Bankers aren’t the only Fat Cats
Monday, December 14th, 2009President Obama recently hammered the executives of the largest banks/financial institutions, calling them “fat cats” who should stop taking advantage of the American people. It wasn’t enough that Obama appointed a “pay czar” that gets to decide how much corporate executives can earn. Now Obama is calling them names, just to rub some salt into the wounds.
In truth, there are a lot of people who despise the rich bank executives. And it is equally true that many banks have oppressive fees and other regulations. Some mistrust of banking operations is to be expected. However, the American people should be just as upset with the growing size of the federal government and the earnings of government workers.
The USA Today just released its study of federal government pay data. The results show that, during the first year and a half of the economic downturn, six-figure salaries jumped from 14% of all civil servants to 19%. Additionally, in the same time frame, the Transportation Department went from having one employee making at least $170,000 to having 1,690 people earning that amount. This means that those 1,690 people in that department earn at least 287 million dollars. God only knows what the payout is for all of the people employed at the Transportation Department.
The liberals supposedly have such care and compassion for the Average Joe. But it is hypocritical for the Obama administration, and Democratic leaders in the House and Senate, to publicly skewer private sector executives for their pay scales, while government workers get larger salaries. This kind of growth in government is the last thing we need in recessionary times.
I wonder how many bankers it would take to earn $287,000,000?