NEW YORK, Jan. 31, 2007
Bush Takes Aim At Huge CEO Pay
President Touts Good Economic News While Acknowledging Anger Over Executive Salaries
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Play CBS Video Video Bush On State Of The Economy CBS News RAW: President Bush gave his State Of The Economy address in New York. He touched upon many topics, including corporate salaries, protectionism, subsidies and George Washington.
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President Bush shakes hands with traders during an unscheduled visit to the floor of the New York Stock Exchange in New York Wednesday, Jan. 31, 2007. (AP)
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President Bush delivers speech on the economy at Federal Hall in New York, Wednesday Jan. 31, 2007. (AP Photo)
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Interactive Eye On The Economy In-depth features on U.S. markets, taxes, employment and the Federal Reserve.
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The annual salary of the president is $400,000.
Mr. Bush chose to speak at the venerable Federal Hall on Wall Street, a symbol of both America's democracy and its economic resilience. The current hall, which dates to 1842, is now a museum that helped provide emergency shelter when terrorists destroyed the World Trade Center, just a few blocks away.
"The state of our economy is strong," he declared.
Democrats respond that the president is giving a misleadingly rosy picture about the economy.
"President Bush can deliver all the economic pep talks he wants, but the fact remains that his failed leadership has led to the worst job recovery on record, stagnating household incomes, a rise in poverty and record deficits," said Stacie Paxton, spokeswoman for the Democratic National Committee.
Since Mr. Bush took office in 2001, the country has seen one in five manufacturing jobs disappear, a total of 2.96 million lost jobs. The U.S. trade deficit is expected to climb to a fifth consecutive record when final 2006 figures are totaled next month.
But the public's optimism about the economy has grown since the end of the year, reflected in rising approval of Mr. Bush's handling of that economy — now at 43 percent in AP-Ipsos polling.
Mr. Bush also assured the business community of his opposition to tax increases and asked the Democratic-controlled Congress for line-item veto authority, extended trade-promotion authority, a balanced budget in five years and a commitment to tackle budget-busting entitlement programs.
Mr. Bush later made a rare visit to the floor of the New York Stock Exchange, where traders chanted his name and cheered. It seemed like a campaign stunt but it was meant to drive home the point he made earlier in his speech about the strength of the economy.
"The Dow Jones has set new records 26 times in the last four months," Mr. Bush said.
Traders clamored to shake Mr. Bush's hand and get his autograph, rendering the exchange floor even more jammed and chaotic than usual, CBS News correspondent Mark Knoller reports.
While in New York, Mr. Bush also met privately with the son of a Ground Zero rescue worker who died last week from lung disease.
"On behalf of all World Trade Center victims, I expressed the urgency and the desperate need for financial support for health services," said Ceasar Borja Jr., 21.
He said he told the president that the funding should be expanded not for just "the heroes and heroines" who risked their lives to save others under the twin towers, but also for men, women and children exposed to the fumes because they lived or worked in the area.
Borja's father, Cesar Borja, was a police officer who worked 14-hour days in the smoldering pit after the Sept. 11, 2001, terrorist attack. He died at 52, while awaiting a lung transplant.
The White House said the federal budget to be unveiled next week includes $25 million in funding for the screening and treatment of 9/11 first responders. Spokesman Tony Snow said those who need treatment will get it.
© MMVII, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
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See all 97 CommentsI would because I really don't have that much of a need for that much money. I can't imagine ever being able to spend $25.7M once, much less year after year. Nopt to mention $210M. As an American, if I were a CEO, why not decrease the pay to $2M and use the rest to hire Americans instead of outsourcing to India, Pakistan, or wherever. Pay Americans a GOOD wage with insurance and benefits.
Of course I wouldn't be able to be a good Republican because that would go against their idea of helping anyone but themselves. But then I could live with myself knowing I helped an American get a decent jopb and possibly raise a family.
Gosh, it sounds like I might even become a Christian-like individual, instead of a greedy person.
Last time I looked greed was considered one of the "deadly sins" along with pride/vanity, wrath, sloth, envy
I would because I really don't have that much of a need for that much money. I can't imagine ever being able to spend $25.7M once, much less year after year. Nopt to mention $210M. As an American, if I were a CEO, why not decrease the pay to $2M and use the rest to hire Americans instead of outsourcing to India, Pakistan, or wherever. Pay Americans a GOOD wage with insurance and benefits.
Of course I wouldn't be able to be a good Republican because that would go against their idea of helping anyone but themselves. But then I could live with myself knowing I helped an American get a decent jopb and possibly raise a family.
Gosh, it sounds like I might even become a Christian-like individual, instead of a greedy person.
Last time I looked greed was considered one of the "deadly sins" along with pride/vanity, wrath, sloth, envy, gluttony, and my personal favorite, lust.
I hear you W, you are so right, and thanks for taking up for us little people. You are my hero.
This is just as transparent as his state of the union note to reduce oil dependency by 20%. Why has there been no concern for this for the past six horrible years. What an idiot!! How can anyone who can read, not think this is the worst president in our nation's history.
By MARTIN CRUTSINGER
WASHINGTON (AP) - People once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago."
Of course our savings is decreasin, we are spendig more on gas and filling the pockets of the CEOs of big coprs.
NEW YORK (AP) - Oil giant Exxon Mobil Corp. (XOM) (XOM) on Thursday posted the largest annual profit by a U.S. company - $39.5 billion - even as earnings for the last quarter of 2006 declined 4 percent.
The 2006 profit topped the previous record of $36.13 billion which Exxon set in 2005.
Revenue at the world's largest publicly traded oil company rose to $377.64 billion for the year, surpassing the record $370.68 billion that Exxon posted in 2005."
Meanwhile it costs me more $$ to get to and from work, buy groceries, heat my house, etc...
Not to mention the extra $$ it costs the elderly and those living on fixed/limited income to do the same.
Corporate greed needs to be stopped.
If the $210M is flat taxed @ 90% that is $189M which would yield 6,300 jobs at $30,000 each for one year. With this kind of "business" giving CEOs such $$ is it any wonder that they cannot afford health care for their employees?
What a shame this poor guy can't buy his wife that diamond ring and a Mercedes Benz for Christmas until next year, he has to save his money this year. Give me a break.
Home Depot chief executive Bob Nardelli was earning an average of $25.7 million a year %u2014 excluding stock options %u2014 before he was forced out in a furor over his hefty pay. He left with a severance package worth about $210 million."
The solution here is obvious, impose a flat excess tax on the CEOs of 90% and give the money to a national pention plan to benefit all American workers as well as medicare/medicade recipients. To keep from being taxed the CEOs could voluntarily give up their excess and provide more American jobs above the minimum wage, pension plans, or even health insurance for their employees. $210M would provide 7000 jobs at $30,000 per year. This is just his severance pay.
25.7M @ 90% tax leaves this poor man in the poor house with only $2.57M per year, what a shame. The tax would be $23.3M, enough to provide for 771 jobs @ $30K each year he is the CEO, and all they want to pay their workers is about $8.50 per hour.
I just can't figure it out.
YEAH RIGHT!! Bush believes in the archaic and elitist "trickle down economics". He thinks that giving all the middle class' money to a wealthy elite results in "more jobs".
As we all know, Bush is an idiot.
He also arranged for Ken "Kenny Boy" Lay's estate to keep all the money Kenny Boy STOLE from ENRON investors/victims.
BUSH IS NO FRIEND OF ETHICS OR THE ECONOMY.
NOT TO ALARM YOU OR ANYTHING. Just passing this along.
http://thomas.loc.gov/cgi-bin/
query/z?c110:H.R.393:
Universal National Service Act of 2007 (Introduced in House)
HR 393 IH
110th CONGRESS
1st Session
H. R. 393
To require all persons in the United States between the ages of 18 and 42 to perform national service, either as a member of the uniformed services or in civilian service in furtherance of the national defense and homeland security, to authorize the induction of persons in the uniformed services during wartime to meet end-strength requirements of the uniformed services, to amend the Internal Revenue Code of 1986 to make permanent the favorable treatment afforded combat pay under the earned income tax credit, and for other purposes.
IN THE HOUSE OF REPRESENTATIVES
January 10, 2007
http://www.ynetnews.com/articles/0,7340,L-3359232,00.html
Link to Ynetnews article presenting the best way to hurt Iran is to lower its income by lowering the Oil Price. No mistery in recent oil price reduction. It's just a temporary measure to finish the kill East of Iraq and then come back to skrew us badly, with higly inflated Energy-price. Prepare the YK tubes. Keep them at hand reach.
Don't you something better to do ????
Posted by exusmcsgt
-this time of unaccountability is gone. We have some decent senators in house. They are pulling the breaks on his adventurous dreams. Was about time the free-for-all behavior of this evil-spirited man to stop.
Posted by grazinggoat at 07:38 PM
I would submit that the neocon agenda is more interested in taking the U.S. back to the pre-FDR era.
Subsistance wages for the masses, an unfettered elite class, and government doing what it wishes without any questions asked or accountability.
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See all 97 Comments