congress will need to address after the November election, and will serve as a framework for progressives during the negotiations.
Washington, D.C. – Rep. Raúl M. Grijalva today released the following statement on the Supreme Court’s ruling upholding the Affordable Care Act:
Raul Grijalva, co-chair of the seventy-six-member Congressional Progressive Caucus and one of the most powerful liberals in America, is no poster boy for Washington protocol. When he and his wife, Mona, arrived for his swearing-in ceremony in 2003, a man in military uniform met them at the airport and addressed him as “Congressman.” Grijalva, elected to represent Arizona’s Seventh District, promptly got the giggles.
Washington, D.C. – Rep. Raúl M. Grijalva will host a press conference on Tuesday, March 27, to unveil a “friend of the court” brief in the Supreme Court’s Arizona v. United States case, which will decide the constitutionality of Arizona’s infamous SB 1070 law. The amicus curiae brief, co-signed by 67 of Rep. Grijalva’s House colleagues, argues that the law is unconstitutional because, as courts have held consistently, federal immigration law pre-empts any state-level standards.
The 2012 elections are an opportunity to turn things around here in Arizona.
The state's working people are sick and tired of the right-wing extremists who misgovern Arizona. Gov. Jan Brewer and the overwhelmingly Republican Legislature are at war against the people of Arizona.
When the president addresses the economy in the State of the Union, he needs to offer more than optimism, and I think he will. The conservative House majority is going to reject anything he offers sight unseen – that’s no secret – but that’s no reason for the president not to make a strong case to the country that he understands the problem and has a solution mapped out.
Former Vermont Gov. Howard Dean (D) and Democracy for America, a progressive PAC, have endorsed Reps. Raul Grijalva (D-Ariz.) and Donna Edwards (D-Md.) in their 2012 reelection races.
Our guest on Newsmakers was Rep. Raul Grijalva (D-AZ), co-chair of the Congressional Progressive Caucus. He gives the House Progressives’ perspective on what’s next for deficit reduction, federal spending and legislative priorities overall, after the deficit "Super Committee" failed to come to an agreement. The Progressive Caucus said this week it will present its own plan for deficit reduction and jobs.
The Native American community has a long, troubled history with mining interests, and today that history is catching up with us in Arizona. From a new push for uranium mining at the Grand Canyon to the ongoing battle over Resolution Copper, it’s not too much to say my home state tribes are under siege.
Washington, D.C. – Congressional Progressive Caucus co-chairs Reps. Raúl M. Grijalva and Keith Ellison today released the following statement on President Obama’s job creation and deficit reduction plan: