As most people who aren’t living under a rock know right now, the economy isn’t exactly that healthy. Even though some companies have been hiring, the unemployment rate has increased. How is that possible you ask? It’s quite simple; the number of people seeking jobs has increased at a faster rate than the number of jobs created.
It appears that even though private companies added 67,000 jobs in August, the unemployment rate increased from 9.5 percent to 9.6 percent.
So why is the supply of labor increasing at such a high rate? One possible explanation comes from the results of a new study from the Institute of Policy Issues which “shows that CEOs who fired the most workers during the recession took home the highest pay.”
“According to that study, the CEOs of the fifty corporations responsible for the biggest layoffs were paid an average $12 million—42 percent more than the average pay for the Standard & Poor’s 500. The study covered the period from November 2008 to April of this year. For 72 percent of companies, mass layoffs were announced during periods of profit and high CEO salaries.”
For example, according to Sarah Anderson, the study’s lead author, Mark Huard, former CEO of Hewlett-Packard “laid off more than 30,000 workers” as he was “earning more than $20 million a year” during his reign.
I guess the other minority — you know, those of the privileged, wealthy elite — wanted some security for themselves, so it made sense to sacrifice thousands of people’s jobs and livelihoods in order to buy that extra yacht and/or caviar that they don’t really even consume but instead really use to show off to their other rich friends. To hell with all those workers who really could have used those ever-important paychecks to support themselves and their families.