Truthdig! - August 15, 2019
As even some of the wealthiest Americans have begun to call for major reforms to the U.S. economic system to narrow the wealth gap, a new study released Wednesday revealed that over the past four decades, salaries for the top executives in the U.S. have gone up by more than 1,000 percent.
CEOs at the 350 largest companies now take home salaries that are 278 times higher than those of the average worker, according to the new Economic Policy Institute (EPI) analysis.
With an average compensation of $17.2 million per year, report co-author Lawrence Mishel said Wednesday, today’s CEOs would barely notice a change in their quality of life if their salaries were slashed.
“You could cut CEO pay in half and the economy would not be any different,” Mishel, a distinguished fellow at EPI, toldThe Guardian.
EPI’s findings about CEO compensation were denounced as “obscene” by critics of the current economic system, under which 40 percent of American workers struggle to find $400 in their budget to cover an emergency expense while the heads of powerful companies are given huge tax breaks on top of their salaries.
The study represents “an obscene concentration of profit at the top levels of companies,” tweeted journalist Heidi Moore. “Workers should be able to share in the value.”
“Corporate greed is eviscerating the working class,” tweeted the consumer advocacy watchdog Public Citizen. ...
Read full report at Truthdig!