a zaslavs

anonymous asked:

As much as I love what you're supporting and are pressing for as far as a raise in the minimum wage, CEOs do NOT make 20160 an hour. I calculated that and it would be over 58 million dollars per year. Some CEOs may make that but the cast majority, even in big companies, make much less per year in a salary. Even with stock options it comes out to a much smaller number. I agree with you just get your facts clearer it'll help your argument be more credible

If you’d like to crunch these numbers and create for yourself the most accurate picture possible, be my guest. Here is a bit of fact checking though:

ORACLE CORP Lawrence J. Ellison 2012 $96,160,696

TESLA MOTORS INC Elon Musk 2012 $78,150,010

GAMCO INVESTORS INC Mario J. Gabelli 2012 $68,970,486 

ACTIVISION BLIZZARD INC Robert A. Kotick 2012 $64,942,306

CBS CORP Leslie Moonves 2012 $62,157,026 

CHENIERE ENERGY INC Charif Souki 2012 $57,518,332

CREDIT ACCEPTANCE CORP Brett A. Roberts 2012 $54,282,500

MCKESSON CORP John H. Hammergren 2013 $51,744,999

DISCOVERY COMMUNICATIONS INC David M. Zaslav 2012 $49,932,867

HCA HOLDINGS INC Richard M. Bracken 2012 $46,359,246

I, however, think that when you decide to parse the nuances of grossly overpaid CEOs as a measure of credibility, you are missing the point of the infographic entirely.

Desire for absolute accuracy is an utilitarian approach to a problem of societal values — which, obviously, are not defined by utilitarianism less we limit ourselves to a shallow understanding of numbers and the materialism reflected in gross pay as the only meaningful determiner of the social goods living wages represent (dignity, livelihood, economic freedom, social mobility).

The real issue is the disparity between manager and laborer. The pay, even relative, directly reflects a gaping hole in how we purport to value those social goods, but in reality have been fleeced by the capitalist class. Even the lowest of the top 100 paid CEOs, Alexander Smith of Pier 1 Imports, made 18.7 million — $9,016 an hour — , compared to the $8.42-$10.67 hourly paid sales associate. Quibbling about averaging that number in with the top paid CEO, Lawrence J. Ellison of the Oracle Corporation, who was paid $96,160,696 — $46,230 hourly — does less to damage my credibility than it does to damage your common sense. Not to be harsh, I just want people to understand the underlying issue. 

sunspira  asked:

You're making a lot of assumptions about how companies actually compensate when the minimum wage is raised. You assume he would have to raise prices (which yes would increase inflation) or cut hours or cut employees. When more realistically, they would cut on advertising, close stores and not have a Dunkin on every corner, cut down on the wages of the owners and heads of the company. Yes people would lose jobs when stores close, but that's ok if people earn a /living/ wage.

You don’t realize that you undermined your own argument.

First, even if executives did cut their pay, it would make a negligible difference. For example, the highest paid CEO,  David M. Zaslav,
gets $156,077,912 in compensation. Sounds like a lot right? $3 Million is direct salary but the rest is mostly stock, that means most of his pay is controlled by the companies performance, therefore he has a direct incentive to improve the company and earn higher wages for himself but also the employees of the company.
So even if he gave his entire $3 million salary away to all 5,486 of the employees of Discovery communications, they would only get $547 dollars extra per year. This is the highest paid executive in the world and it’s still negligible.

Second, you have no idea what you just said.

“Yes people would lose jobs when stores close, but that’s ok if people earn a /living/ wage.“

If they don’t have a job, they don’t get paid.

While it might not necessarily be a net gain or loss to a given companies labor costs, to the individual workers, the lowest skilled workers will be hurt the most.

I’ll give an example from my personal life that explains how this works. I work a minimum wage position a a sandwich shop. If the minimum wage is raised, the company has two options, cut me who can run the cash register, make sandwiches and drinks, and serve guests OR keep me and cut my managers pay (which might force him to leave) but my manager can do all the things I can do AND balance the schedule, track invoices and run the entire business. They’re going to let me go because I’m not worth the price they would have to pay and they’ll keep my manager.

This is where you have to understand microeconomics. When faced with mandatory pricing on labor, firms will purchase labor that is at least that value. It would be a loss for them to hire anyone worth less.

There’s no way around economics.