Columns » Hightower

Wall Street wants to give raises

LowDown

by

comment

Peter Georgescu has a message he wants America's corporate and political elites to hear: "I'm scared," he said in a recent New York Times op-ed.

He adds that Paul Tudor Jones is scared, too, as is Ken Langone, and they're trying to get the Powers That Be to pay attention to their urgent concerns.

But wait — these three are Powers That Be. Georgescu is former head of Young & Rubicam, one of the world's largest PR and advertising firms; Jones is a quadruple-billionaire hedge fund operator; and Langone is a founder of Home Depot.

What is scaring these powerful peers of the corporate plutocracy? Inequality.

Yes, amazingly, these actual occupiers of Wall Street say they share Occupy Wall Street's critical analysis of America's widening chasm between the rich and the rest of us.

"We are creating a caste system from which it's almost impossible to escape," Georgescu wrote, not only trapping the poor, but also "those on the higher end of the middle class."

Of course, their concern is not driven by moral outrage, but by self-interest: "We are concerned where income inequality will lead," he said. Specifically, he warned that the present path will lead to social unrest or, (horror of horrors) "oppressive taxes" on the super-rich.

Motivation aside, Georgescu does comprehend that society must "Invest in the actual value creators — the employees."

How? With "a wage that enables employees to share amply in productivity increases and creative innovations."

He adds that nearly all corporate chieftains agree on the need to compensate employees better.

Great! So they'll just do it, right? Uh, no.

The CEOs say that to get them to pay more to workers they need the government to — guess what? — give tax breaks to their corporations to subsidize any wage increases.

Good grief — these guys put the "sin" in cynical.

Jim Hightower is the best-selling author of Swim Against the Current: Even a Dead Fish Can Go With the Flow, on sale now from Wiley Publishing. For more information, visit jimhightower.com.

Add a comment

Clicky Quantcast