The Next President of the United States

The biggest issue for me in the next presidential election is the economy. I do not expect the results of the November 4 election to change the course of the country during the next two years.

The middle class is shrinking thanks to technology and foreign competition. From the 2000 to the 2012, real U.S. median household income decreased 6.6 percent. That is a decrease from $55,030 in 2000 to $51,371 in 2012 according to The U.S. Census Bureau. In the meantime the wealthiest in our country became even richer. It is, by now, well-known that income inequality has increased in the United States. The top 10 percent of earners took more than half of the country’s overall income in 2012, the highest proportion recorded in a century of government record keeping.

Where are the ideas that will enable this country, the United States, to thrive in this century? By 2016 we will already be well into the 21st century. Things happening on the other side of the world do effect what happens here. Our economy is struggling to find a new direction. Our leaders are silent on their ideas about where we as a nation should be going.

Others may say it is too early to expect any ideas from the 2016 candidates but I do not agree with that view. I want to hear new ideas. I want to hear what the candidates will do to lead this country.

Obama’s 2008 campaign used the slogan “Change we can believe in” and the chant “Yes We Can”. John McCain’s 2008 campaign used the slogan “Country First.” Can anyone explain the meaning of those slogans? Neither told us what those candidates would do as president. We all know how that turned out. We chose change but obtained grid lock and a lack of leadership skills.

I am not interested in their political party as much as I am interested in their plans. Candidates should fill in the remainder of this statement. “If I am elected president I will ______.”

It is unlikely there will be a candidate that will make this statement. We will be inundated with new slogans and words telling us how bad the opponent is for the country.

How many of us will ride above the political party line and vote for the best man? Or is it the best woman? Hmm. The gender, sexual orientation, or religion of the candidates might be the big issue. And once again we won’t be focusing on the real question. Where will you take this country?

You Would Be Smiling Too!

Lloyd Blankfein

Lloyd Blankfein is the CEO of Goldman Sachs.  The company cut 900 jobs last year.  He earned $26 million in 2012.   Wouldn’t you be smiling? But he is not alone!

John Stumpf, the head of Wells Fargo Bank was awarded $19.3 million in 2012.

The Capital One chief, Richard Fairbank, was the third highest-paid bank CEO in North America even after taking a 8.9 percent pay cut, dropping his compensation to a mere $17.5 million for 2012.

Poor Jamie Dimon, CEO of JP Morgan Chase, saw his 2012 compensation cut in half to $11.5 million after a loss of more than $6.2 billion on a failed bet on derivatives.

The pay of the top 20 bank CEOs increased an average of 7.7 percent for 2012 compared with a year earlier, according to data compiled by Bloomberg. The tally is based on salaries, stock, bonuses and long-term incentive pay awarded to the CEOs for 2012.

The annual earnings of the heads of America’s largest corporations average is over $28 million.

Meanwhile the United States BLS reported last September that Median family household income declined by 1.7 percent in real terms between 2010 and 2011 to $62,273.

In other words the leaders of our largest companies earn more than 456 times the average family household earnings.

Isn’t free enterprise a wonderful thing?