Study: CEO pay now 200 times more than a worker
Compensation for chief executives at American companies grew 15 percent in 2011 after a 28 percent rise in 2010, part of a larger trend that has seen CEO pay skyrocket over the last three decades. Workers, on the other hand, have been left behind.
Since 1978, CEO pay at American firms has risen 725 percent, more than 127 times faster than worker pay over the same time period, according to new data from the Economic Policy Institute:
From 1978 to 2011, CEO compensation increased more than 725 percent, a rise substantially greater than stock market growth and the painfully slow 5.7 percent growth in worker compensation over the same period.
In 1978, CEOs took home 26.5 times more than the average worker. They now make roughly 206 times more than workers, EPI found. The pay isn’t always tied to the performance of their businesses – as ThinkProgress has noted, CEOs at companies like Bank of America often pocket huge pay increases even as the company’s stock price plummets and jobs are cut.
As a result, American income inequality has skyrocketed, growing worse than it is in countries like Pakistan and Ivory Coast. Wealth inequality is worse than it was even in Ancient Rome. And, as pay skyrockets and tax rates fall for the richest Americans, the rising inequality has left the bottom 95 percent of Americans saddled with more debt than ever before. – thinkprogress.org
Workers’ wages aren’t tied to productivity either. Despite substantial gains in productivity since the 1970s, worker pay has remained flat. According to Labor Department data cited by the Huffington Post, inflation-adjusted wages fell 2 percent in 2011. – thinkprogress.org
Working and middle-class Americans have seen their debt balloon since the 1980s. Today, Americans owe some $704 billion in credit card debt, and more than that in both auto loans and student borrowing. CNN
- Executive Excess in the New Gilded Age (alethonews.wordpress.com)
- Maxing Out (alethonews.wordpress.com)
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By Khaled Mouammar | October 15, 2010
The Harper government’s failure to get Canada elected to the Security Council was a diplomatic fiasco that brought Canada humiliation and shame on the world stage.
As usual the Harperites reacted by blaming everyone else for their misguided and failed policies. So far the list includes Michael Ignatieff, the Europeans, Brazil, Venezuela, Cuba, Arab countries, Muslim countries and the Canadian Arab Federation (CAF).
Sensing that Canadians did not buy these hysterical accusations, Prime Minister Harper decided to switch gear and now says with tongue in cheek that his foreign policy is “based on the promotion of our values — freedom, democracy, human rights and the rule of law, justice, development, humanitarian assistance for those who need it,” and is not based on popularity.
This is the same government that domestically has eroded the protection of free speech and has weakened, marginalized and silenced Canadian democratic institutions and civil society organizations by cutting funding to numerous organizations that disagree with the Government’s positions… continue
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