Pope Leo said “we’re in big trouble” when it comes to the ever-widening pay gap between the rich and poor, citing Elon Musk, who may be on course to become the world’s first trillionaire.
Leo made the remarks while criticising executive pay packages during his first interview with the media.
Reflecting on why the world was so polarised, he said one significant factor was the “continuously wider gap between the income levels of the working class and the money that the wealthiest receive”.
“CEOs that 60 years ago might have been making four to six times more than what the workers are receiving … 600 times more [now],” the pontiff said in excerpts of the interview conducted by Elise Ann Allen, a senior correspondent with the Catholic newspaper Crux as part of a forthcoming biography.
Earlier this month, the board of the electric car maker Tesla said it had proposed a new trillion-dollar pay package for Musk, its chief executive and largest shareholder, if he hit targets set by the company.
Outlining the incentive package, which is unprecedented in corporate history, in a stock market update, the company said: “Yes, you read that correctly.”
The pope, who turned 70 on Sunday, has so far shown to be much more low-key than his predecessor, even if they shared similar progressive political views.
Francis often clashed with the US president, Donald Trump, over his hardline immigration policies, while Leo, formerly Cardinal Robert Prevost, also criticised Trump’s policies on his X account before becoming pope.
That is in fact the Great Capitalist Attractor, one of the stable solutions of Capitalism, the Mathematical Simulation. One person owns everything, everybody else relies on the One Person for economic output.
We are already dangerously close to this. The economy of the USA is dominated by spending by the wealthy. The under-wealthy have so little, their economic activity is becoming irrelevant; also, their spending is for life sustenance, so they can’t spend less than they do.
It seems to be the reason why stocks have been decoupled from basic economic activity for a while now. Stocks rely on spending by the wealthy, since only the wealthy can afford stocks, and the wealthy love stocks as more sophisticated tulips. Did you notice that TSLA, a company with catastrophic losses in sales, is still going up in price?