We hear a lot from the government about workers and shirkers, the hard working who deserve their money and the scroungers who deserve nothing. By this we are to understand that wealth itself is evidence of effort while poverty indicates laziness. That would be a very convenient explanation, skipping over how much wealth is earned and how much inherited. Wealth buys opportunity, education and connections, but if you acknowledge that, you have to recognise that massive earning differences have nothing to do with worth.
Now, if someone is out there saving lives, then it would be hard to over value their worth. Firemen would be a fine case in point. Would any of us argue with massive pay rises and bonuses for firemen, who risk their lives on a regular basis to save the lives and property of others? Firemen are heroes. We will never be able to thank them enough for what they do. But, compare that to bankers who take other people’s money and effectively gamble with it, and seem to get paid whether they make money for their bank, are mediocre or actually bankrupt a country. I’d love to know how that works. The guy at Barkleys Bank wisely declined his obscene bonus this week, perhaps recognising it might not be politic to take what he clearly hadn’t earned.
We have a system based on ideas of growth, market development, investment and whatnot. Now, skipping over the issue of infinite growth with finite resources…. I learn from the Guardian that the economic boom of the noughties was an illusion. Businesses were not investing or growing, and most of the money came from borrowing against inflated house prices. FTSE top 100 companies grew by 2.6 % on average per year while executive bonuses went up by 26 % a year, on average. My ten year old can do the maths. It’s insane. If a person gets paid way beyond what they earn, or generate for their company, they have not earned it. A bonus based on actual profits, actual development would make some kind of sense, but this doesn’t. It’s all about those in high places having the power to set their own pay scales and enough friends also in power to back them up. If you can’t show your company is thriving, you haven’t earned a bonus, and the only bonus you could earn would be in line with company profit. Anything else is TAKEN, not earned.
Let’s backtrack to those thought forms about hard work and earning your money. No company could survive without the people who do the work. The makers and builders, the ones on the shop floor, the ones talking to customers. These are the people at the bottom end of the pay scale, least valued by the company and they aren’t paid bonuses, in the normal scheme of things. Why assume if a company thrives that it is only due to the efforts of the management?
What I’d like is legislation that requires bonuses and pay rises to be linked directly to profitability in a meaningful way. (Not think of a multiplier and use that). I think there should also be a requirement that bonuses be paid out to every employee, not to managers alone, in situations of profit and success, and that people who are discernibly doing a mediocre job, or failing, should not get pay rises. Workers don’t get pay rises if their annual review doesn’t see them as being valuable. Why should bosses be different?
The irony here, is that this would be a system to drive genuine growth and investment. Full on capitalism. The people who claim to be capitalists evidently aren’t – rewarding failure and not investing to grow do not a capitalist system make. It’s not about the market, it’s simply a leech culture. And here’s me, anarchic and anti-capitalist with a vision that, although it alarms me to say it, is really speaking more innately capitalist in principle than what the capitalists are doing.
Yes Mr Cameron, we do have a culture where there are hard working people, and scroungers. Generally speaking, the scroungers are doing really well at bleeding the economy dry for their own benefit, while the hard workers are not anything like as well paid as they deserve to be. This is because we have a system that rewards power, not effort, or achievement. Just power. But that’s probably not worrying you, given that you are quite definitively In Power. However, as every leech knows, if you bleed a thing dry, you starve. A little enlightened self interest might not go amiss