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$70,000 salary CEO is doing just fine

Wu Wei

ursus senum severiorum and ex-Bisy Backson
In spite of being called a socialist and the predictions that the CEO was headed to ruin by lowering his salary to $70k and raising his employees salary to $70k, he's doing just fine: Isn't it amazing what can happen when the boss is not greedy and treats his employees very well:

Since our $70k min wage was announced 6 years ago today:
*Our revenue tripled
*Head count grew 70%
*Customer base doubled
*Babies had by staff grew 10x
*70% of employees paid down debt
*Homes bought by employees grew 10x
*401(k) contributions grew 155%
*Turnover dropped in half
...
Treating employees well saves money in the long run.

For example, our small biz with a $70k min wage received 3,663 job applications this year – 280 per opening.

We paid $0 advertising and got great candidates.

I keep seeing stories of companies struggling to hire. Wonder why.

— Dan Price (@DanPriceSeattle) April 12, 2021

This is all good, and I am happy the employees got a raise, but the fact the CEO is doing fine at $70,000 a years does not surprise me, and likely doing much better than those he gave the raise to. He took a 1 million dollar pay cut, how long was he making over 1 million dollars a year? It is quite likely he has other sources of income, stock, investments, etc. with more money in real estate than any of his employees he gave the raise too. And what is his retirement plan as compared to his employees? So, is it socialism as being billed here.... doubtful.

Don't get me wrong, I am happy for the folks that got a raise, but Socialism...no..... and imagine the tax break the CEO will get without having to pay taxes on $1,070,000....and now paying on $70,000
 

Revoltingest

Pragmatic Libertarian
Premium Member
Isn't that pretty subjective?
For purposes of casual discussion, yes.
But it could be made objective, eg, comparing the effect on
profitability of a project manager vs an assembly line worker.
How do you determine who has more drive, talent, and success, and how does one determine an adequate reward for such? Is there a mathematical formula one can cite? Is there objective scientific data one can examine?
Employers & the market determine the value & reward.
You wouldn't be arguing that we're all the same, would you?
 

Revoltingest

Pragmatic Libertarian
Premium Member
This is all good, and I am happy the employees got a raise, but the fact the CEO is doing fine at $70,000 a years does not surprise me, and likely doing much better than those he gave the raise to. He took a 1 million dollar pay cut, how long was he making over 1 million dollars a year? It is quite likely he has other sources of income, stock, investments, etc. with more money in real estate than any of his employees he gave the raise too. And what is his retirement plan as compared to his employees? So, is it socialism as being billed here.... doubtful.

Don't get me wrong, I am happy for the folks that got a raise, but Socialism...no..... and imagine the tax break the CEO will get without having to pay taxes on $1,070,000....and now paying on $70,000
Fans of socialism often confuse fairness & generosity with
socialism, ie, if someone is virtuous, they're being "socialist".
But this fellow isn't giving control of the means of production
to "the people". So we still have capitalism occurring.
As I see it....
People exhibit traits in a continuum ranging from evil to
magnanimous. This happens in any economic system.
There can be good, bad, greedy, generous, smart, dumb,
& all kinds of people in both capitalism & socialism.
 

Kooky

Freedom from Sanity
It is important to note that the sky is blue, and that birds fly in it.
Let us never stop thinking about these magnificent creatures!
 

Revoltingest

Pragmatic Libertarian
Premium Member
Since when does productivity have anything to do with wages?
Since 1750 BCE.
An anonymous field hand had his wages cut
when his arthritis interfered with the harvest.
If he wanted to earn more, he could always work longer hours, couldn't he?
If it's fixed at $70k/year, then the number of hours is immaterial.
But he could simply give himself a raise by fiat....same method
used to cut his pay.
 

TransmutingSoul

Veteran Member
Premium Member
$70K/year is a pretty crappy salary for a family unless one
is already wealthy, eg, home is unencumbered by loans,
kid's college education paid for, no spendy vacation needs.

I have been working 47 years in Australia and never earned over 70k AUD. I have made it into the 60k mark a few times in later years. Mostly during that time I have been the only wage earner for my family.

The Job I now have may take me just above.

So for many this is a really good wage, more than we need.

Regards Tony
 

Saint Frankenstein

Wanderer From Afar
Premium Member
In spite of being called a socialist and the predictions that the CEO was headed to ruin by lowering his salary to $70k and raising his employees salary to $70k, he's doing just fine: Isn't it amazing what can happen when the boss is not greedy and treats his employees very well:

Since our $70k min wage was announced 6 years ago today:
*Our revenue tripled
*Head count grew 70%
*Customer base doubled
*Babies had by staff grew 10x
*70% of employees paid down debt
*Homes bought by employees grew 10x
*401(k) contributions grew 155%
*Turnover dropped in half
...
Treating employees well saves money in the long run.

For example, our small biz with a $70k min wage received 3,663 job applications this year – 280 per opening.

We paid $0 advertising and got great candidates.

I keep seeing stories of companies struggling to hire. Wonder why.

— Dan Price (@DanPriceSeattle) April 12, 2021
Wonderful. Now I wonder how much more money Kroger could pay its employees if the greedy CEO wasn't taking $20 million bonuses while refusing to pay its frontline workers any more during the pandemic.
 

Revoltingest

Pragmatic Libertarian
Premium Member
I have been working 47 years in Australia and never earned over 70k AUD. I have made it into the 60k mark a few times in later years. Mostly during that time I have been the only wage earner for my family.

The Job I now have may take me just above.

So for many this is a really good wage, more than we need.

Regards Tony
Well, there are different costs of living & dollar values at
work here. But $70k/year where I live would be pretty meager.
And in a place like NYC or SF...dismal indeed.
 

TransmutingSoul

Veteran Member
Premium Member
Well, there are different costs of living & dollar values at
work here. But $70k/year where I live would be pretty meager.
And in a place like NYC or SF...dismal indeed.

I see it looks cheaper to live in the USA.

In fact I can buy things online from America and get them delivered cheaper than buying them here in AU.

I pay $1.50 a ltr for diesel, which is about $6.75 a Gallon, approx $5.23USD.

How does that compare?

Regards Tony
 

Revoltingest

Pragmatic Libertarian
Premium Member
I see it looks cheaper to live in the USA.

In fact I can buy things online from America and get them delivered cheaper than buying them here in AU.

I pay $1.50 a ltr for diesel, which is about $6.75 a Gallon, approx $5.23USD.

How does that compare?

Regards Tony
Our fuel is much cheaper.

Consider daughter....
Her tiny 1 bedroom apartment in NYC is $3k/month.
After fed, state, & city taxes, $70k/year would leave
her just enuf to live on.
 

TransmutingSoul

Veteran Member
Premium Member
Our fuel is much cheaper.

Consider daughter....
Her tiny 1 bedroom apartment in NYC is $3k/month.
After fed, state, & city taxes, $70k/year would leave
her just enuf to live on.

Consider, it is the same here in our cities, thus I do not live in the cities.

That is a choice we can make.

Regards Tony
 

Stevicus

Veteran Member
Staff member
Premium Member
For purposes of casual discussion, yes.
But it could be made objective, eg, comparing the effect on
profitability of a project manager vs an assembly line worker.

Employers & the market determine the value & reward.
You wouldn't be arguing that we're all the same, would you?

Still seems pretty subjective. It sounds like someone trying to explain why some works of art are worth millions while others may be considered "lesser" or "low brow."

Or maybe a better analogy might be the difference between a five-star restaurant versus McDonald's. To me, the only objective measure would be the cost per calorie, but others would be looking at more subjective things, such as atmosphere, ambience - intangibles that can't be measured scientifically yet still go into people's subjective judgment as to what it's "value" is.
 

Stevicus

Veteran Member
Staff member
Premium Member
Fans of socialism often confuse fairness & generosity with
socialism, ie, if someone is virtuous, they're being "socialist".
But this fellow isn't giving control of the means of production
to "the people". So we still have capitalism occurring.
As I see it....
People exhibit traits in a continuum ranging from evil to
magnanimous. This happens in any economic system.
There can be good, bad, greedy, generous, smart, dumb,
& all kinds of people in both capitalism & socialism.

Fans of capitalism often confuse fairness and equality as "socialist" and condemn it on that basis alone. The idea of line staff making the same as a CEO somehow offends their sensibilities. There's no logic to a capitalist's position; it's all emotion to them.
 

Revoltingest

Pragmatic Libertarian
Premium Member
Still seems pretty subjective. It sounds like someone trying to explain why some works of art are worth millions while others may be considered "lesser" or "low brow."
Calling it subjective, & denying objectivity sounds
like someone trying to justify no one's work being
any more valuable than anyone else's.
Or maybe a better analogy might be the difference between a five-star restaurant versus McDonald's. To me, the only objective measure would be the cost per calorie, but others would be looking at more subjective things, such as atmosphere, ambience - intangibles that can't be measured scientifically yet still go into people's subjective judgment as to what it's "value" is.
Consider what customers are willing to pay,
rather than the cost of delivering calories.
 

TransmutingSoul

Veteran Member
Premium Member
Our fuel is much cheaper.

Consider daughter....
Her tiny 1 bedroom apartment in NYC is $3k/month.
After fed, state, & city taxes, $70k/year would leave
her just enuf to live on.

This may help.

STAT Australia United States
Real estate prices > Rent per month > 1 bedroom apartment > Outside city centre $1,177.77 Ranked 14th. 58% more than United States $745.72 Ranked 26th.
Consumer price index > Excluding rent 109.34 Ranked 9th. 42% more than United States 76.81 Ranked 33th

Looks like on average, you are much better.

In the end, we are happy.

Regards Tony
 

Revoltingest

Pragmatic Libertarian
Premium Member
Fans of capitalism often confuse fairness and equality as "socialist" and condemn it on that basis alone.
Some do.
But I see fairness & equality (of opportunity, not outcome) as
simply desirable....also compatible with any economic system.
The idea of line staff making the same as a CEO somehow offends their sensibilities.
Perhaps they see that idea as being imposed by government,
& interference with business ownership to the extent that it's
regulation in the direction of socialism, ie, it's an element of
ownership by government.
There's no logic to a capitalist's position; it's all emotion to them.
Only if you don't understand them us.
Perhaps you don't consider the assumptions &
consequences of the hypothetical from their perspective.
 

Revoltingest

Pragmatic Libertarian
Premium Member
This may help.

STAT Australia United States
Real estate prices > Rent per month > 1 bedroom apartment > Outside city centre $1,177.77 Ranked 14th. 58% more than United States $745.72 Ranked 26th.
Consumer price index > Excluding rent 109.34 Ranked 9th. 42% more than United States 76.81 Ranked 33th

Looks like on average, you are much better.

In the end, we are happy.

Regards Tony
We have cheap places here too.
A friend bought a house in a tiny rural town in PA.
His property taxes are only $300/year.
But his house is small, & needed some work.
Living in commercial centers is typically much spendier.
The CEO of a company wouldn't be able to live in rural PA.
 
Last edited:

sun rise

The world is on fire
Premium Member
Fans of socialism often confuse fairness & generosity with
socialism, ie, if someone is virtuous, they're being "socialist".
But this fellow isn't giving control of the means of production
to "the people". So we still have capitalism occurring.
As I see it....
People exhibit traits in a continuum ranging from evil to
magnanimous. This happens in any economic system.
There can be good, bad, greedy, generous, smart, dumb,
& all kinds of people in both capitalism & socialism.

In this case it was the enemies of generosity (Fox and friends) who attacked him for "socialism".

Personally I'm a fan of fairness and generosity. And it would not bother me if the CEO made more than the employee on the bottom as long as those on the bottom were paid a living wage and those on the top had a reasonable multiple (to be discussed) of those on the bottom.
 

sun rise

The world is on fire
Premium Member
$70K/year is a pretty crappy salary for a family unless one
is already wealthy, eg, home is unencumbered by loans,
kid's college education paid for, no spendy vacation needs.

If I accept that number, than the majority of American in every state have crappy salaries and that is then a real problem.
 
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