I’m sure you’ve heard about Exxon’s record breaking profits. If you haven’t, the story can be found here:
http://msnbc.msn.com/id/12513303/
Exxon said its output rose by 5 per cent, the first increase since the third quarter of 2004, while earnings rose to $8.4bn, a 7 per cent rise or 14 per cent after items last year. Although a first-quarter record, profits missed analyst estimates and were more than 20 per cent lower than fourth-quarter profits. Revenues rose 8.4 per cent to $88.98 billion.
Folks, that’s around $93 million a day.
A day.
A few years back, I pointed out an article regarding the incredible rise in CEO salaries compared to the national average employee wage. Clearly, the article didn’t exactly raise much in the way of awareness.
But with the rising cost of gas, people are starting to take a second look.
A new article is available here: http://www.faireconomy.org/press/2005/EE2005_pr.html
Here’s a short sample that brings the point into clear focus.
The ratio of average CEO pay (now $11.8 million) to worker pay (now $27,460) spiked up from 301-to-1 in 2003 to 431-to-1 in 2004.
If the minimum wage had risen as fast as CEO pay since 1990, the lowest paid workers in the US would be earning $23.03 an hour today, not $5.15 an hour.
This phenomenon is being studied by more and more economic experts. Why? Because the ramifications are completely unknown. What does this do to our economy? How does this impact the middle class? Or the lower class?
This kind of CEO rewarding widely results in underfunded pensions, tax delinquency, and poor earnings for the companies they represented. Its all in the article.
Maybe the overpaid CEOs should take a day off like some of the immigrants did…
So what does this have to do with your faith?
It has much to do with your faith, starting with the Christian responsibility as outlined in Micah 6:8
He has shown you, O man, what is good;
And what does the LORD require of you
But to do justly,
To love mercy,
And to walk humbly with your God?
If you would seek justice, I heartily recommend making your voice heard in this conversation. Speak out to the corporations. As consumers and investors, we wield more authority and command more respect than we know. But we are largely ignored because we tend to prefer ignorance and apathy to justice and mercy.
Keep your mind on this topic for a bit. Pray about what your Christian response should be.
If nothing else, think about it the next time you hit the gas pump. As bad as it is for those of us in the middle class and above, imagine how difficult it is for those struggling to get by when the prices skyrocket.
$93 million a day. That is hardly just.
Recent Comments