SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
Shareholders Fight Back as Democrats Compromise
The ink on the compromise that kept the government open--barely--isn't even dry and they're already talking about the next round of cuts in Washington.
The New York Times led off this week with an article about Obama's plan to reduce the deficit by making unspecified "changes" to Medicare, Medicaid and Social Security. Sure, it also mentions increasing taxes and cutting military spending, but when we're embracing the conservative frame that entitlement programs are too big, that's not much to cheer about.
Apr 12, 2011
The ink on the compromise that kept the government open--barely--isn't even dry and they're already talking about the next round of cuts in Washington.
The New York Times led off this week with an article about Obama's plan to reduce the deficit by making unspecified "changes" to Medicare, Medicaid and Social Security. Sure, it also mentions increasing taxes and cutting military spending, but when we're embracing the conservative frame that entitlement programs are too big, that's not much to cheer about.
Meanwhile, of course, CEOs are raking in the cash and still not hiring, at least not Americans. Daniel Costello wrote in the Times this weekend that top executive pay at 200 major companies was up 12 percent from last year--a median pay rate of $9.6 million. Viacom's CEO made $84.5 million in just nine months, and Ray Irani at Occidental Petroleum's pay went up 142 percent from last year.
The Dodd-Frank financial regulation package includes rules that give shareholders a say on executive pay, Costello notes, but they are mostly cheerily ignoring them. H.P. got a grade of D on an A to F scale for its pay packages, but rejected criticism--until its shareholders voted against approving the pay rates. Now they're "under review."
But Beazer Homes' chief executive had to return $6.5 million of his compensation in a settlement with the S.E.C. over inaccurate financial statements. Activist shareholders can't do it alone, but some government support could help.
So here's an idea, President Obama. Instead of changing wildly popular programs that keep Americans healthy and secure, take those CEO pay numbers and make a speech about them. Take it on the road, to Ohio, Wisconsin, Indiana, Pennsylvania, New Jersey, Florida, and anywhere conservative governors are attacking working people's rights. If shareholders are angry, imagine how angry everyone else will be.
You'll have support for taxing the rich faster than you can say "deficit."
Why Your Ongoing Support Is Essential
Donald Trump’s attacks on democracy, justice, and a free press are escalating — putting everything we stand for at risk. We believe a better world is possible, but we can’t get there without your support. Common Dreams stands apart. We answer only to you — our readers, activists, and changemakers — not to billionaires or corporations. Our independence allows us to cover the vital stories that others won’t, spotlighting movements for peace, equality, and human rights. Right now, our work faces unprecedented challenges. Misinformation is spreading, journalists are under attack, and financial pressures are mounting. As a reader-supported, nonprofit newsroom, your support is crucial to keep this journalism alive. Whatever you can give — $10, $25, or $100 — helps us stay strong and responsive when the world needs us most. Together, we’ll continue to build the independent, courageous journalism our movement relies on. Thank you for being part of this community. |
© 2023 Laura Flanders
Laura Flanders
Laura Flanders interviews forward-thinking people about the key questions of our time on The Laura Flanders Show, a nationally syndicated radio and television program also available as a podcast. A contributing writer to The Nation, Flanders is also the author of six books, including "Bushwomen: How They Won the White House for Their Man" (2005). She is the recipient of a 2019 Izzy Award for excellence in independent journalism, the Pat Mitchell Lifetime Achievement Award for advancing women's and girls' visibility in media, and a 2020 Lannan Cultural Freedom Fellowship for her reporting and advocacy for public media. lauraflanders.org
The ink on the compromise that kept the government open--barely--isn't even dry and they're already talking about the next round of cuts in Washington.
The New York Times led off this week with an article about Obama's plan to reduce the deficit by making unspecified "changes" to Medicare, Medicaid and Social Security. Sure, it also mentions increasing taxes and cutting military spending, but when we're embracing the conservative frame that entitlement programs are too big, that's not much to cheer about.
Meanwhile, of course, CEOs are raking in the cash and still not hiring, at least not Americans. Daniel Costello wrote in the Times this weekend that top executive pay at 200 major companies was up 12 percent from last year--a median pay rate of $9.6 million. Viacom's CEO made $84.5 million in just nine months, and Ray Irani at Occidental Petroleum's pay went up 142 percent from last year.
The Dodd-Frank financial regulation package includes rules that give shareholders a say on executive pay, Costello notes, but they are mostly cheerily ignoring them. H.P. got a grade of D on an A to F scale for its pay packages, but rejected criticism--until its shareholders voted against approving the pay rates. Now they're "under review."
But Beazer Homes' chief executive had to return $6.5 million of his compensation in a settlement with the S.E.C. over inaccurate financial statements. Activist shareholders can't do it alone, but some government support could help.
So here's an idea, President Obama. Instead of changing wildly popular programs that keep Americans healthy and secure, take those CEO pay numbers and make a speech about them. Take it on the road, to Ohio, Wisconsin, Indiana, Pennsylvania, New Jersey, Florida, and anywhere conservative governors are attacking working people's rights. If shareholders are angry, imagine how angry everyone else will be.
You'll have support for taxing the rich faster than you can say "deficit."
Laura Flanders
Laura Flanders interviews forward-thinking people about the key questions of our time on The Laura Flanders Show, a nationally syndicated radio and television program also available as a podcast. A contributing writer to The Nation, Flanders is also the author of six books, including "Bushwomen: How They Won the White House for Their Man" (2005). She is the recipient of a 2019 Izzy Award for excellence in independent journalism, the Pat Mitchell Lifetime Achievement Award for advancing women's and girls' visibility in media, and a 2020 Lannan Cultural Freedom Fellowship for her reporting and advocacy for public media. lauraflanders.org
The ink on the compromise that kept the government open--barely--isn't even dry and they're already talking about the next round of cuts in Washington.
The New York Times led off this week with an article about Obama's plan to reduce the deficit by making unspecified "changes" to Medicare, Medicaid and Social Security. Sure, it also mentions increasing taxes and cutting military spending, but when we're embracing the conservative frame that entitlement programs are too big, that's not much to cheer about.
Meanwhile, of course, CEOs are raking in the cash and still not hiring, at least not Americans. Daniel Costello wrote in the Times this weekend that top executive pay at 200 major companies was up 12 percent from last year--a median pay rate of $9.6 million. Viacom's CEO made $84.5 million in just nine months, and Ray Irani at Occidental Petroleum's pay went up 142 percent from last year.
The Dodd-Frank financial regulation package includes rules that give shareholders a say on executive pay, Costello notes, but they are mostly cheerily ignoring them. H.P. got a grade of D on an A to F scale for its pay packages, but rejected criticism--until its shareholders voted against approving the pay rates. Now they're "under review."
But Beazer Homes' chief executive had to return $6.5 million of his compensation in a settlement with the S.E.C. over inaccurate financial statements. Activist shareholders can't do it alone, but some government support could help.
So here's an idea, President Obama. Instead of changing wildly popular programs that keep Americans healthy and secure, take those CEO pay numbers and make a speech about them. Take it on the road, to Ohio, Wisconsin, Indiana, Pennsylvania, New Jersey, Florida, and anywhere conservative governors are attacking working people's rights. If shareholders are angry, imagine how angry everyone else will be.
You'll have support for taxing the rich faster than you can say "deficit."
We've had enough. The 1% own and operate the corporate media. They are doing everything they can to defend the status quo, squash dissent and protect the wealthy and the powerful. The Common Dreams media model is different. We cover the news that matters to the 99%. Our mission? To inform. To inspire. To ignite change for the common good. How? Nonprofit. Independent. Reader-supported. Free to read. Free to republish. Free to share. With no advertising. No paywalls. No selling of your data. Thousands of small donations fund our newsroom and allow us to continue publishing. Can you chip in? We can't do it without you. Thank you.