I wrote about the significance of Labor Day and the efforts over the years of working men and women in the United States in our last issue. Since that issue went out, I received some information from one of our readers. I will pass this on for what’s its worth. I am told that in 2005, a number of corporate executives made more in one work-day than the average worker earned working full time for a year. Over the period of 1992 to 2005, the median CEO saw his or her pay increase by 186.2% while the median worker saw wages increase by just 7.2%. CEO pay was 262 times that of the average worker by 2005. This compares to 1965 when CEOs in major companies in this country earned 24 times what an average worker earned. So it’s easy to see that in 2005, a CEO earned more in one work-day than what the average worker earned in 52 weeks. That surely doesn’t seem fair or equitable. With all of the corruption that has been uncovered in a number of large U.S. corporation in the past few years, it makes me wonder whether the pay of some CEOs and the overall jump in their pay might have some correlation.
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