I recently posted on the ever increasing inequity between CEO pay and the average worker’s compensation. This will certainly not be the last time I post about the wealth of benefits given to a select few. A question that came up as a result of this post and a question I have heard a number of times is why do I care about what a CEO makes. The answer to that question is that I don’t. My point was that the average American only spends 34% of their earnings on taxes which leaves 66% going to privately held companies for products and services.
If it is a waste of your money to create jobs by building a bridge to nowhere then it is also a waste of your money to create jobs by building a vacation house for a CEO that will be used 6 days a year. If it is waste of your money when the President flies to another country to negotiate a trade deal it is also a waste of money when an executive flies a private jet to negotiate a contract. If it is a waste of your money to spend $1,000 on a military toilet seat then it is also a waste to spend $1,000 on a CEO’s trash can.
Private companies waste money just as well as the public sector. Acting like one is justified and the other is unwarranted is as hypocritical as George Bullard claiming that the 2010 elections give Wisconsin legislators free reign to eliminate collective bargaining anymore than the 2008 elections gave Democrats free reign with health care reform.
The other statement that I hear a lot when I talk about wasteful spending in the private sector is that I’m jealous; as if these people know my financial standing. Maybe I own a second house maybe I don’t. Maybe I drive a fancy car, maybe I don’t. Maybe I own a suite at Ford Field, maybe I don’t. Maybe I have a huge stock portfolio, maybe I don’t. Maybe I own my own company, maybe I don’t. Maybe I receive government assistance, maybe I don’t. Either way money is wasted by both public and private sectors. So when I point out that the Defense budget should be cut, I do it because I would rather cut the bloat in the massive defense budget than take money out of feeding the hungry not because I think I’m taxed too much.
In the end I point out the waste in the private sector because there is no shortage of people pointing out the waste in the public sector so I don’t need to make that argument. I suppose the question I would have is why would you only be concerned about waste for 34% of your earnings?
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