Shades of William Jennings Byran's 'Cross of Gold'! The Globe didn't go totally Mel Gibson's 'Passion' on us this morning. But Dan Wasserman's cartoon does show workers being hung by the hands on rising corporate profits. This was the Globe's subtle way of commenting on news it reported yesterday that wages aren't rising as fast as profits. The Globe predictably overlooks the fact pointed out in this Investor's Business Daily article that:
"Most of us aren't paid just in "wages" but in wages and benefits. And when the two are put together, total compensation is up 8.7% since 2003, for an average annual gain of 3.5%.
"Why is this? Wages may not be soaring (up just 0.7% since 2000), but benefits are (13.1%). In other words, we're making more but getting it in the form of tax-free benefits. The Times' [and Globe's] implication — that we are somehow falling behind in the Bush years — is simply not true."
Have another look at the cartoon. Interesting how 'diversity' disappears when portraying corporate meanies!
UPDATE: Ken Shepherd of NB and MRC has reported that the NY Times - owner of the Globe - has been forced to admit that, as per recently released data, wages are actually increasing at a 7% annual rate even when adjusted for inflation.