Why Are Wall Street CEOs Getting Richer and Richer?
At the expense of grossly underpaid, overworked employees
Americans used to boast about the tagline of being “the most overworked country in the developed world,” and that pridefulness also shamed competitors for putting so much emphasis on “work balance,” and the relevancy of afternoon siestas with the month-long vacations that don’t have to be accrued.
But the growing sentiment in these present times of hostility from all sectors of structural dependency will undoubtedly succumb to the reality of how decades of corporate enslavement wasn’t at all worth the struggle and sacrifices to retain jobs that were poised to screw us over.
As summer winds down and the daily grind revs up for the remaining months of the year, the stress levels of most American househovollds in the dwindling category of “middle class,” will rise to new heights, thanks to the volatility of the markets that will lead to severe consequences for vulnerable employees.
Earlier this year, Jamie Dimon who is the over-paid CEO of JPMorgan Chase had the pleasure of a grueling session by the House Financial Services Committee, and the chilly temps were provided by Democratic Congresswoman Katie Porter, who became a viral sensation when clips depicting the righteous roasting of one of the devils of Wall Street elicited thunderous applause from gratified viewers.
Porter needed Dimon to astutely breakdown the notes he would give one of his lowly tellers at the bank that he bleeds dry with his inexplicably expensive bonus packages, when it comes to comfortably managing the requirements of a household that’s reliant on a monthly salary of $2,425.
The clip showcasing Dimon grasping at straws while trying to maintain a cool and calm demeanor during a tension-filled Q&A, basically exposes the tone-deaf approach that the powerful and mighty blissfully adopt as the copout for why there has been no attempt to fix the widening gap in pay between the ultra-wealthy and very poor employees, who have to settle for the worst case scenario.
The months after the big banks were rescued from the fate of flatlining in reaction to the economic disaster of 2008, essentially set in motion the events that have led to the never-ending catastrophic frequency.
While I was one of the lucky ones who stayed employed when most were abruptly displaced from the security of their lives, there wasn’t much to be grateful for when the repercussions of the government’s bail out of targeted financial institutions from the brink of potential demise, began to quickly reveal the stench of inequality.
It was suddenly not customary for the lower tiers to receive bonuses and salary increases because of the strain on departmental budgets, and yet those of us who were affected couldn’t help but notice the cheeriness of higher ranked executives, who were interestingly not being punished for the vital role they played in the mortgage fraud that incited the crisis heard around the world.
There was also the uneven distribution of job duties that got steadily worse, and set the tone for what was to come in the years ahead, as companies cruelly over-burden their best workers in an effort to cut down on costs, by accumulating funds to complete the millions of dollars in rewards to the big dogs, who are paid to stay on top.
The once bearable full-time gig with robust benefits became the torturous event of my work days, as the heavy load consistently demanded the ability to perform miracles without the compensation that would at least even the score.
And just when I was about to seriously begin the search for a new job, the news of my impending departure was delivered by my manager, who blamed my layoff on “budgetary challenges.”
But days later, one of the team’s assistants accepted a position in another part of the bank, which meant that I was safe. But instead of relief at my stroke of good luck, there was only anger and frustration at the pathetic desperation of not being able to defiantly walk out, with my middle finger at attention.
It took another year for me to escape the abusiveness of corporate empires, that entrap helpless workers into signing away their sanity with the promise of lackluster compensation that won’t resemble the standard default that kept most households intact.
But the worst aspect of this assault on the American worker, who is now forced to save up enough energy for the additional outlet of extra income is the blasphemous acts of greed by filthy rich CEOs, who never intended to be woefully impacted by the economic upheaval that destroyed the solid foundations of American families.
The Obama administration did what it had to do when it came to stabilizing the erratic pendulum of America’s prized possession, but the giant bandaid wasn’t going to heal the deadly infection that’s presently depopulating households across the nation, as the weariness overwhelms without hopefulness as the crutch.
We do know that the inequality in pay distribution was absolutely a factor before the historic events of 2008, but the aftermath essentially deepened the divide as systemic gluttony overtook a fragile landscape, that was primed to redirect the institutional chaos to the victims of implemented dysfunction, who have to be deprived of access to basic items that comprise of the American Dream.
To cut a long story short, we are embodying an era that’s hosting the ravenous appetite of the rich and richer, who can’t relate to the burning symptoms of the incoming recession that illustrates the dire status of job seekers like me, and those who are discontentedly employed.
Here are some sobering facts:
According to MarketWatch, while over-worked employees are adjusting to purposed stagnancy, their self-serving CEOs are enjoying the privileges of yearly increases in bonuses and salaries, that hit a new high in 2016, with a 10% and 20% spike, respectively.
“The CEO-to-worker compensation ratio in 2017 was 312-to-1, a huge jump from just 20-to-1 in 1965.”
If you think that’s bad, consider that in 2016, which evidently was an epic year for multi-millionaires, who run multi-million dollar corporations, at least eight CEOs were awarded compensatory packages that inexplicably exceeded $30 million.
And while this percentage of Americans who are robbing their employees of the opportunity of a respectful existence, continue to devour symbols of uninterrupted pomp and circumstance, the middle class are resorting to the avenue of payday lenders, since banks have traitorously exacerbated these hard times with the actionable clause that aims to degrade the poor.
The loss of wealth within the class of Americans who have been fantasized as the ideal population that keeps the factions of the economy stimulated has reached up to 30% over the last few years.
So why are Wall Street CEO’s permitted to get richer at the expense of less fortunate employees, who can’t ever compete with the “312–1 ratio” that validates dipshit bosses as “lord and master,” over victimized laborers, who know better than to ask for the increase in pay that’s never coming.
One has to wonder how those reviews are civilly carried out when you consider the grim outcome that guarantees the rise in blood pressure over nagging responsibilities of keeping up with stacks of bills when a raise in pay is no longer mandatory.
The Trump administration under the cheerleading skills of favored first daughter and “senior adviser,” Ivanka Trump, have spent every week of 2019, touting the phenomenal “economic victory” that can’t remotely be equated to the modest accomplishments of past presidents.
The truth is that the average American worker has never been granted the equal playing field that’s flexible enough to withstand the bumps along the way.
American presidents are typically wealthy enough to be safely removed from the challenges that face those who can’t afford to be jobless because of the real and present danger that begins with the fruitless search for what you assumed would always be there.
Former President Obama can empathize with the fractured middle class, but he’s in great financial shape for the rest of his life, and so while he wishes us the very best, there’s really not much he can do, outside of that time when he saved the asses of those who deserved to drown in the flood of stolen loot.
As we brace for another urgent blow to the economy, jobseekers can plan on the strong likelihood of closing out yet another year without a job offer.
This is due to the clogged job market, and the miserly potential employers, who aren’t in the business of committing to full time contracts. There’s also the pompousness of companies, and the maximizing of this money-saving season, that stems from measly salaries that are reluctantly accepted by famished new hires.
And those who are stationed at jobs that treat you like shit, can either take the floggings or risk being out of work indefinitely, which means you’re better off enduring the pain of toiling for peanuts without the possibility of parole.
As the presidential elections shape up, it’s important that candidates focus on the crippling disease of income inequality, that’s killing off the population, that has loyally taken the punches that were supposed to be levied on the criminals, who should be charged for fraudulent activities that make them immune to the sinking hole that’s attacking our survivability.
A revolution has to occur, and maybe we can’t wait for the next elected official, who will choose their tribe over the Americans who’ve more than earned their own lifetime bailout.
When it comes to closing that criminally-wide gap between the oppressed and their oppressors — the time to act is now!