I don’t get upset too often. Usually, I’m pretty calm about things. But when I heard the news about CEO Elon Musk’s compensation package, I lost my cool—for multiple reasons.
First off, nobody needs $56 billion in compensation for one year, let alone a lifetime. It’s an obscene amount for anyone—especially at a time when so many around the world are struggling just to make ends meet.
What makes it even more obscene is that earlier this year, Tesla laid off 14,000 workers … to cut costs. These were the people who did much of the labor that led to the company’s success.
Suddenly, they were jobless, perhaps applying for government assistance, lacking health insurance and certainly concerned about supporting themselves and their family.
Here are some eye-opening statistics:
- Economic Policy Institute: In 1965, CEOs typically earned 21 times the base rate of their lowest paid employee. Today, they’re paid 344 times what the typical worker makes.
- Patriotic Millionaires: The median pay package for a CEO from the 500 largest companies increased by 12.6% to $16.3 million in 2023. Private sector workers saw their median pay increase by just 4.1%.
- Americans for Tax Fairness: 50 billionaire clans have already spent over $600 million on the 2024 elections, mostly to preserve their fortunes.
This does not bode well for democracy. Wealthy families can have undue influence on elections and the legislation that’s passed.
Plus, it’s downright greedy. Nobody needs that much money. And to think that the pursuit of even more is glorified.
Why don’t they just lower prices, increase their people’s salaries and pay more in taxes to support the greater good.
Generosity is the antidote to greed. We need more of that.
