(Angus Reid Global Monitor) – A large majority of people in the United States would like to see the salaries of top executives capped, according to a poll by Angus Reid Public Opinion. 47 per cent of respondents strongly support this idea, and 31 per cent back it moderately.
(Angus Reid Global Monitor) – A large majority of people in the United States would like to see the salaries of top executives capped, according to a poll by Angus Reid Public Opinion. 47 per cent of respondents strongly support this idea, and 31 per cent back it moderately.
Since 2007, defaults on so-called subprime mortgages—credit given to high-risk borrowers—in the U.S. caused volatility in domestic and global financial markets and ultimately pushed the U.S. economy into a recession. A recession is defined as two consecutive quarters of negative growth. The crisis has affected the global financial and credit systems, and triggered layoffs in companies around the world.
Throughout the recession, the issue of high executive pay and bonuses has become a hot topic, as taxpayers’ money has been used to bail out several major banks, auto-makers, and insurance companies.
In American elections, candidates require 270 votes in the Electoral College to win the White House. In November 2008, Democratic nominee Barack Obama secured a majority of electoral votes, defeating Republican John McCain. In January, Obama became the first African American president in U.S. history.
The federal government is currently in ownership position of seven companies, including insurer AIG and Bank of America. On Oct. 28, federal "pay czar" Kenneth Feinberg—an appointee of the U.S. Treasury Department—appeared before Congress to discuss whether he should impose a salary cap on executives working in the seven companies.
Democratic New York congressman Edolphus Towns said he supports the caps, adding, "Wall Street can no longer be trusted to control itself (…) No doubt there is howling in the executive suites, but I don’t think the taxpayers are going to be shedding any tears over this."
Polling Data
Do you support or oppose salary caps on executives?
|
Strongly support
|
47%
|
|
Moderately support
|
31%
|
|
Moderately oppose
|
15%
|
|
Strongly oppose
|
7%
|
Source: Angus Reid Public Opinion
Methodology: Online interviews with 1,010 American adults, conducted on Oct. 28 and Oct. 29, 2009. Margin of error is 3.1 per cent.
