Auto industry strike highlights wealth gap

On the news I recently saw that the CEOS of the three major auto manufacturers make annual salaries ranging from $20 million to $30 million, say an average of $25 million each. I wonder, what does one do with $25 million coming in each year? I suppose you could give much of it to charities, and taxes would no doubt take a substantial bite. But still, $25 million seems like a lot of money, more than anyone could possibly need, or any reasonable person should want.

So here’s an idea for those CEOS to respond to the United Auto Workers' demands and make some progress toward ending the strike. Why don’t those CEOS admit that $25 million is excessive and lower their salaries significantly, say by 50 percent? At $12.5 million, that would still be a whole lot of money, and the remainder could be put toward addressing the financial demands of the auto workers.

My larger point is that the wealth gap between the superrich minority and the majority of ordinary people is huge. It has grown steadily for a few decades now, and it shows no prospect of shrinking or stabilizing. A small number of billionaires bathe in wealth that would put King Midas to shame while millions struggle to make ends meet. Is there any wonder that some are ready to throw in the towel on democracy and opt for what would amount to a fascist polity, offering the false hope of a more sustainable life?

I don’t expect to see the wealth gap start shrinking any time soon, but those three CEOS are in a position to make an important first move — if they have any regard for fairness, or for the future of their industry and of American democracy.

Michael Halloran

Troy