Governor Tom tells tall tales. Here is Tom’s Top Twelve Tall Tale Number Six – Public sector execs are overpaid.
In 2009, the average compensation for a private sector CEO was $10,982,000 per year. Before he was sacked as President of Penn State University, Graham Spanier was the highest paid public sector exec in the Commonwealth. His salary was $620,000 or 5.65% of what the average CEO gets in the private sector. Spanier’s salary was characterized as “huge” and stated as one of the justifications for cutting the Commonwealth’s funding to public higher education by 50%. To highlight the absurdity of such a statement, here are some selected salaries of some private and two public sector individuals in descending order:
$33,000,000,000 Wall St. paid its traders in bonuses last year. Note the extra zeros.
$10,982,000 – pay for the average private sector CEO. Note the extra zero.
$1,300,000 – the late Joe Paterno’s salary as head coach at PSU.
$1,000,000 – “Safety award” bonuses paid to Trans Ocean executives. And just in case you forgot, it was the Trans Ocean folks who brought us the oil rig fire that killed eleven people and caused the worst oil spill in the history of the planet. A million dollars for safety award bonuses. I kid you not.
$620,000 – Salary for that greedy former PSU President, Graham Spanier.
$262,000. About the only person in the private sector to make less than Graham Spanier was Bristol Palin for her work as “Abstinence Ambassador.”
Of course, what some will conclude from all the above facts and figures was that 1) JoePa was robbed or 2) these are hard times for private sector jobs creators like Bristol Palin.
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