Corporate America's War on the Middle Class

by: Mullaley

Wed Sep 01, 2010 at 12:24:15 PM EDT

http://www.ips-dc.org/reports/...

IPS looked at the 50 firms that have laid off the most workers since the onset of the economic crisis -- firms that eliminated a total of 531,363 American workers.  Those 50 firms eliminated over a half million jobs despite reporting a 44 percent average profit increase for 2009.

Another disturbing fact is the level of executive pay at those job-eliminating 50 firms. In 2009, the combined compensation of their CEOs totaled $598 million -- that is, an average of almost $12 million each.

The IPS also evaluated overall executive compensation of US-based firms:

"[A]fter adjusting for inflation, CEO pay in 2009 more than doubled the CEO pay average for the decade of the 1990s, more than quadrupled the CEO pay average for the 1980s, and ran approximately eight times the CEO average for all the decades of the mid-20th century."

"American workers, by contrast, are taking home less in real weekly wages than they took home in the 1970s."

The Kansas City Star took a closer look at some of the CEOs and companies in IPS's report:

http://www.kansascity.com/2010...

"Fred Hassan, former CEO of Schering-Plough, presided over announced layoffs affecting 16,000 workers after a 2009 merger with Merck. He resigned after the merger, receiving "golden parachute" compensation in 2009 of more than $49.6 million to rank as the highest-paid layoff leader."

"The top five companies announcing the most layoffs for the study period were General Motors (75,733); Citigroup (52,175); Bank of America (35,000); Caterpillar (27,499) and Verizon (21,308). Among those top five, the biggest compensation package - nearly $17.5 million - went to Ivan Seidenberg, CEO of Verizon."

According to IPS, American CEOs make 263 times the average compensation for American workers, up from the 30:1 ratio in the 1970s. For comparison, the average compensation of a Japanese CEO is less than one-sixth that of their American counterpart and 16 times more than the average Japanese worker.

But on top of the lavish CEO pay at the expense of the American worker, many of these top-layoff firms received money from the taxpayer bailouts in 2008. Of these, IPS notes,

"American Express CEO Kenneth Chenault took home the highest 2009 pay, $16.8 million, a sum that included a $5 million cash bonus. American Express has laid off 4,000 employees since receiving $3.39 billion in TARP funding."

"These numbers all reflect a broader trend in Great Recession-era Corporate America," the IPS report says, "the relentless squeezing of worker jobs, pay and benefits to boost corporate earnings and maintain corporate executive paychecks at their recent bloated levels."

Courtesy of Think Progress.

Video from the 10th CD

by: bowes3

Tue Aug 31, 2010 at 23:11:39 PM EDT

10th Congressional Debate August 30th at Scituate High School

by: bowes3

Sun Aug 08, 2010 at 20:52:31 PM EDT

NECN debate last evening showed contrasts between Keating and O'Leary

by: Susan H

Fri Aug 27, 2010 at 10:03:01 AM EDT

Social Security is the issue that re-inforced for me that Rob O'Leary is very comfortable accepting GOP talking points:he accepts the very premise that Social Securty needs fixing which is a meme put forth by the GOP and the old time DLCer's and  and Bill Keating was excellent in combatting that message and premise:namely that Social Security is NOT in crisis.

The 2 other areas where there was a sharp contrast can be summed up in one word:urgency.

Bill Keating showed an urgency to the following topics:the economy and the need to create jobs and the need to truly develop alternative energy which impacts our world because of our late entry into that realm( Europe, China already ahead of US) and how our dependence on oil affects our economy, our foreign policy, our environment.

My impression was that Rob O'Leary has fallen into the trap I have seen too many policians running in a primary fall into:reciting a laundry list of issues when given a chance to sum up the evening debate.

Keating looked into the camera and said "JOBS". He also was the candidate that put a human face on the suffering that happens when there are no jobs by talking about the despair of losing a home, the suicides and crime he sees as a result of being DA during an economic downturn.

My only other thought was that the 30 minutes was too short, and the host, Jim Braude, acted a little too much like the late Tim Russert with a little too much Chris Matthews thrown in for my taste( interrupted too much).

Reminiscent of "what I did on my summer vacation", try 'why Conservative policies need another try"

by: Susan H

Thu Aug 26, 2010 at 07:55:51 AM EDT

As primary election day nears, why not ask all the GOP candidates in the 10th district~ and truth be told, more than a few Democrats/Independents/Neo-Liberals called Blue Dogs and 'New' Democrats, to write a paper or see if they can clearly articulate 'Why Conservative policies need another try'.

It should be good for a laugh.....if it wasn't so sad that they think the electorate has collective amnesia and has a propensity to believe in fairy tales.

Massachusetts named as "Race to the Top" winner

by: Jan A

Tue Aug 24, 2010 at 13:07:43 PM EDT

Washington (CNN) -- The District of Columbia, Florida, Georgia, Hawaii, Maryland, Massachusetts, New York, North Carolina, Ohio, and Rhode Island are all to receive a portion of the $3.4 billion remaining in the "Race to the Top" fund for education in those states.

"Race to the Top" is an Obama administration initiative to award money to states that show that they have a plan for school reforms in four main areas: turning around low performing schools, adopting college and career ready standards, effective teachers and principals, and using data systems to support student achievement.

Tennessee and Delaware both won grants under the program in the first round which was announced earlier this year.

For the second round, the Department of Education announced that it would be limiting the amount that any given state can receive. The limits are based on the student population of that state. So, large states like New York and Florida can receive as much as $700 million while smaller states like Hawaii, Rhode Island, and the District of Columbia are limited to $75 million grants.

Bill Keating gets endorsements from 16 elected Quincy officials

by: Susan H

Mon Aug 23, 2010 at 18:41:57 PM EDT

The names of the officials who are offering their individual endorsements:

Keating received endorsements from State Senator Michael Morrissey, State Representative's Bruce Ayers and Stephen Tobin, Norfolk Sheriff Michael Bellotti, Former Attorney General Frank Bellotti, County Commissioner John Gillis, and Registrar of Probate Patrick McDermott .

Keating was also endorsed by Council President Kevin Coughlin, City Councilors Joe Finn, Michael McFarland, Margaret Laforest and Brian Palmucci, and School Committee Members Vice Chair Anne Mahoney, Jo Anne Bragg, Elaine Dwyer, and David McCarthy.

The primary is sneaking up on us people...remind all the college students returning to school that you know to stop by their local town offices and vote before they head off to college or to request an absentee ballot.