Trump to Working Class: 'Adios, Chumps'

Jim Hightower

Jim Hightower Author, Commentator, America’s Number One Populist

Congratulations on that nice pay raise you got last year, a 7% hike—wow!

Seven percent might not sound all that big, but after 40 years of stagnant wages, even a small uptick can help cover some of your old credit card bills or get an upgrade on your 10-year-old pickup.

Oh, wait ... You say you didn't get 7%? Oops, my mistake. It was the CEOs of corporate giants who reported to the Associated Press that they enjoyed a median jump of 7% last year. And as their paychecks were already king-size, that uptick amounted to an extra $800,000 in their take-home, for a median yearly income of $12 million each. Bear in mind that "median" means half of the corporate bosses grabbed more than 7%. For example, David Zaslav, honcho of the Discovery television network, had a 207% boost in pay, raising his total take in 2018 to $130 million.

These lavish payouts to top-floor bosses—combined with a miserliness toward rank-and-file employees who actually produce the corporate wealth—is creating an untenable income disparity in corporate America, stretching inequality in our Land of Egalitarianism to the snapping point. The pay gap between aloof CEOs and typical employees nearly doubled last year at a range of corporate giants, from PayPal to CVS Pharmacy, and it tripled at Discovery. AP's recent survey of 340 major corporations found that compensation inequality is now so extreme that a middle-wage employee would have to work 158 years to make as much as his or her chief executive was given last year alone. This separation is widening at warp speed, propelled by the boundless greed and narcissism of so-called leaders like Zaslav. To amass as much pay as he pocketed in 2018, a typical Discovery employee would have to work 989 years.

When you hear corporate chieftains and such corporate cheerleaders as Donald Trump gloat that our economy is "booming," ask yourself: A boom for whom?

We have a president who mistakes price for value. Thus, to measure America's economic health is simple for him: Just check the price of corporate stocks and any fool can see that he's the best president ever at running the economy. After all, since he's been in office, Wall Street has been whizzing! Unfortunately, though, it's whizzing on you and me.

Wall Street is an inequality machine. It encourages top executives to jack up their own wealth by artificially inflating their corporation's stock prices. Then it rewards executives who offshore jobs, cut wages, monopolize markets, bust unions, gouge consumers and dodge taxes. Far from reining in Wall Street's destructive plutocratic power, Trump has juiced it up with new tax advantages for big investors and the removal of rules to restrain banker scams.

Meanwhile, the guy who pretended in his campaign to be a champion for America's workers has been a one-man working-class wrecking crew, systematically destroying employee rights and protections against the abuses of corporate bosses. On everything from overtime pay and minimum wage to workplace safety and the right to form a union, Trump & Company has sided with corporate interests over working stiffs, essentially saying to workers: "You're on your own. Adios, chumps."

So, the economic "boom" that he so vaingloriously talks about is actually the sound of the middle class crashing. That thunderous boom-boom-boom represents millions of Americans who're living paycheck to paycheck, who have little to no savings and inadequate health coverage, who can't afford the rip-off drug prices Big Pharma is being allowed to charge, who're sinking in debt. And all they're getting from Trump are his vapid political rallies, shouting "MAGA"—"Make America Great Again."

Inequality doesn't just happen; it's caused by the deliberate actions of power elites. Far from reducing inequality, Trump has intentionally escalated the corporate war on working-class Americans. Under his regime, nearly half of all new income today is going to the wealthiest 1%.

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Reposted from Common Dreams

National radio commentator, writer, public speaker, and author of the book, Swim Against The Current: Even A Dead Fish Can Go With The Flow, Jim Hightower has spent three decades battling the Powers That Be on behalf of the Powers That Ought To Be – consumers, working families, environmentalists, small businesses, and just-plain-folks. Twice elected Texas Agriculture Commissioner, Hightower believes that the true political spectrum is not right to left but top to bottom, and he has become a leading national voice for the 80 percent of the public who no longer find themselves within shouting distance of the Washington and Wall Street powers at the top. He publishes a populist political newsletter, “The Hightower Lowdown.” He is a New York Times best-selling author, and has written seven books including, Thieves In High Places: They’ve Stolen Our Country And It’s Time To Take It Back; If the Gods Had Meant Us To Vote They Would Have Given Us Candidates; and There’s Nothing In the Middle Of the Road But Yellow Stripes and Dead Armadillos. His newspaper column is distributed nationally by Creators Syndicate.

Posted In: Allied Approaches

Union Matters

An Invitation to Sunny Miami. What Could Be Bad?

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

If a billionaire “invites” you somewhere, you’d better go. Or be prepared to suffer the consequences. This past May, hedge fund kingpin Carl Icahn announced in a letter to his New York-based staff of about 50 that he would be moving his business operations to Florida. But the 83-year-old Icahn assured his staffers they had no reason to worry: “My employees have always been very important to the company, so I’d like to invite you all to join me in Miami.” Those who go south, his letter added, would get a $50,000 relocation benefit “once you have established your permanent residence in Florida.” Those who stay put, the letter continued, can file for state unemployment benefits, a $450 weekly maximum that “you can receive for a total of 26 weeks.” What about severance from Icahn Enterprises? The New York Post reported last week that the two dozen employees who have chosen not to uproot their families and follow Icahn to Florida “will be let go without any severance” when the billionaire shutters his New York offices this coming March. Bloomberg currently puts Carl Icahn’s net worth at $20.5 billion.

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