Monday, February 8, 2016

Pay raise

A couple things from Washington Spectator:

D.R. Tucker, in a Speaker's Corner article, writes about race. His last sentence sums it up well:
It’s simply not enough to declare that black lives matter; black votes must matter, too.

Sarah Anderson of the Global Economy Project at the Institute for Policy Studies has an editorial about who needs a raise. The rich like to say increasing inequality just happens. This is one way it "just happens."
At General Electric, CEO Jeff Immelt closed his company’s worker pension plan in 2011, substituting it with a riskier 401(k) plan. Immelt’s company-sponsored retirement assets have ballooned to more than $82 million.
Yeah, it is as simple as the CEO cutting the compensation of the workers and being rewarded with a big raise for doing so.

This discussion came up in WS because Social Security has said there will be no cost of living increase in 2016. Inflation on the economy as a whole may be close to zero, but seniors don't benefit from dropping gas prices and are hardest hit by increasing prices on medications.

Senator Elizabeth Warren has responded with a Seniors and Veterans Emergency Benefits Act (SAVE Benefits Act). It would give seniors a much needed boost. Retirees, not CEOs, need a raise. To pay for it the act would eliminate unlimited tax deductions for stock options and other "performance based" pay.

The chance of getting through Congress? Slim. Increased inequality "just happens"? No, there are specific policies that make it happen.

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