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 Nile Bowie | RT | April 23, 2013
The private prison population in the US has rocketed 17-fold over the last two decades mostly on the shoulders of the deep-pocketed prison lobby, and the business continues to thrive.
Try confining yourself to a small room in your home, like a bathroom or a closet, and spend a few hours there. One only cringes to imagine the detrimental psychological effects that kind of solitude creates for individuals who are subjected to solitary confinement for years at a time, knowing only the walls of their cell and the shades of light that creep across them. The abhorrent state of affairs at the Guantanamo facility often makes international headlines and arguably overshadows the calamity that is the US domestic prison system – where over six million people are subject to some form of correctional supervision, an amount exceeding those who toiled in the Soviet gulags during Stalin’s reign. In the United States, some fifty thousand inmates pass their days in solitary confinement. While there is undoubtedly no shortage of violent criminals in America’s jails, millions are dolled out annually by privately owned prison lobbies directly to politicians in an effort to influence harsher ‘zero tolerance’ legislation and mandatory sentencing for many non-violent offenses. … continue
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