Nancy Pelosi (D-Calif.) seems to have a problem
with the incomes of WalMart executives. As people who are responsible for the acts of the entire company, I don't see why she has this problem, but there you are.
Anyway, she laments that "an entry level person at Wal-Mart, who works his or her entire career at Wal-Mart, would make as much as the CEO makes in two weeks
Shall we take a look at how her income squares against this lamentation?
According to the San Francisco Chronicle
, aside from her congressional salary of ~$105,000/year, in 2003 she had holdings worth about $92 million. Now, at the noble minimum wage that she supports so well, just her congressional salary is equal to 10 years' work at WalMart. But, toss in her worth and it comes to 8,932 YEARS
worth of minimum wage earnings. Is this lamentable to her, or only if the rich are CEOs?
As an aside, shall we look at simply her residences in 2003? Her basic necessities of living?
According to the same SF Chronicle article, she lives in a conservative Pacific Heights home on Broadway, valued at up to $5 million. But, as a model of austerity, she also has a Sierra townhouse in Norden, worth up to $5 million, another condo in Alpine Meadows, valued at up to $1 million, and the Auberage du Soleil resort in Rutherford, a stake worth up to $5 million.
Her meager living arrangements come to a paltry $16,000,000. Certainly pauper status. I hope she never has to wait too long in line at the soup kitchen.
At least the WalMart CEO brings a profit to his shareholders. If he didn't, those holders would soon put him out on his ear and bring in someone who will give them a return on their investments. What does Pelosi produce? What profit does she bring to shareholders? What does she do that generates wealth for others?
Note: Generating wealth does not include moving monies from Box A to Box B, especially when one owns neither box in the first place.