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CEO works one day and makes $44 million

CEO Fat Cat

Bill Johnson, the CEO of Progress Energy ,was going to be the Co-CEO of the combined Duke-Progress Energy company, but things didn’t work out and poor Bill will have to pocket $44 million for being CEO for one day. That’s pretty good work if you can get it.  I put in a full month as a trauma surgeon and I don’t get $44 million. If I put in a full year, I’m still not getting $44 million for my troubles. As a matter of fact, I can get over 100 trauma surgeons to work for a year and still have money left over. I can get over 800 registered nurses to work for over a year with $44 million, but then again, who is counting?

By |2012-07-10T00:03:10-04:00July 9th, 2012|Business|Comments Off on CEO works one day and makes $44 million

The Five Fastest Growing Occupations Leave Me Nauseated

Median income according to latest statistics is approximately $50,000 per year. (This statistic can vary depending upon how the data is collected and analyzed.) No matter how you slice up the information, the five fastest growing occupations are barely enough to put food on the table, gas in your car and keep the lights on. Only one occupation, registered nurse, has an average starting salary that is anywhere near the median income (about $60,000 by my calculations). The rest of these are far below the median.

From EPI:

While a lack of jobs is arguably the biggest problem facing the labor market, another major concern is the quality of the jobs that are being created. The Figure presents the five fastest growing occupations between 2006 and 2009 and shows that all but one of them pays below the median wage in May 2009 of $15.95 an hour.  The two fastest-growing occupations, home health care and food preparation and serving, pay closer to the federal minimum wage of $7.25 per hour than the median wage. A food preparation worker’s typical wage of $8.28 an hour would earn an annual salary of $16,560, based on a typical 2,000-hour work year: That salary is just below the 2009 poverty threshold for a family of three. Warehouse stock clerks, another fast-growing occupation, would earn slightly more than $20,000 per year.

In addition, three of the five fastest growing occupations – home health aide, medical assistant and registered nurse — are in the health care industry. While registered nurses earn a median wage of more than $30 an hour, the disproportionate growth in health care jobs points to a lack of robust job growth across the labor market. The most recent jobs data show that every industry – with the exception of health care, education, and the government – has fewer jobs today than before the recession began, strong evidence that demand is weak across the entire economy.

By |2010-08-31T06:50:42-04:00August 31st, 2010|Business, Economy|Comments Off on The Five Fastest Growing Occupations Leave Me Nauseated

The Economy, Capitalism and the Candidates

There’s been a lot of speculation on who Senator John McCain then Senator Barack Obama would choose as their running mates. Almost everyone with a computer has speculated on who could be a possible running mate. Thomas Friedman, from the New York Times, has thrown his hat into the ring. Friedman presents some good evidence to show that our economy is in significant trouble. I think anyone with a couple brain cells that are firing should be able to see the decline of the American economy. We manufacture almost nothing in this country anymore. Our banking industry is in shambles. The auto industry is hanging on by a thread. Heck, a German company has offered to buy Anheuser-Busch.

Somehow over the last 20 years, money and not value has become the goal. For example, we see these nebulous corporations buy up nursing homes. At first, you scratch your head. Then you see them operate. Like a spider who wraps his victim in silk before sucking out all of the nutrients, these human vampires remove all the value out of the nursing home. They sell off CT scanners and x-ray machines. They outsource x-rays. Residents who used to be able to get an x-ray within minutes now have to wait hours or days. All experienced nurses are either fired or pushed out. They’re replaced by a new registered nurses or even nurses aides. Telephones which used to be answered by a real person are now answered by a machine. (Press one if you want resident directory.) I’m sure there are some that look at this is change. I would argue that this is not change for the better. With this type of change only the moneymakers are happy. Everyone else loses out. This is what has been happening in our country with almost every industry.

This gives me an opportunity to insert a clip from the Bill Moyers Journal. This clip is from about six or eight months ago. Bill Moyers chats with Benjamin Barber. He is the author of a new book called Consumed. They discussed the problems with capitalism.

Back to my original subject, vice presidential candidates. Thomas Friedman has been wrong more times on the Iraq war that I’m sure either he or I want to count. I think he is correct about the economy but incorrect about the choice of running mates. He suspects that each candidate will choose an economic guru as his running mate. Although, the economy will continue to be an important subject in the selection I do not believe that the candidates will choose someone because of their economic expertise. (If they were to choose someone with economic expertise, Barack Obama would likely choose someone like Senator Chris Dodd. John McCain would probably to someone like former Massachusetts Governor Mitt Romney.) I still think that John McCain will try to someone who will excite the Republican base and who will appear more youthful. I believe that Barack Obama will choose someone who has foreign-policy and military expertise.

By |2008-06-29T23:33:39-04:00June 29th, 2008|Economy, Election 2008|Comments Off on The Economy, Capitalism and the Candidates
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