April 21, 2011 by staff
Executive Paywatch, While 25 million U.S. workers unemployed and underemployed are drowning, CEO pay jumped 23 percent, for an average salary of 11.4 million and in 2010, the AFL-CIO Executive PayWatch. Released today, according to data compiled in PayWatch also show the CEOs have done little to create much-needed jobs, instead of sitting on a log and 1930 billion in cash on their balance sheets.
The Executive PayWatch with compensation of 299 S & P 500 CEOs of companies and establish direct comparisons between CEOs and the average wage for nurses, teachers, firefighters and others. For example, while a secretary is an average annual salary of 29,980 and someone like Wells Fargo CEO John Stumpf razors and 18,973,722 million, 632 times the salary of the secretary. The pay gap between Wall Street and Main Street has grown markedly, as recently as 1980; CEOs made times that of blue-collar workers.
(See the 2011 Executive PayWatch to read case studies of six general managers and see how many firefighters it takes to make the salary of a CEO. They can also compare the salaries of nurses, secretaries and others with CEOs and share the results with your friends on Facebook. Click here to share in Facebook.)
Maybe the CEOs cannot focus on job creation because they have more pressing problems, such as pressure to repeal key provisions of a draft financial disclosure reform bill Congress passed last year. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires corporations to disclose CEO pay differentials for workers and the leaders of Wall Street does not want to do that. (Click here to urge their members of Congress not to weaken the reform of Wall Street, in any form.)
AFL-CIO President Richard Trumka AFL-CIO says to work hard to defend this historic reform. The bronze group attacks Wall Street pressure to undermine the reform of “shock and offend me,” Trumka said, “and I think will surprise and offend most Americans.”
Apparently, Wall Street does not want people to know that while American workers paid by the economic crisis with their jobs, their homes and their retirement savings, Teflon CEOs escaped unharmed.
CEO pay has helped fuel the rapid rise in income inequality in this country that has worsened over the past decade to levels not seen since the years before the Great Depression. The increase in income inequality before the financial crisis and the recent recession is striking: between 1993 and 2008, percent of Americans captured percent of all revenue growth in the United States.
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