04-17-2015, 05:38 AM
quote:
Originally posted by OnoOno
People need to pay their own way. When I was a kid, I worked at the Holiday Inn washing dishes. I was paid $1.35 an hour and paid more taxes then than 40% of Americans do today.
Not disputing your comment, the following is just putting it in another perspective.
The minimum wage was $1.35 in the mid to late 1960's.
According to the inflation calculator online I used, $1.35 equates to $9.44 in 2014 dollars. (1967 - 2014). Hawaii Minimum wage has not kept up with inflation at the current $7.75. And of course Hawaii COL is above national average as we all know.
Additionally back in the day, CEO's made 20 x what the lower paid employees made (not a bad deal then!!), today it is estimated at 300 to one.
Matson CEO - 2012 $2.1M
HEI CEO - 2012 $5.8M
Hawaiian Airlines CEO - 2012 $2.7M
For welfare burden to ease, besides education, and building experience with a skill, the disparity between upper and lower wages needs to decrease by a decent percentage. I am not saying CEO's shouldn't be paid well, they got a big job.
Also by decreasing CEO's salaries and increasing the bottom wages, profits wouldnt take a hit and shareholders would still be happy.
But since companies compete for talented CEO's this probably wont happen but with a handful of companies although Cost Co has managed it! When did CEO's become rock stars? Based on the corporate drama the last 10 years they certainly do not rate it.
From:
http://www.hawaiinewsnow.com/story/22084...cutive-pay
Read the article - HEI's ceo wasn't getting glowing reviews for his $5.8M