Reply to change my mind: can't pay a living wage to all

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]The CEO of General Motors makes more PER HOUR than I make in a year, and I'm a college professor!  It's sad that there are people who will never believe that their compensation is enough and who will always desire more. 
I'm sure that the CEO thinks her compensation is just and fair and probably doesn't lose any sleep at night worrying about her employees who put off services like having a mammogram because the copay on their insurance is too high, and risk leaving their kids motherless as a result.
I have had some excruciating dental issues recently and it's made me think about all the poeple in the US, including children, who can't afford dental care and who don't have dental insurance.  It seems really inhumane that in such a wealthy country we have people in pain from medical and dental conditions, and we have essentially two tiers when it comes to medical care.  In a very real sense, we have created a system where the wealthy live to be 90 something, and the poor die when they are sixty.  It's hard to believe that we cannot do better.  
No one should be homeless in the US.  We can afford to do better. [/quote]
1) [b]I think some DCUMers really convince themselves that compensation always is directly related to smarts and work ethic[/b]. 
2) I wonder if the people who feel strongly that people are not entitled to a living wage or basics like housing and healthcare will feel differently when AI upends their fields. [/quote]

+1
There are compensation cabals and CEOs are the most obvious.  They can have documented horrendous performance, get a golden parachute and be hired elsewhere and do the same.  The reason is because ALL the CEOs benefit if they keep everyone in the club, don't make it fully dependent on strong performance, and keep pay and benefits high. Board members are in the same club so there isn't pushback to the general process there.  This happens at many of the business upper echelon jobs.  It's very distorting and not fitting with a free market.

This is very different from the compensation differentials that happen because a skill is relatively rare but is currently in demand or there is some kind of downside to the job (e.g., petroleum engineers get paid more because fewer people with engineering skills want that that work environment so they have to pay more).  Those are more natural compensation differentials.  Then also there is just inertia, industry variation etc.  that is essentially error in the system. [/quote]

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