Shortly after the passage of the GOP-backed tax cuts, several companies made announcements regarding more money for their employees. If you work for one of these companies, you get a double-whammy of awesome: a tax break and higher wages/nice bonuses. This is what everyone’s been asking for, right?
Well, leave it to Joy Reid and Kurt Eichenwald to argue otherwise:
Before you believe the bonuses and “pay hikes” are anything other than PR, do what @kurteichenwald is doing: look at the current average pay at these companies. Then check out the CEO and senior management’s pay — trust me their tax cut will DWARF whatever the little guys get.
— Joy Reid (@JoyAnnReid) December 21, 2017
So, with only 25,000 people in the RANGE of $13.50-$17.00, and Wells Fargo ONLY increasing the $13.50-$14.99 workers, how many benefit? At MAXIMUM, this translates to an average of 25 cents an hour within the range.
— Kurt Eichenwald (@kurteichenwald) December 20, 2017
Why do they do this? Because it wasn’t their guy coming through.
CEOs have always made more than the average worker. That’s because being a successful CEO requires a level of expertise and experience that’s hard to find. This makes them more in demand than, say, a middle manager, and they’re compensated accordingly. This was the state of things this time last week, last year, last decade, and last century. Nothing has changed in that regard.
But those same CEOs are also looking at the tax bill’s passage, and deciding to put more money in their employees’ pockets.
Reid and Eichenwald are using dated class warfare rhetoric to make this appear to be a bad thing. Unfortunately for them, countless folks are learning that the new tax bill will actually provide the economic relief Democrats never could or would.
As Red State notes:
After pooh-poohing the Tax Policy Center’s prediction that the average amount of the GOP tax cut for the middle-fifth of wage earners will be $18/week, and after seeing that by midday Wednesday the streets were not littered with the bodies of the GOP Tax Scam victims, Kurt Eichenwald promised that the impact will still come, and only the enlightened will know why.
In other words, Eichenwald and Reid are putting rhetoric before reality. And before the people the Democrats insist they care so much about.