Thursday, October 20, 2011

Steve Wynn blames his workers' falling salaries on deficits

You gotta love this! Another billionaire blaming his workers' pay cuts on deficits and the government. This is dumb even for a guy who peddles vice.

Here are his comments in a nutshell:

"Deficits are killing us, our dollars are worthless, and the Democrats are bankrupting the country and vilifying anyone who's successful. So naturally, people are protesting."

"I am watching my employees standard of living due to deficits. The public is making the connection between deficits and their standard of living. They're seeing their wages go to 80 cent dollars to 70 cent dollars. I have not been able to keep up with the effect of deficits."

Full article here.

Okay, so let's see...according to Wynn Resorts pays about average or less for most hotel/casino positions, so he's not actually giving away money in the form of compensation. Then there's the fact that Wynn laid off 265 workers last year. Fired employees often find it hard to realize an increase in their standard of living, at least right away.

As for Wynn's company (Wynn Resorts), pretax income grew 15-fold to a record. Tax expense has gone down! Revenues have grown steadily to a record. And Steve Wynn's personal income and net worth have gone up by quite a bit.

So, if he's worried about his employees' standard of living, then maybe he should pay them more and not blame it on the deficit, which actually adds to their income and savings.

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