The fourth Democratic 2020 Presidential candidate debate will be held on October 15, 2020 at Otterbein University in Westerville, Ohio, a Columbus suburb. It's good to see that the New York Times will be one of the hosts. The quality and relevance of the questions should improve substantially from what they were in the first three debates where the key economic issues played such a minor part.
The key issue to Ohio citizens should be the huge and continuing Income Inequality Expansion which is at the core of many critical problems the US faces.
While increasing the US federal minimum wage will help here, there is a much broader and critical problem that needs to be solved. The annual percentage increase in the pay and employee benefits of Company non-executive employees are minuscule in relation to that of Company executive employees and this has been going on for decades. When Corporate CEOs and CFOs primarily view non-executive employees as a Cost rather than as a Person, this is what happens. And neither political party has had the courage to take on US Corporations here.
Thus I will be doing research and making posts on the average annual pay and employee benefits increase per year that the Top-Tier Executives of large Ohio Companies were rewarded with in the past ten years.
The 6th Company I am addressing here is Parker-Hannifin Corp.
From annual compensation information contained in Company Proxy Statement filings with the US SEC, the chart at the bottom below shows Parker-Hannifin's Top-Tier Executives Annual Total Compensation for each of the two consecutive full years of employment for the past ten years.
Parker-Hannifin's Top-Tier Executives Average Annual Pay and Employee Benefits Increase was a robust 12.0% per year during the past ten years, which is the 5th highest of the six very large Ohio-related Companies I have addressed so far.
- TransDigm Group +243.1% per year for the past ten years
- General Motors +29.5% per year for the past ten years
- Cintas Corp +20.7% per year for the past ten years
- Eaton Corp plc +12.7% per year for the past ten years
- Parker-Hannifin +12.0% per year for the past ten years
- Procter & Gamble +7.4% per year for the past ten years
There have been many US Government laws enacted in the past two decades that have substantially increased income inequality expansion, but none more so than the Trump Tax Cuts Act.
On the other hand, the only highly effective US Government law enacted by either party in the past two decades that has substantially reduced income inequality expansion is Obamacare.
My objective is to get a better handle on just why the US and particularly here Ohio has such massive continuing Income Inequality Expansion ..... it appears to be predominantly about the relative long-term annual pay raise percentages for the executives of a Company vs the many non-executive employees of a Company, coupled with the stock price appreciation subsequent to the time the company executives were rewarded in their pay with stock equity compensation.
And the continuing annual net tax revenues raised by the US Government here should be set up in a separate fund to be used only for wise additional income inequality narrowing initiatives. This fund should be run by an outside group made up entirely of minorities harmed the most by Income Inequality Expansion of the past decades .....all women, all blacks, all Latinos, all other non-white people, all past and present union members, all LGBTQ, all non-employee contract workers and all middle and lower income people of all ages, including those retired.
My objective is to get a better handle on just why the US and particularly here Ohio has such massive continuing Income Inequality Expansion ..... it appears to be predominantly about the relative long-term annual pay raise percentages for the executives of a Company vs the many non-executive employees of a Company, coupled with the stock price appreciation subsequent to the time the company executives were rewarded in their pay with stock equity compensation.
To fix Income Inequality driven mainly by Company and its Board of Director choices on Percentage Annual Pay Raises, the US Government should step in and pass wisely-designed, simple but effective Fair Pay Raise Income Inequality Narrowing Company tax incentives for Companies which reward non-executive employees with fair pay increases ..... the carrot ..... and Company tax disincentives for Companies which reward executive employees with clearly excessively high pay increases ..... the stick. I am certain ..... it is simple math ..... that this tax proposal would be very effective in substantially reducing the huge income inequality expansion that has occurred for decades in annual percentage pay raises between company executives and the rest of the company employees.
And the continuing annual net tax revenues raised by the US Government here should be set up in a separate fund to be used only for wise additional income inequality narrowing initiatives. This fund should be run by an outside group made up entirely of minorities harmed the most by Income Inequality Expansion of the past decades .....all women, all blacks, all Latinos, all other non-white people, all past and present union members, all LGBTQ, all non-employee contract workers and all middle and lower income people of all ages, including those retired.
Also, the US Government should require all US Corporate Boards to include at least one worker representative and to exclude any Company Executive.
Further, the US Government should ban Golden Parachutes.
| FYE | FYE | FYE | FYE | FYE | FYE | FYE | FYE | FYE | FYE | |||||
| June | June | June | June | June | June | June | June | June | June | |||||
| Parker-Hannifin | 2018 | 2017 | 2017 | 2016 | 2016 | 2015 | 2015 | 2014 | 2014 | 2013 | ||||
| Top-Tier | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | ||||
| Executive | Comp | Comp | Comp | Comp | Comp | Comp | Comp | Comp | Comp | Comp | ||||
| $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | |||||
| Williams CEO | 18,238 | 15,328 | 15,328 | 10,786 | 10,786 | 9,497 | 9,497 | 6,162 | 6,162 | 5,421 | ||||
| Suever CFO | 5,497 | 3,551 | ||||||||||||
| Banks COO | 8,949 | 7,615 | 7,615 | 7,050 | 7,050 | 7,089 | 7,089 | 5,541 | 5,541 | 5,586 | ||||
| Malone President Filtration Group | 2,893 | 2,712 | ||||||||||||
| Leonti General Counsel | 2,902 | 2,661 | 2,661 | 2,112 | ||||||||||
| Marten Retired CFO | N/A | N/A | 4,394 | 4,507 | 4,507 | 5,369 | 5,369 | 3,847 | ||||||
| Washkewicz Retired Chairman | N/A | N/A | 14,690 | 15,006 | 15,006 | 27,441 | ||||||||
| Bond President Fluid Connectors Group | 2,725 | 3,074 | 3,074 | 3,060 | ||||||||||
| Totals | 38,479 | 31,867 | 25,604 | 19,948 | 22,230 | 21,093 | 38,508 | 35,152 | 35,152 | 45,355 | ||||
| Annual % Change vs Prior Year | 20.7% | 28.4% | 5.4% | 9.5% | -22.5% | |||||||||
| 5 Year Average Per Year % Change | 8.3% | |||||||||||||
| FYE | FYE | FYE | FYE | FYE | FYE | FYE | FYE | FYE | FYE | |||||
| June | June | June | June | June | June | June | June | June | June | |||||
| Parker-Hannifin | 2013 | 2012 | 2012 | 2011 | 2011 | 2010 | 2010 | 2009 | 2009 | 2008 | ||||
| Top-Tier | Total | Total | Total | Total | Total | Total | Total | Total | Total | Total | ||||
| Executive | Comp | Comp | Comp | Comp | Comp | Comp | Comp | Comp | Comp | Comp | ||||
| $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | $ 000s | |||||
| Williams CEO | 5,421 | 4,748 | 4,748 | 4,400 | 4,400 | 3,909 | ||||||||
| Banks COO | 5,586 | 4,975 | 4,975 | 4,126 | 4,126 | 3,776 | 3,776 | 3,025 | 3,025 | 3,065 | ||||
| Marten Retired CFO | 3,847 | 3,665 | 3,665 | 3,083 | ||||||||||
| Washkewicz Retired Chairman | 27,441 | 14,288 | 14,288 | 12,956 | 12,956 | 17,313 | 17,313 | 12,561 | 12,561 | 12,519 | ||||
| Bond President Fluid Connectors Group | N/A | N/A | ||||||||||||
| Barker EVP | 3,792 | 3,230 | ||||||||||||
| Pistell Retired CFO | N/A | N/A | 5,992 | 4,777 | 4,777 | 6,536 | ||||||||
| Kashkoush EVP | 3,649 | 2,822 | 2,882 | 2,552 | ||||||||||
| Totals | 42,295 | 27,676 | 31,468 | 27,795 | 21,482 | 24,998 | 30,730 | 23,185 | 23,245 | 24,672 | ||||
| Annual % Change vs Prior Year | 52.8% | 13.2% | -14.1% | 32.5% | -5.8% | |||||||||
| 5 Year Average Per Year % Change | 15.7% | |||||||||||||
| 10 Year Average Per Year % Change | 12.0% |
