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San Francisco Ballot Measure Gives Voters a Chance to Rein in Overpaid CEOs

Originally published at http://www.commondreams.org/views/2020/10/05/san-francisco-ballot-measure-gives-voters-chance-rein-overpaid-ceos

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The benefits of the ballot measure are twofold. It would encourage corporations to narrow their pay gaps while generating revenue for programs to reduce poverty and inequality. City officials estimate the tax would raise $140 million per year.

When will we learn?

CEO’s will not be paid less, just using fancy bookkeeping practices will scam the system properly.
Workers will only be paid more if the cost/benefit analysis favors it as the least expensive option to the company vs. paying the taxes or fees or fines outright.
Goods and services cost to consumers will go up to offset the changes.

More tax dollars in the city coffers will not go to support the citizens. What is left over after the red tape, a few new positions and the raises will end up in a fund to be looted at a future date.

The people are being fleeced from cradle to grave.
Thank you, come again.

From the article:
"Republican Richie Greenberg, who ran an unsuccessful race for San Francisco mayor in 2018, issued a statement claiming the tax would serve no purpose because “Employees’ salaries are based on experience and value to a company.” "


This is transparently, obviously, bullshit. Executive employees often receive (not “earn”) millions upon millions of dollars after overseeing massive losses.

Also, executive pay has gone up by a factor of over ten in my lifetime. Their “value to a company” has certainly not gone up by a factor of over ten.

THIS IS LOOTING. The looting needs to be stopped. The looting class needs to be put out of business.

i appreciate tiny efforts like this new tax, by city supervisors, city councils, etc. But tiny efforts like this will NOT “solve” the problem in any meaningful way. The looters, the looting class, will IMMEDIATELY be working around and undermining such measures, and rolling out massive PR propaganda campaigns to bamboozle the public and pressure the city politicians.

Given the collapsing ecology, on top of the fragility and precarity of life for the vast majority of the world’s billions of humans, we need to organize together to exercise popular power to END THE LOOTING CLASS, DEMOCRATIZE WEALTH, and INSTITUTE HUMANE AND ECOLOGICAL ECONOMICS.

While these measures do indicate a dawning awareness at the grassroots level of politics that “the problem” is massive, such tiny efforts working at the margins do not nearly suffice to address “the problem” of structural corruption and endemic looting, let alone “the problem” of collapsing ecology.

We need deep, radical, revolutionary measures to end looting as the basis of economic activity, and rein in the industrial assault on ecology.

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Yes, the corporations figured out how to game this legislation before the ink was dry on it. Heck, they wrote this legislation, just like they wrote most of Dodd/Frank.

Restoring all of FDR’s New Deal regulations and programs is phase one of establishing control of corporations. Anything short of that is a cruel hoax.

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Wages nationwide are extremely low. The RAND Corporation report of late Sept. 2020 found that the $50,000 annual median earnings for all employees, supervisory and nonsupervisory, could have been $92,000 yearly, had wage growth matched the economy’s growth from 1975 to 2018. The economy grew by 118%, wages grew by 19% over 43 years, nationwide. At $16.02 per hour in San Francisco, working maybe 30 hours a week, that employee is earning $480 a week, $2,081 a month, $25,069 a year. A two bedroom apartment will cost him/her more than $2,000 a month in San Francisco, probably $3,000. So he or she will share it with 3 others, not uncommon, 4 people in a 2 bedroom apartment. He or she will have about $16,600 a year to live on, in San Francisco, after paying $700 per month rent. Hope she has good health, and no children, and a husband with a decent job. It’s not much of a life. But it is San Francisco. Being poor is a thrill. But too many are poor, or on the border, all their lives, and all over the nation. The report from Brookings Institute “Meet the Low-Wage Workforce” said that the lower-earning half earned about $14,000 on average yearly – the bottom 1/6th earned on average $4,000, the next 2/6 earned almost $19,000 per year. The BEA (dot) gov web page, Table 2.1, Personal Income, showed that per capita “disposable income” is over $55,000/year. That comes to $210,000 per year for a four person household, average (after paying federal taxes, or “disposable”). A monthly income of $17,500 times 12 is a yearly income of $210,000. Did I say “Wages nationwide are extremely low.”

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