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.
As a nonprofit news organization, our future depends on listeners like you who believe in the power of public service journalism.
Your investment in Marketplace helps us remain paywall-free and ensures everyone has access to trustworthy, unbiased news and information, regardless of their ability to pay.
Donate today — in any amount — to become a Marketplace Investor. Now more than ever, your commitment makes a difference.