We hear over and over again about welfare reform. We all agree that welfare reform is important. What we do not hear a whole lot is corporate welfare, the well over $100 billion in Federal subsidies that are going to large corporations and wealthy people. We hear about street crime, which is a very serious problem, but we do not hear a whole lot about corporate crime, about price-fixing, about monopoly power in this country. Right now, at a time when the wages, the real wages of American workers are in decline, interestingly enough, what is happening to the income of the CEO's? The reality is, of course, that the CEO's are earning significant increases in their income, at the same time as they are cutting back on jobs in America's major corporations. One of the interesting facts, to my mind, that we do not talk about enough is the fact that CEO's in America today, the heads of the largest corporations, are earning 149 times more than the average worker in their company. What about justice? What about family values? What about morality? In fact, there was an interesting study done recently which showed that some of the highest paid CEO's who received the most significant increases in their incomes were precisely those CEO's who laid off the most workers.
Editor's note · Context
Discussing corporate welfare and income inequality during a speech on welfare reform.
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