The New York Times' Daniel Costello reports on how CEO pay at 200 major companies now stands at a median $9.6 million, a 12 percent increase over 2009. As Costello writes:
The disparity is especially stark as companies are swimming in cash. In the fourth quarter, profits at American businesses were up an astounding 29.2 percent, the fastest growth in more than 60 years. Collectively, American corporations logged profits at an annual rate of $1.678 trillion.
So far, this recovery has not trickled down. After two relatively lean years, C.E.O.’s in finance, technology, energy and beyond are pulling down multimillion-dollar paychecks. What many of these executives aren’t doing, however, is hiring. Unemployment, although down from its peak, stood at 8.8 percent in March. And few economists predict the jobless rate will drop substantially anytime soon.
Anyone else see this as a problem with this unwelcome return of failed trickle-down ideas and actions?