UYGUR: Well, we end the show with good news today, everybody. Corporate profits are way up. In fact the fortune 500 companies made a combined $10.8 trillion last year and their profits soared 81 percent. So obviously you`ve all been rehired, right? I thought this was supposed to trickle down to all of us, but yet we still have about nine percent unemployment. Now, corporations are asking for bigger tax breaks, because I guess they didn`t make enough money by not hiring you. They say if we just give them more breaks, then out of the infinite mercy of their hearts, they will consider hiring some of us. Maybe.
In fact, this is the one thing Democrats and Republicans agree on unfortunately, that we should lower corporate tax rates. Treasury Secretary Tim Geithner is proposing taking out some of the loopholes in the system and lowering corporate taxes from 35 percent all the way down to 26 percent. And of course, his fellow Republicans, yes, he is a republican, he just happens to work on a democratic administration, of course love the idea, they`ve all enthusiastically agree to start planning on this.
The reality, of course is that these profits get concentrated at the very top to give you a sense of that. There`s a startling new analysis done by Dean Baker that compares an average executive salary to the salary of a Navy SEAL, you know, the guys who just risked their lives to take out Bin Laden. A Navy SEAL makes $54,000 on average. The CEO`s of Goldman Sachs and JP Morgan make about 20 million a year. But let`s be fair and take the average pay of a CEO at an S&P 500 company. That number is $11,358,445. That means they earn 200 times the salary of our bravest troops. But we do have to retain their talent, right?
Now, who thinks these are the right priorities? And where have these priorities left us? With worst economic inequality than Pakistan, where our SEALs insisted that rate. Yes, Pakistan is more equitable than us. So, are the Ivory Coast, Utopia, and Kazakhstan. To be fair, we are nip and tuck with Uganda. I`m afraid we`re slipping into a banana republic where the rich are super-rich and everyone else grovels. Let`s get back to that American middle class, stop it with the corporate tax cuts, whether you`re a democrat or a republican.