What most of us fail to recognize is that the gulf between the very rich and the rest of us will almost certainly continue to get worse, a lot worse! Most importantly, it may be too late to do much about it.
This proposal -- like some of the other rules implemented under Dodd-Frank -- will do little to accomplish the desired effect of narrowing the gap between employee compensation and executive compensation. If anything, it may have the opposite effect.
The truth is both entities want the companies to succeed and until we start seeing corporations and unions as two sides of the same coin, we will continue to fight a useless rhetorical war where union leaders pay is inexplicably considered an important talking point.
Today, the federal minimum wage stands at $7.25 per hour. Had it simply kept pace with inflation since 1968, it would be about $10.70 per hour, which amounts to nearly $300,000 in lost wages. So where did the billions of lost wages go?
A new tradition of CEOs stepping aside when they know that there are better equipped leaders for their companies would be a valuable contribution to capitalism. Sometimes -- as Pope Benedict reminded us -- the current CEO doesn't have a prayer.