Federal employees making salaries of $100,000 or more jumped from 14% to 19% of civil servants during the recession’s first 18 months — and that’s before overtime pay and bonuses are counted.
Federal workers are enjoying an extraordinary boom time — in pay and hiring — during a recession that has cost 7.3 million jobs in the private sector.
The highest-paid federal employees are doing best of all on salary increases. Defense Department civilian employees earning $150,000 or more increased from 1,868 in December 2007 to 10,100 in June 2009, the most recent figure available.
When the recession started, the Transportation Department had only one person earning a salary of $170,000 or more. Eighteen months later, 1,690 employees had salaries above $170,000.
……The growth in six-figure salaries has pushed the average federal worker’s pay to $71,206, compared with $40,331 in the private sector.
Contrast that with this:
The nation’s “pay czar” is at it again Friday, and this time, midlevel executives at bailed-out firms are getting a pay cut.
Fewer than 10 of 450 employees will be allowed to earn more than $500,000 per year, according to a source familiar with the plan, which covers six firms that received federal bailout funds.
Kenneth Feinberg, the special master for TARP executive compensation, will release the next phase of his determinations about pay for those executives Friday, and he’s expected to take a tough stance.
In October, Feinberg slashed pay for the first 25 most highly compensated employees at the TARP firms, prompting complaints from critics that the companies were being put at a competitive disadvantage for attracting and keeping top talent. Now Feinberg will issue pay rulings on employees 26 through 100 at the six companies
……Negotiations over the stringent pay measures may be one reason why several banks have been eager in recent days to pay back the government and free themselves from Feinberg’s authority. Bank of America sent the federal government a check for $45 billion this week, completing its withdrawal from the TARP program. And Citigroup is in negotiations with government officials over how it will be allowed to exit as well.
……The new rules apply to six companies: Citigroup, American International Group, General Motors, Chrysler, Chrysler Financial and GMAC. Under the Emergency Economic and Stabilization Act, the special master has a mandate to review all forms of compensation for the top 100 highly compensated employees at the firms that received “exceptional” TARP assistance.
‘Don Obama’ forced TARP on private corporations and banks whether they wanted it, needed it, or not. After they were under government jurisdiction, there went any hope of free market enterprise.
He’s done everything in his power to centralize control of the means of production and distribution of capital, as well as how these companies are run.
That, for the uninformed, is socialism.
As a retired Soldier, I wish to hell B. Hussein was as generous with our COLA. It’s been denied this year due to lowered oil prices; as if that helps with the fucking utilites, mortgage, and food. I’m all for raises to federal workers, especially those DOD personnel who continue to work with and for the military. The bottom line is Obama and his economic ‘czars’ hate capitalism and as long as he controls the treasury, he’ll dole or take as he sees fit.