President Obama noted the enormous discrepancy in pay between teachers and hedge fund managers at the Catholic-Evangelical Leadership Summit on Overcoming Poverty at Georgetown University on Tuesday.
He noted that, “The top 25 hedge fund managers made more than all the kindergarten teachers in the country.”
In 2012, the nation had about 158,000 kindergarten teachers, excluding whose who work in special education. The average salary was 3,480.
An annual ranking of top hedge fund managers found that the 25 most successful pulled in 1.62 billion in 2014.
In other words, those 25 men — and yes, they were all men — made about 64 million apiece, just a tad bit more than the teachers’ 3,000. The highest earning hedge fund manager and trader was Steve Cohen, making an estimated .3 billion in 2014.
Obama referred to hedge fund managers as society’s lottery winners, and said it was only fair that they pay a larger share of taxes.