As if we need another reminder of the increasing wealth gap, the AFL-CIO released some figures this week that show the average CEO of a North Carolina-based company made about $4 million in 2013, 108 times more than the average worker, who took home about $38,985. But that guy might as well be a millionaire compared to minimum-wage employees, which CEOs towered over in a 277:1 ratio.
Bank of America CEO Brian Moynihan makes 338 times the average worker and about 871 more than those on minimum wage.
“CEO Executive PayWatch [the name of the findings] calls attention to the insane level of compensation for CEOs, while the workers who create those corporate profits struggle for enough money to take care of the basics,” said Richard Trumka, President of the AFL-CIO. “This database is relevant to every community in the country. And we’ll use this data to organize and mobilize to lift millions of workers out of poverty and to strengthen the middle class.”
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This article appears in Apr 16-22, 2014.
Commerce without conscience. Money is power and that power is usually used in search of even more money. There seems to be no such thing as enough. These, of course, are the very people who are using their money and power to prevent politicians from increasing the minimum wage.