Pigs at the Trough…Difference between CEO and Worker Pay Widens…

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Top executives at major U.S. businesses last year made as much money in one day of work as the average worker made over the entire year.

CEO’s from the nation’s largest corporations averaged nearly $11 million in total compensation, according to the 14th annual CEO compensation survey released jointly by the Institute for Policy Studies based in Washington and United for a Fair Economy.

During this same period, workers at the bottom rung of the U.S. economy received the first federal minimum wage increase in a decade. CEO pay, over that same decade, has increased by roughly 45 percent, the study found.

On average, CEOs at major American corporations saw $1.3 million in pension gains last year while 58.5 percent of American households had no retirement account at all.

As money continues to flow upward to the greedy and retirement savings dry up for the needy, America will continue this self imposed journey through the weeds of economic ruin, while conservative business owners and their bidders grind forward – selling our middle class out to China as they go. As our middle class slides headlong into oblivion toward the coming retirement crisis, and it will be coming to be sure, the U.S. will realize a shrinking GDP, in turn triggering comprehensive economic meltdown. The math is painfully simple. Wages are shrinking, job security is nothing more than wishful thinking and every time I pass a bridge with a refrigerator box under it, I wonder if it’s the precursor to middle class retirement housing in 2040. If something isn’t done to stem the tide of unbridled corporate greed and wanton destruction of working people in this country, we will witness massive social and economic chaos in our lifetime – it’s already beginning.

Welcome to conservative America…enjoy it while it lasts.       

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Posted on August 30, 2007, in Social Policy and tagged , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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