9,000 Years

A couple of interesting items in the news lately:

Yesterday's Inquirer has an article by Jane Von Bergen, "Wharton's Peter Cappelli knows why you can't get a job," notes one reason for the high unemployment rate:

"It think it’s been exacerbated by the recession," Cappelli said. "Employers feel that they shouldn’t have to pay as much. I think we’ve gotten used to the idea that wages don’t go up."

The article also says that computer technology is often used to screen resumes and the algorithms used kick out qualified applicants.  In some cases employers ask for more skills than are necessary for the job, trying to take advantage of the large pool of job seekers.

So this attitude surely permeates all levels of the job market, yes?  No.  The May 25th Politico Playbook noted some highlights from an AP study of CEO salaries.  The average CEO of a public company earned $9.6 million in 2011.  The highest paid CEO earned $137 million.  The article noted:  "A minimum-wage worker would have to toil for 9,000 years to make [that]."

9,000 years!!!  The highest paid CEO runs a company that manages malls, not exactly a life and death field.  What does he do that's worth so much?