[Concerning article “McDonald’s Server Would Have To Work 550 Years To Earn CEO’s Pay”,]
The astonishing aspect of this article is not that Johnson only makes $8/hour, but that Skinner makes $8.8 million. It’s proof that capitalism is not the invisible hand that Adam Smith promised it could be.
It is inconceivable that Skinner could do the work of 22 people making $400,000/ year ( or 44 people making $200,000/yr) !
How can this happen? Why do stockholders consistently overpay upper management? They don’t, fat cat corporate directors give these jobs of excessive compensation to friends and relatives at the detriment of shareholders and customers.
This isn’t capitalism. This is crony capitalism, an entirely different thing. Crony capitalism is similar to when the government crowns winners and losers based on political wishes.