Gov. Inslee Asks State Agency to Address “Income Equality”
Critics are saying this is his most progressive, boldest move towards redistribution of wealth. No wonder the story broke on a Friday, when most people won't be paying attention.
Gov. Inslee, according to the Daily Astorian Newspaper, has asked a state agency to address what he calls 'income inequality.'
the State Investment Board is going to be asked to take a look at the salaries of corporate executives in the state vs. those of the 'average' workers, and find ways to bring them closer together.
According to the Astorian:
"Inslee, in his State of the State speech Tuesday, asked the board to go further and use its voting power to "reduce the widening pay gap between CEOs and their workers."
McIntire said Wednesday he believes stagnant wages of average employees are a "significant problem in the U.S. economy," but he said the board only considers voting against the salaries of corporate executives if it would negatively affect its investments. The board has voted against an estimated 17 percent of "compensation proposals" for CEOs since 2010, he said.
The board probably won't review its policies and voting guidelines based on Inslee's speech, McIntire said. "It's a public comment, and we always take into consideration the public comment we get," he added."
Senate Majority Leader Mark Schoesler, R-Ritzville, was quick to oppose Inslee's suggestion in a news conference Tuesday. He said it was the first time he had seen a governor politicize the State Investment Board.
The role of the board is to oversee investments in the state, and does have the power to vote against the salary of an executive IF it's out of line with how the company performs financially-or if the salary is merited by company profits. That's perfectly reasonable. But now Inslee is asking the board to find ways to reduce corporate leadership wages so they're closer to the average worker.
Redistribution of Wealth, welcome to Washington state.