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Am I alone in this? I wonder how many people look at the Star Tribune’s annual list of CEO pay (July 13) and get sick to their stomachs. It makes me heartsick for American society and the majority of our people. Making over $1 million, $2 million, $3 million, even over $9 million a year in salary and bonuses seems obscene and immoral to me. In a country with thousands and thousands of homeless people and millions living in poverty, it is a travesty and a condemnation of our social and economic order. These CEOs and corporations should be ashamed of themselves. And now we’re giving the uberwealthy and corporations new tax breaks.
Our postwar economy and the growth of the middle class from the 1950s to the 1970s was remarkable and the envy of the world. In the 1950s, under President Dwight Eisenhower, a Republican, the tax rate on top earners was over 90%. Now that tax rate is at 40.8% (this is according to the Bradford Tax Institute). And during the ’50s and ’60s, CEO income was commonly an average of 10 times that of the average employee. As you can see from last Sunday’s article, many Minnesota CEOs’ incomes now are hundreds of times more than the median pay of their employees.
There is something completely out of whack going on here, and it is very wrong.
According to Hedrick Smith in “Who Stole the American Dream,” in the postwar period, good corporate leaders “saw a competitive advantage in caring for their workforce.” They held to the mantra of “stakeholder capitalism,” balancing the needs and claims of stockholders, employees, customers and the public at large. Casual observers of the exorbitant pay of uberwealthy CEOs, while many Americans live in poverty and college grads struggle to pay rent, might say we have our priorities all mixed up. No wonder many people are worried by the wealthy and corporations gaining more and more power in our politics and elections, and there is so much discussion about our country being run by wealthy oligarchs. Let’s get back to a society of the people, by the people and for the people, not a free-for-all for corporate leaders and the rich.
Mark Schneider, St. Paul
UNITEDHEALTH
Maybe buck up and defend yourself
I would like to thank the Star Tribune for reprinting the New York Times article on UnitedHealth and its recent legal threats and actions against media companies, filmmakers and social media creators over articles, videos and other content it views as false and defamatory (“UNH to its critics: Stop or we’ll sue,” July 13).