Friday, June 23, 2006

$5,279 an hour for CEOs, $5.15 for workers

This from the Economic Policy Institute:

CEO-worker pay imbalance grows
In 2005, the average CEO in the United States earned 262 times the pay of the average worker... In 2005, a CEO earned more in one workday (there are 260 in a year) than an average worker earned in 52 weeks.

... by 2005 the average CEO was paid $10,982,000 a year, or 262 times that of an average worker ($41,861).
That's almost $11-million a year. It's $5,279 a hour for 40 hours a week.

And this week the US Senate refused to raise the minimum wage of $5.15, the level it has been at for 10 years. That's $10,712 for a full-time worker. The average CEO makes 1,025 times as much. Is it that they work 1,025 times as hard, or is is that what they do is 1,025 times more vaulable?

Republicans said a higher-minimum wage would be a job killer. That doesn't apply to Congressional raises. During the 10 years the minimum wage has been frozen, Congress has increased its own salaries with raises of more than $30,000 a year. One can only hope that this callous disregard for working people at the bottom of the ladder will cost some members of Congress their jobs.

A $5.15 minimum wage, on the other hand, is just a killer.


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