And finally today, a tale of two paycuts. One voluntary, the other involuntary.
President Obama’s apparently decided he will give back 5 percent of his $400,000 salary. The White House says he’s returning the money in light of all the federal workers furloughed by the sequester, those automatic across the board spending cuts. That’s a sacrifice of about $20,000 a year.
The CEO of struggling JCPenney, on the other hand, got a 97 percent cut in compensation — and that wasn’t voluntary. That brought Ron Johnson down to about $1.9 million a year.
I think both gentlemen will survive.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.
You make our
Support nonprofit news you love with a gift today.