US bosses now earn 312 times the average worker's wage, figures show

[webfact]

US bosses now earn 312 times the average worker's wage, figures show

Astronomical gap between the pay of workers and bosses exposed in report on earnings of America’s top 350 CEOs

Dominic Rushe in New York

 

The chief executives of America’s top 350 companies earned 312 times more than their workers on average last year, according to a new report published Thursday by the Economic Policy Institute.

 

The rise came after the bosses of America’s largest companies got an average pay rise of 17.6% in 2017, taking home an average of $18.9m in compensation while their employees’ wages stalled, rising just 0.3% over the year.

 

The pay gap has risen dramatically, with some fluctuations, since the 1990s. In 1965 the ratio of CEO to worker pay was 20 to one; that figure had risen to 58 to one by in 1989 and peaked in 2000 when CEOs earned 344 times the wage of their average worker.

 

Full story: https://www.theguardian.com/business/2018/aug/16/ceo-versus-worker-wage-american-companies-pay-gap-study-2018

 

-- The Guardian 2018-2018-08-17

[Emster23]

Those poor put upon CEOs had a hard time getting by on that meager pay, so Trump and Republicans gave them a big fat tax cut so wouldn't have to go on foodstamps like their workers.

[Old Croc]

Obscene!

The system, misnamed democracy, has been hijacked by greedy oligarchs everywhere and the workers are allowing it to happen. They even assist and worship as celebrities those who steal from them! 

Trickle down economics, the biggest con job ever perpetuated.  

When will the idiot masses get their noses out of their "smart" phones and start the next great revolution?

[edwinchester]

Making America great (for the few) again.

[johnnybangkok]

Money begets money and only when the masses start to understand that collective bargaining in the form of unions is their only leverage this will continue for the foreseeable future, especially under a Republican government and especially, especially under Trump who is in effect the CEO of CEO's right now.

[helpisgood]

I can understand how top bosses would want make some big money.  By itself, that's fine and understandable.  However, doesn't there come a point where maybe some of those accumulated profits should be siphoned back to the team (perhaps merit and/or experienced-based) that had made things happen for the top guys? 

 

That's not necessarily a call for socialism, etc.  As I recall, Henry Ford greatly increased his workers' wages and shortened their hours for the benefit of the company, and even for the general economy.  One point made was that well-paid employees are more active consumers, which is good for the economy.

 

In short, making the big money is fine, but there does come a point where it starts to become more about greed. 

Edited August 17, 2018 by helpisgood
grammar

[AsiaHand]

So What ? Do you want to live in a poor ass commune or a Communist run country where only the very elite have any privileges? The CEOs are the ones that know how to put together those in the middle that make the companies competitive to make money that eventually helps those on the bottom (those that want to work that is) afford their luxuries (houses,cars,vacations,retirements,etc) . Two US  companies  APPLE and AMAZON will go over a Trillion dollar worth this year and they didn't get there by accident.It was the CEOs that put them there via there knowledge of commerce.  

[helpisgood]

15 minutes ago, johnnybangkok said:

Money begets money and only when the masses start to understand that collective bargaining in the form of unions is their only leverage this will continue for the foreseeable future, especially under a Republican government and especially, especially under Trump who is in effect the CEO of CEO's right now.

Not disagreeing with you in the least.

 

However, we need to add the point - as best as I recall my modern American history - that there has been a concerted effort to weaken and even break up the labor unions ever since the Reagan administration.  These clever politicians define voting as some sort of social and cultural issue, e.g., they would mention the "welfare queens" in places like Chicago.  Yeah, like they make as much as defense contractors.  Instead, some of these voters are voting against their own interests and should pay heed to your advice. 

[helpisgood]

3 minutes ago, AsiaHand said:

So What ? Do you want to live in a poor ass commune or a Communist run country where only the very elite have any privileges? The CEOs are the ones that know how to put together those in the middle that make the companies competitive to make money that eventually helps those on the bottom (those that want to work that is) afford their luxuries (houses,cars,vacations,retirements,etc) . Two US  companies  APPLE and AMAZON will go over a Trillion dollar worth this year and they didn't get there by accident.It was the CEOs that put them there via there knowledge of commerce.  

 

False dichotomy. 

[Jonnapat]

43 minutes ago, AsiaHand said:

So What ? Do you want to live in a poor ass commune or a Communist run country where only the very elite have any privileges? The CEOs are the ones that know how to put together those in the middle that make the companies competitive to make money that eventually helps those on the bottom (those that want to work that is) afford their luxuries (houses,cars,vacations,retirements,etc) . Two US  companies  APPLE and AMAZON will go over a Trillion dollar worth this year and they didn't get there by accident.It was the CEOs that put them there via there knowledge of commerce.  

Interesting conclusion???

[habanero]

54 minutes ago, johnnybangkok said:

Money begets money and only when the masses start to understand that collective bargaining in the form of unions is their only leverage this will continue for the foreseeable future, especially under a Republican government and especially, especially under Trump who is in effect the CEO of CEO's right now.

Don't like it? Start your own company. Then make sure you let your workers tell you how to run it and how much you should be getting paid.

 You get paid for what you know, not for what you do.

[Jonnapat]

One of the worst aspects of this survey is that these super rich people don't even pay their fair and rightful taxes. They just stash their gains away in some foreign tax haven and laugh at the working class.

Trickle down economics? Don't make me laugh. 

[atyclb]

apple, who according to many, did the right thing in removing alex jones, trump supporter from their services seems to have no problem with his 12 million usd a year income

 

As Chief Executive Officer at APPLE INC, Tim Cook made $12,825,066 in total compensation.  https://www1.salary.com/Tim-Cook-Salary-Bonus-Stock-Options-for-APPLE-INC.html

[pegman]

2 hours ago, AsiaHand said:

So What ? Do you want to live in a poor ass commune or a Communist run country where only the very elite have any privileges? The CEOs are the ones that know how to put together those in the middle that make the companies competitive to make money that eventually helps those on the bottom (those that want to work that is) afford their luxuries (houses,cars,vacations,retirements,etc) . Two US  companies  APPLE and AMAZON will go over a Trillion dollar worth this year and they didn't get there by accident.It was the CEOs that put them there via there knowledge of commerce.  

It's reasoning like yours that caused France 1789 and Russia 1917. F.D.R. may have stopped something simular in the 1930's with his New Deal. Luckily so far the American working class have been comforted by their guns and bibles. If they ever wake up from their religious stupor watch out.

 

[The Theory]

Welcome to new age of slavery. ?

[Chomper Higgot]

5 hours ago, AsiaHand said:

So What ? Do you want to live in a poor ass commune or a Communist run country where only the very elite have any privileges? The CEOs are the ones that know how to put together those in the middle that make the companies competitive to make money that eventually helps those on the bottom (those that want to work that is) afford their luxuries (houses,cars,vacations,retirements,etc) . Two US  companies  APPLE and AMAZON will go over a Trillion dollar worth this year and they didn't get there by accident.It was the CEOs that put them there via there knowledge of commerce.  

You perhaps haven’t noticed it is not a black and white choice between the US version of capitalism and Communism

[dick dasterdly]

Just now, Chomper Higgot said:

You perhaps haven’t noticed it is not a black and white choice between the US version of capitalism and Communism

The only thing we do know is that neither capitalism or communism works - as there will always be those that use these to enrich themselves at the expense of everyone else ☹️.

 

The 'middle choice' doesn't work much better either as the greedy and ruthless nearly always end up on the top of the 'pile'. ☹️

 

I suspect the 'multiples of difference' between average workers and those at the top are little different in European countries - that are purportedly 'socialist', or whatever the current term....

[Enoon]

5 hours ago, AsiaHand said:

So What ? Do you want to live in a poor ass commune or a Communist run country where only the very elite have any privileges?

 

I expect most US citizens would say "No, the US between 1965 and 1990 looks OK":

 

 

I think the US was fairly anti-communist during that period.

 

 

 

Edited August 17, 2018 by Enoon

[Chomper Higgot]

8 minutes ago, dick dasterdly said:

The only thing we do know is that neither capitalism or communism works - as there will always be those that use these to enrich themselves at the expense of everyone else ☹️.

 

The 'middle choice' doesn't work much better either as the greedy and ruthless nearly always end up on the top of the 'pile'. ☹️

 

I suspect the 'multiples of difference' between average workers and those at the top are little different in European countries - that are purportedly 'socialist', or whatever the current term....

You suspect wrongly:

 

https://en.m.wikipedia.org/wiki/List_of_countries_by_income_equality#

 

 

[dick dasterdly]

I'll leave those who can be bothered enough, to make sense of the above quoted link.

 

The uk is just (or nearly?) as bad when it comes to the difference between the very highest paid in large companies - compared to the ever reducing salaries of the average paid in those companies.

 

The lowest paid are (obviously) paid an even far smaller percentage of the CEOs/board salaries....

[Jack100]

Get money , get money , , get money still

- let virtue follow - if she will !

[rickudon]

Pay equality in the UK is little better than the USA. Last year median pay of CEO's increased by 11%, that for all workers by 1.7%. Between 2000 and 2014, pay of CEO's rose 6 times faster than their employees. This disgraceful increase in inequality took place while most workers saw pay increases below the inflation rate in the UK. And the productivity in the UK has hardly been impressive, the rich just keep increasing their cut.

 

Change is coming in the UK. And those at the top will not like it. Or the big companies.

[Trouble]

11 hours ago, Jonnapat said:

One of the worst aspects of this survey is that these super rich people don't even pay their fair and rightful taxes. They just stash their gains away in some foreign tax haven and laugh at the working class.

Trickle down economics? Don't make me laugh. 

Suggest you take a look at this and then tell us again super rich people don't even pay their fair share. 

 

 

https://taxfoundation.org/summary-federal-income-tax-data-2017/

[pegman]

9 hours ago, dick dasterdly said:

The only thing we do know is that neither capitalism or communism works - as there will always be those that use these to enrich themselves at the expense of everyone else ☹️.

 

The 'middle choice' doesn't work much better either as the greedy and ruthless nearly always end up on the top of the 'pile'. ☹️

 

I suspect the 'multiples of difference' between average workers and those at the top are little different in European countries - that are purportedly 'socialist', or whatever the current term....

I think the social democrate programs put in place by the Labour Gov has made Norway the envy of the world. Canada went down this same road in the 1960-70's but then a crooked conservative who took bribes in brown paper bags undid them.

 

https://www.cbc.ca/news/canada/mulroney-tried-to-cover-up-cash-payments-he-received-in-hotel-rooms-schreiber-1.648379

 

[manarak]

the article does not mention taxes, so it's the usual leftist journalist drivel aimed at causing social tensions

[Chomper Higgot]

9 hours ago, Trouble said:

Suggest you take a look at this and then tell us again super rich people don't even pay their fair share. 

 

 

https://taxfoundation.org/summary-federal-income-tax-data-2017/

The table you have produced is misleading.

 

In the first instance it only deals with income tax and does not address the regressive sales taxes which disproportionately hit people on lower income.

 

Secondly the table shows ‘taxable income’ and tax paid on ‘taxable income’, it gives no indication of tax exemptions and how these are distributed across income groups.

 

The rapidly growing gap in incomes between the rich and the rest of society and the fact that the economic stresses faced by the working class is now being experienced by the middle class while the wealth of the rich grows at its fastest pace since the the end of the 19th century are the symptoms of an imbalance in wealth distribution.

 

Don’t present half stories in tables, walk around towns and cities in America and open your eyes.

[Chomper Higgot]

3 hours ago, manarak said:

the article does not mention taxes, so it's the usual leftist journalist drivel aimed at causing social tensions

Because people struggling to pay their housing and food costs or the cost of healthcare and education doesn’t produce social tension?

Edited August 18, 2018 by Chomper Higgot

[atyclb]

i think venezuelas socialism is doing outstandingly well

[Chomper Higgot]

3 minutes ago, atyclb said:

i think venezuelas socialism is doing outstandingly well

Because you can’t imagine that the alternative is not Venezuela.

[manarak]

2 hours ago, Chomper Higgot said:

Because people struggling to pay their housing and food costs or the cost of healthcare and education doesn’t produce social tension?

the article is about difference of incomes, not about poverty. you miss the point.