Re:McKinsey, technocratic management, and structural inequality
by bluGill on Wednesday February 05, 2020 @09:19AM
(#22246835)
When you live that lifestyle you learn to spend it. A friend of mind used to rent an apartment to someone making $40k/month - the renter was often late paying her monthly $500 rent because she was out of money until next payday (the apartment was a third home used only to visit her kid who was going to school nearby). When you can afford to buy any neat car you see after a while it no longer occurs to you that maybe you shouldn't buy it anyway.
Of course. And to be clear I'm not quibbling about CEO pay being higher than the minimum wage.
The question that I've an issue with is how much larger. Back in the 1950s the answer seemed to be 20x the minimum wage or whereabouts. Nowadays it's more like 360x. [0]
CEOs were doing the same kind of job at the time.
And just think about it: it means the typical large company CEO earns in one day what his baseline employees earn in a whole year. That's just a recipe for a French or Russia style Revolution to erupt.
Plus, who actually needs $1M/year? I've earned fairly good money for years -- but still a fraction of that -- and I'd have no idea how to spend that much without investing up the wazoo. And in case you're thinking "I'd know how", sure, the answer is yes, everyone does -- for a few months. As a salary, $1M/year is ludicrous. And $10+M/year is sociopathic. No one is worth that much.
[0]: https://www.forbes.com/sites/dianahembree/2018/05/22/ceo-pay...