They could be thinking that the explanation is a substitute for pay.

FORBES: You Won't Close Your Own Wage Gap If You Don't Know This

The generally accepted explanation for this is that those who would pay the higher income tax rates prefer munis to the other bonds and thus invest disproportionately in them.

FORBES: What Is This Nonsense That Warren Buffett Is Spouting About Taxes On Investment?

The most immediate explanation is the economic downturn: bosses are doling out ever fancier titles as a substitute for pay raises and bonuses.

ECONOMIST: Inflation in job titles is approaching Weimar levels