'Even mediocre CEOs can get paychecks in the tens of millions of dollars annually... This is all inflationary.'
of manufacturing workers being unionized, compared to 6.1 percent for the private sector as a whole.
This means that winning back manufacturing jobs from China or other countries is not likely to produce any substantial gains for ordinary workers. The jobs that we gain back are not likely to pay any substantial wage premium over other jobs in the economy, nor are they any more likely to be union jobs. This is the reason Stryker’s agenda offers little real hope for the working class, regardless of how it polls.
Similarly, the fact that our doctors earn more than twice as much as their counterparts in other wealthy countries, because we protect them from the sort of competition to which we subject our manufacturing workers, means that we have almost 1 million doctors with the equivalent of $150,000 checks from the government each year.The same is true of dentists, lawyers, and other high-end professionals who our politicians look to protect from competition rather than seek economic efficiency.
In this context, it is not surprising that even mediocre CEOs can get paychecks in the tens of millions of dollars annually. And, it is not just the CEO. If the CEO gets $20 million, the chief financial officer might get $10 to $12 million, and even third-tier executives may get $2 to $3 million. This is all inflationary. Again, it has the same impact on the economy as if the government were sending checks of this size to top executives.
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