We all know that the economy is bad, losing almost 3.5 million jobs in the past year and many of those coming from the last quarter. We hear about the companies in trouble and how they are going to slash jobs for the sake of keeping the doors open.
What about those people that are let go for the sake of keeping the doors open? What do they do? For many the collect their unemployment as they search in vain for another job only to find that there is little to nothing they can do in finding more employment. So, they have to sit and wait and hope for something to come along or that their former employer will call them back with some miracle of economics.
People are doing what they can when they can. The disabled are looking for part time work to aid with the bills that continue to grow, knowing that they put themselves in jeopardy for attempting to try. Even then it is strange that they cannot find an employer willing to take them on for such a reduced rate of pay. Others leave for greener pastures wanting to support their families and themselves with going to places that just may have another job for them.
While the little people are doing this, bank CEO’s have to be capped to a half million dollars salary if their company received a bailout and they scream like they will live like paupers with the cut.
“That is pretty draconian — $500,000 is not a lot of money, particularly if there is no bonus,” said James F. Reda, founder and managing director of James F. Reda & Associates, a compensation consulting firm. “And you know these companies that are in trouble are not going to pay much of an annual dividend.” (http://www.nytimes.com/2009/02/04/business/04pay.html?_r=1&hp)
It is not a matter of living like a pauper on a mere half million dollar salary that bothers the companies the most it is the matter of recruiting other executives that are looking for the golden parachute should they fail in making more of a farce the companies have already done. We have spent $700 billion, with a B, dollars in bailing out financial institutions only to see the credit market stagnant and the over compensation of executives that feel entitled by their title to extravagance.
Yet, the little man has no choice but to sing for his supper.
Tags: rant, sabradell by Sabradell
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