At Work

Bernie Sanders made over $1 million last year and has joined the 1% while he criticizes CEOs

Source: Bernie Sanders made over $1 million last year and has joined the 1%

While Bernie makes a million for his efforts, the average senate legislative assistant earns about $35,000 which ain’t much if you work in DC. [by the way I have no problem with what Sanders earns, he worked for it, mostly from books]

Old naive Bernie is still at it. This time hammering at CEO pay and misleading and or misunderstanding the issue as usual.

When most people hear the words “he made” they think of salary, cash pay that people receive in a year regardless of performance or results. But that’s not what CEO pay is. (🤑)

Most CEOs receive a minority of their compensation in cash. The balance is at risk and varies based on personal and corporate performance and the value ultimately is determined by the price of the company’s stock.

For example:

While Sanders and others point to CEO pay as a cause of inequality, nary a word is spoken about the outrageous pay of celebrities and sports stars who create very little in the way of jobs or contributions to a better society, but instead draw their incomes directly from purchases made by average Americans. In addition, unlike most CEO compensation, their pay is often guaranteed regardless of their performance or the success of their projects.

The term sheet calls for Mr. John­son to be paid $22 mil­lion and 30% of the movie’s prof­its or box-of­fice bonuses at key bench­marks—which­ever num­ber is higher. If the film is a block­buster like “Ju­manji,” which has grossed $922 mil­lion world-wide, that could add tens of mil­lions to his pay­check. The Rock, Red Notice, WSJ 3-9-18

Make no mistake; some CEOs are overpaid and they are not adequately held accountable for performance, but that’s a problem for the Board of Directors and the company’s shareholders, not politicians or government. And hey Bernie, cut CEO pay and you lower federal revenues 🤑

(🤑) The very use of “CEO” is misleading because what is really being referred to are CEOs of the few largest corporations in America that employ a small percentage of (156,000,000) US workers. Average total CEO pay is quite modest.

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2 replies »

  1. Unfortunately Bernie Sanders has it right. It’s not the truthfulness of his communication, but with the way it’s presented. Most Americans get their information through their preferred way which is sound bites on social media or from their favorite news echo chamber that tells them what they want to hear.
    Until this changes and people go back to critically thinking for themselves, the populists on both the left and right will be around for a long time.

    Like

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