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The rich get richer

Written By: - Date published: 11:14 am, July 30th, 2012 - 30 comments
Categories: class war, wages - Tags:

The pay of CEOs in our largest listed companies increased at more than four times the rate of the pay of workers last year. And workers’ pay actually went backwards after inflation. Meanwhile, the average CEO has pocketed more than $1,500 a week of tax cuts from National. Meanwhile, the 150 richest New Zealanders saw their wealth increase by 18% in the past year.

This doesn’t just happen. It happens because the CEO’s party is in power and aiding their wealth grab.

30 comments on “The rich get richer”

  1. Johnm 1

    We are already foremost in Inequity in the OECD. TPTB are determined to keep it that way and to worsen it. The end result will be an ugly little society sitting at the bottom of the World.

  2. Seti 2

    CEO salaries during Labour’s last stint grew at twice the rate of the average wage. It seems they were also the CEO’s party.

  3. tracey 3

    But but but they work four times as hard…

    • Colonial Viper 3.1

      I do half my work as a CEO on the golf course. The other half during business class flights. Its a damn tough way to make a living and I need to be paid more.

      • King Kong 3.1.1

        Just a heads up. “I dream of Genie” is probably not the most relevant programme to base your opinions of Executive work culture on.

        Another bit of info for you…CEO’s don’t wear monocles and go round hitting urchins with canes either.

        Anyway must dash as I need to screw the cap back on the whisky bottle and have a nap on my office sofa before heading out whoring with some clients this evening.

        • mike e

          KK back aye were not saying that at all its unfair that this brighter future crap is meaning that only a few are getting a head we want the whole team to benefit not just a few at the top.

  4. Welcome to Corporate New Zealand, John Keys vision – One World Government – under One World Bank, yes as Johnm says a ugly little society sitting at the bottom of the world because who will want to give their all for the benefit of a few for a below the cost of living wage. Not a recepie for success., you can lead a horse to water…….

    Thank god I am 65

    • Carol 4.1

      Thank god I am 65

      Well, I understand the sentiment. After almost a lifetime of struggling and agitating against inequalities and the power of the capitalists, sometimes it’s tempting just to give up, withdraw into your own little sheltered world and wait out the end of your life. Sometimes there seems to have been so little gains, and the elite always fightback to find ways to regain their dominance, power and privilege.

      But, then there’s future generations to think about.

      Never give up, for that is just the place and time that the tide will turn.
      – Harriet Beecher Stowe

  5. vto 5

    Not only are the rich getting richer, they are also buggering off more often. Every summer – oh-la-de-da off to our place in the Sounds / Bay / Islands for a wee summer break luvvie. Every winter – oh-la-de-da off to France / Fiji / the States to escape this awful winter dahling.

    Bloody cock-suckers. Not only do they take more of the country’s weath, they also do less and less of the work.


    • Populuxe1 5.1

      So fucking what? Gross generalisation much? Some of those peopel may work very hard indeed to pay for those holidays, and going to the Sounds/Bay is hardly the same thing as going to Europe or the States (ie, normal people can often afford to do it – hell, Fiji’s still relatively affordable).
      Get off your high horse. Go camping or caravaning or something, you’re obviously spending far too much time working on your moon tan on here.

      • vto 5.1.1

        ffs populuxe, touch a nerve there? In case you hadn’t noticed, this thread is pretty much one big generalisation and poke in the ribs.

        Handle the jandle.

        And anyways, do you think the point made carries no weight? How many days off work do you get each year? Do you contribute to society? Or do you fluff around letting the cleaners and gardeners do your dirty work at below cost while you swan off to Tahiti? Why the sensitivity?

      • ropata 5.1.2

        did you not notice that the ‘growth’ bonanza from the noughties all went to the top 5%
        most of us went backwards in real terms

      • Colonial Viper 5.1.3

        Oh Populuxe1, you don’t expect increasing and more apparent income inequality to have no social consequences do you?

        Some of those peopel may work very hard indeed to pay for those holidays

        And a factory labourer hauling materials 8 hours a day doesn’t?

        Fact of the matter is that the most extreme wealth generated is via unearned income. That’s income from owning, not income from doing.

        • mike e

          popuganda speculating our currency & housing !
          Because wages are so low the working class can;t afford to own their own houses
          creating instability in families.Don brashes productivity commission.CGT 1 solution!
          Currency spec is stopping jobs being created as well as creating an consumer led debt burden and balance of payment loss every year since 1976.
          Ask the currency trader the mumbling muddler.
          An example oil imports are the single most increase in our balance of payment deficit.
          Lowering our dollar would reduce that debt significantly.

          • Colonial Viper

            An example oil imports are the single most increase in our balance of payment deficit.

            I would’ve thought that the combination of offshore owned banks and other foreign corporates was the worst offender, since they pump a few billion a year out of our economy.

  6. captain hook 6

    and after the new RBNZ amending bill for covered bonds if anything goes wrong then we have to pay for that too.

  7. Johnm 7

    UK— One of the ways the rich get richer. You don’t think our rich will be far behind do you?

    Trillions looted by the rich
    No need for cuts when £13,000,000,000,000 is stashed in tax havens

    At least £13 trillion has been hidden in tax havens by the super rich. That’s about as much as the economies of Japan and the US put together.


  8. Johnm 8

    UK AGAIN: A glimpse of our real rulers. The revelation that at least £13 trillion is hidden away in tax havens by the super-rich is a scandal. But it also gives a glimpse of the world’s ruling class.

    This isn’t just a matter of shady, anonymous bankers in tropical island hideaways. The tax-dodging offshore sector is designed and run by some of the world’s biggest banks, law firms and accounting companies.

    More than half the world’s private financial assets are managed by the ten biggest banks. They include the likes of Goldman Sachs and UBS. But Barclays and HSBC are up there too.
    Even this elite has its own elite. Some 30 percent of the world’s financial wealth is owned by just 91,186 people. The Occupy protests last year targeted the 1 percent. These people are the 0.001 percent.


  9. AmaKiwi 10

    To Carol:

    Carol wrote: “After almost a lifetime of struggling and agitating against inequalities and the power of the capitalists . . .”

    Tell us what tactics you recommend NOW for agitating against present inequities.

    Be our teacher.

    • Carol 10.1

      I’ve exhausted a lot of my reserves on such struggles over the years. The occupation movement is a better teacher than me.

      I have suggested, on open mike, I think this morning, that we need a grassroots, network of groups in communication with each other, and on-going initiatives. This worked well for the left and women’s movement when I was in London during the 70s. But Thatcher undid that by drawing on the more powerful forces of the moneyed and inherited elites, and harnessing the power of the corporate media. There needs to be some way of combating that entrenched power.

      Times have moved on, and there are increasing cracks in the edifice of the elites. Also, we have the benefit of faster and more comprehensive digital forms of communication. So it maybe it’s time for a renewed effort using up-dated strategies. But I think the occupy movement probably has my knowledge of the practicalities gained from their efforts on the ground than I do.

      I’m getting old, tired, and energy-wise, am still recovering from a significant injury. I don’t go out as much as I used to.

      But, Amakiwi, you keep asking others for some leadership. When are you going to do what you are asking others to do for you? What do you suggest? What action/s are you going to take?

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