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Friday, October 21, 2016

Sometimes it pays just to go away. You could ask Jim Skinner about that.

He was CEO of the hamburger behemoth McDonald’s, pulling down a hefty $8.8 million in pay. Last year, though, Skinner retired, and rather than getting a gold watch, he was given a load of gold — so large that even a Brink’s armored truck would have been too small to haul it all away. His salary of $753,000 was the least of it. The Big Mac chain also served up $1.7 million to the chief in stock and $3 million in option awards. Then it slathered on another $10.2 million in retirement pay. All that was topped by a super-rich dessert: $11.6 million in “incentive pay.”

What? Why does a guy with millions already on his food tray need any incentive to do his job? Maybe because Skinner found it hard to stomach the biggest part of his job, which was to pay poverty wages to McDonald’s workers, shove thousands of them onto food stamps and other programs paid for by taxpayers, and lobby aggressively to prevent any increases in the minimum wage or any tax hikes on uber-rich elites like him.

It’s dirty work, but Skinner did it, finally skipping away with a 2012 pay package totaling $27.7 million. Yet, in the phantasmagoric plutocracy of CorporateLand, too much is not enough. Last year, for the first time ever, the 10 highest-paid CEOs in America hauled in at least $100 million each, even as the great majority of workaday families have lost income.

This gaping (and ever-widening) inequality is the greatest threat to our society’s cohesion. Too few people now control an unconscionable and untenable share of America’s money and power, using it to grab more of both for themselves. They can build a $100 million wall, but it won’t be high enough to hide their greed from the rest of us.

But there’s an added dimension to this inequality that you might find especially interesting: Not only are low-wage corporations overly generous to their top dogs, but so are you and me. For example, I’m sure you’ll be as delighted as I am to know that we — all of us taxpayers together — contribute day in  and day out to the very big global cause of Supersizing McDonald’s.

  • idamag

    Stiff the people that make them rich. We wouldn’t need as much medicaid if workers were paid what they were worth. The worker has been so devalued that even the worker thinks he is worth less and it is a privilege to get screwed over by his employer.

  • midway54

    Nothing new here: It’s the reality and consequences of our Gilded Age II Plutocracy.

  • Jim Hartley

    Several good points for discussion but any kind of reform to more fairly place the burden of paying workers fairly and requiring Mcdonald’s to provide a bare minimum of benefits would quickly die in today’s political climate.
    There was a bit of silliness in the article. Some basic math would show that an executive being paid $27.7 million per year is making almost $7600 an hour if he works 10 hours a day, every day of the year. The corporate jet sounds extravagnt until you calculate the hourly cost of top executives standing around an airport and then arriving miles away from where they need to be. As a stockholder I want those highly paid guys to work all the damn time, not sit around in some airport bar.

  • Defend The Constitution

    Even if liberty leads to more overall prosperity, technological advance, and individual opportunities than are otherwise possible, liberty cannot guarantee happiness, success, or satisfaction for any of us.

  • Montesquieu

    Over time, democratic processes help useful ideas percolate from the minority’s opinion, through the populace, and into the majority’s view.