Nov 9, 2015
On average, bosses make 200 times the pay of average workers.
Five years ago, Congress passed a law to force companies to report the CEO-to-average-worker pay ratio in their annual SEC filings. But lobbyists for big business completely defeated its implementation, leaving the SEC proposal in legal limbo.
One economic research group took 64 of the largest corporations in the U.S. and found median pay for CEOs at these companies was 11 million dollars a year. At Walt Disney Corporation, the chief executive made almost 44 million last year; the median Disney worker got $19,500. At Qualcomm the chief executive’s 60 million dollar pay puts him at more than a thousand times the pay of the average worker. The head of Starbucks also made more than a thousand times the pay of the average Starbucks worker last year.
Another research group went back 50 years to look at the gap between CEOs and their median worker’s pay. In 1965, average CEO pay was 20 times average worker pay.
The economy isn’t better than it was 50 years ago.
Only for CEOs!