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Author Topic: US bosses now earn 312 times the average worker's wage, figures show  (Read 94 times)
Hydrogen
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August 17, 2018, 09:41:46 AM
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 #1

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

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.

CEO pay dipped in the early 2000s and during the last recession, but has been rising rapidly since 2009. Chief executives are even leaving the 0.1% in the dust. The bosses of large firms now earn 5.5 times as much as the average earner in the top 0.1%.

The astronomical gap between the remuneration of workers and bosses has been brought into sharper focus by a new financial disclosure rule that forces companies to publish the ratio of CEO to worker pay.

Last year, McDonald’s boss Steve Easterbrook earned $21.7m while the McDonald’s workers earned a median wage of just $7,017 – a CEO to worker pay ratio of 3,101 to one. The average Walmart worker earned $19,177 in 2017 while CEO Doug McMillon took home $22.8m – a ratio of 1,188 to one.


But the average is skewed by outliers, particularly the tech companies, where the CEO founders may own large chunks of the company but not take home much in compensation, relatively speaking.

Amazon’s boss, Jeff Bezos, the world’s richest man, was paid close to $82,000 last year and his total compensation including security was about $1.7m in 2017 while the average Amazon worker earned $28,446 – a ratio of 59 to one for his entire package and just three to one counting salary only.

But neither man is waiting on his monthly paycheck. Bezos’s personal fortune now tops $154bn while Zuckerberg’s is close to $66bn, according to Forbes.

The compensation bonanza was driven by stock-related components of CEO compensation such as stock awards or the opportunity to cash in stock options, said Lawrence Mishel, a distinguished fellow at the Economic Policy Institute.

But the rise in their compensation can not be explained entirely by rising stock markets. CEO rewards have outstripped both stock prices and corporate profits, EPI found. Between 1978 and 2017 CEO compensation has increased by 979%. Over the same period the S&P 500 Index of the US’s largest companies grew 637%. The typical workers’ pay package rose just 11.2% over the same time frame.

“Over time I think there has been a loosening of norms.” said Mishel. “Everyone wants to believe their CEO is one of the best, so they look around and see what everyone else is being paid and then they pay them a lot more. They think everyone is better than average.”

The outsize pay packets have had a direct impact on people down the corporate ladder, Mishel claims. “The redistribution of wages to the top 5%, but particularly the top 1%, affected the wage growth of the bottom 90%.

“As a mathematical matter, had there not been the redistribution upward – to the top 5%, but which is mostly about to the top 1% – the wages of the bottom 90% could have grown twice as fast as it actually did.”


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

....

Yet another news story on wage inequality. There haven't been many of these published over the last 5 years. After Donald Trump won the US presidential election we've had a veritable flood of them.

Does anyone find it strange how news stories covering negative aspects of the united states economy are published primarily by european news media. While news stories covering negative aspects of the european economy are published primarily by US media? In the final analysis americans may only hear negative things about europe and foreign nations economies. And foreign nations may only hear negative things about the US economy. Everyone could end up only reading negative things about other people.

Not long ago, european union courts fined google $5 billion dollars on anti-trust grounds. Then american courts fined bayer owned monsanto nearly $300 million. Monsanto is now owned by bayer which is based out of germany. I wonder if there could be subtle signaling occurring here between european and american news media and legal systems.

Maybe its not out in the open like the US versus chinese trade war. But there could be some rivalry present?

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August 17, 2018, 11:47:37 AM
 #2

I don't know if it's true or not but I heard that Donald Trump is having a salary of $1 and this for me is just an example how the president is supporting his nation by not getting money from them.

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August 17, 2018, 12:08:28 PM
 #3

Having a big inequality in wages is something normal for the US economy.The leftist liberal media in the USA are trying to raise awareness and force people to believe that this is major problem,but it isn't.
Anyway,I still think that Amazon and Facebook's market capitalizations are a big bubble.

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August 17, 2018, 01:19:46 PM
 #4


Does anyone find it strange how news stories covering negative aspects of the united states economy are published primarily by european news media. While news stories covering negative aspects of the european economy are published primarily by US media? In the final analysis americans may only hear negative things about europe and foreign nations economies. And foreign nations may only hear negative things about the US economy. Everyone could end up only reading negative things about other people.

Not long ago, european union courts fined google $5 billion dollars on anti-trust grounds. Then american courts fined bayer owned monsanto nearly $300 million. Monsanto is now owned by bayer which is based out of germany. I wonder if there could be subtle signaling occurring here between european and american news media and legal systems.

Maybe its not out in the open like the US versus chinese trade war. But there could be some rivalry present?


Trump is a threat to this EU model.
He is a nationalist, and his country economy is performing greatly.

If other EU nations become nationalist, the EU will fall and there will be many sovereign countries again


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August 17, 2018, 01:27:28 PM
 #5

Does anyone find it strange how news stories covering negative aspects of the united states economy are published primarily by european news media. While news stories covering negative aspects of the european economy are published primarily by US media? In the final analysis americans may only hear negative things about europe and foreign nations economies. And foreign nations may only hear negative things about the US economy. Everyone could end up only reading negative things about other people.

Not long ago, european union courts fined google $5 billion dollars on anti-trust grounds. Then american courts fined bayer owned monsanto nearly $300 million. Monsanto is now owned by bayer which is based out of germany. I wonder if there could be subtle signaling occurring here between european and american news media and legal systems.

Maybe its not out in the open like the US versus chinese trade war. But there could be some rivalry present?

Not strange at all, especially with how we have entered a time where every continent or country has some sort of its own agenda and motive to do what it does. It has become way more obvious in the last year or two because it's pretty much a domino effect that has been initiated. It has been brewing for years but countries never really bothered to trigger each other in the way they do it now. It could very well be that Trump was the trigger needed to release the pressure.

It's however important to remain somewhat neutral and for that reason not take the obvious signals for granted so easily. In most cases what we see isn't what we get. We get what we don't see, which is why these geo political games are quite an interesting and everlasting subject. I'm from Europe myself, but I am not choosing side with anyone. Everything is rotten to the core and for that reason we yet again come to Bitcoin as subject to hedge all this nonsense. I know that whatever happens, the pressure on my native fiat currency won't inflict any damage on me.

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August 17, 2018, 01:51:57 PM
 #6

Inequality in the salaries is just a normal thing around the world and the percentage will be less in US when we compare other third world poor countries where the salaries won't cover the daily needs of the person but the owners are living with rolls royce and escorts.This is happening because the bosses knows how to use the unemployment smartly and get the workers for cheap wages so only smart people can earn money in this world more that others who think working hard is the way to be rich.

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August 17, 2018, 02:59:09 PM
 #7

I don't know if it's true or not but I heard that Donald Trump is having a salary of $1 and this for me is just an example how the president is supporting his nation by not getting money from them.

$1 or not, the fact remains that Donald Trump already is a billionaire and the $1 salary is just another way of having tax cuts, so I wouldn't praise multi-billion companies' bosses who do this. Moreover, this is just a stunt that sways people's opinion regarding these wealthy people's salary. Day by day, we can't deny that the gap between the rich and the poor is growing immensely, and sadly, there's no way to fill that gap in knowing that the capitalists will always find a way to exploit the working class and be richer while the ones who work hard will be poorer no matter what.

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August 17, 2018, 03:03:31 PM
 #8

THIs is a god damn unfair,regular workers are the one whos bringing profit to the company and bosses are just sittingon their offices and paying with that huge amount?i hate hearing this unfair treatment why not give the worker fair compensation while the bosses received more bigger

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August 17, 2018, 03:41:30 PM
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THIs is a god damn unfair,regular workers are the one whos bringing profit to the company and bosses are just sittingon their offices and paying with that huge amount?i hate hearing this unfair treatment why not give the worker fair compensation while the bosses received more bigger
the workers have no choice they signed for it that means they agree what they give to them no matter how much the profit is. increasing the minimum wage would be good but i think it can hurt smaller companies compare to the gigantic ones.

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August 17, 2018, 03:46:39 PM
 #10

There used to be an idea to create wage boundaries and some countries have introduced it, but they could only limit the government owned/controlled companies because the government had no authority over private companies, and even less on those with foreign capital. The idea was to multiply the minimum wage of a worker so that the boss of the company cannot earn more than e.g. 10 times the minimum wage in that company. I believe Japan was one of the countries with similar law.
I think it's a great idea because it makes the company raise all wages at the same time, instead of giving huge bonuses to the board while the workers are struggling to pay their bills.
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August 17, 2018, 10:52:31 PM
 #11

Well, there is the similar situation in Russia and even much worse because the income between the richest and the poorest person can differ in 10000 or even 1000000 times. Unfortunately there is an incredible huge spread in salaries between top managers, businessman, officials and typical employeers and it is a pity that it is an ordinary situation for Russia.
By the way I cannot suppose that there is the similar problem in USA it seems unbelievable for me. I consider that such a situation is not fair and it need to change something that the average income would not differ significantly. It is nice that somebody in USA has begun discussing this theme it is possible that it will be any positive changes if more people will comprehend this problem.
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August 18, 2018, 08:24:00 AM
 #12

Does anyone find it strange how news stories covering negative aspects of the united states economy are published primarily by european news media. While news stories covering negative aspects of the european economy are published primarily by US media? In the final analysis americans may only hear negative things about europe and foreign nations economies. And foreign nations may only hear negative things about the US economy. Everyone could end up only reading negative things about other people.

Is this really the case? This particular study was released by the Economic Policy Institute, an American non-profit organization based on Washington, DC. It is also covered by American news media, as shown by these examples:

http://fortune.com/2018/08/16/ceo-salary-pay-workers-gap/
https://www.washingtonpost.com/business/2018/08/16/embargo-hold-am-tomorrow-morning-ceo-pay-jumps-million-annually-fears-mount-over-wealthy-pocketing-gains/
https://www.businessinsider.com/ceo-pay-2017-vs-average-us-worker-2018-8

I feel like news media outlets everywhere simply cover everything they can get their hands on, and observations like yours may simply be a case of confirmation bias. I mean, I've heard of propagandas against other countries, but I always thought they were restricted to authoritarian countries that have full control of the media like China or North Korea. I've never heard of (mostly reputable) US news media outlets intentionally attacking Europe and vice versa. I'm not saying it's not happening, just that I've never really observed it.

pat4cryptoreal
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August 18, 2018, 09:15:11 AM
 #13

The gap between the CEO and worker salary is so scary to the extent I see it as modern day slavery. Personally I can not stand the emotional trauma it gives me, that was the reason I quite my first job. The workers cannot rise to the level of gaining financial freedom with this rate of inequality.

Dimon8
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August 18, 2018, 09:59:48 AM
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Most people who go to politics are going to earn more in administrative positions. In this there is nothing surprising - it has always been so.

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lunaelucemauram
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August 18, 2018, 03:31:18 PM
 #15

We should already know that by now and no matter what is the multiple of it as long as you are working into a company then you will always have a wage set up by the company that you work for depending on your skills and that will always be an eniquality in wage whether you like it or not.
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August 18, 2018, 03:48:52 PM
 #16

I don't know if it's true or not but I heard that Donald Trump is having a salary of $1 and this for me is just an example how the president is supporting his nation by not getting money from them.
Is the $1million a monthly take or annual. Yes, I know it is still a rumour but if it is for a month salary, it is still very high..

The gap between the CEO and worker salary is so scary to the extent I see it as modern day slavery. Personally I can not stand the emotional trauma it gives me, that was the reason I quite my first job. The workers cannot rise to the level of gaining financial freedom with this rate of inequality.
And this will not end any time since the capitalist model is allowed to exist. These employers see it as business and not as modern slavery.
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August 19, 2018, 01:28:28 PM
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Sometimes the market dictates its rules on the pricing, however, when it comes to the wages, we should remember that it should motivate employee and compensate their time spendings, I don't think that after certain limits, let us say x50, it keeps increase motivation, in fact, as an owner or board of directors I'd prefer to find any other motivation, but not x300 salary.
BitBustah
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August 19, 2018, 01:37:28 PM
 #18

Well this is the nature of capitalism, owners make money off the backs of hourly employees.   I'm in favor of more socialism and less unregulated capitalism.  Companies make the laws by lobbying and get whatever they want.

The wealth inequality is very alarming and it will most likely lead to a revolution someday when poor people can barely afford to survive and CEOs are buying their 5th yacht.
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August 19, 2018, 08:04:03 PM
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The wealth inequality is very alarming and it will most likely lead to a revolution someday when poor people can barely afford to survive and CEOs are buying their 5th yacht.
It has been alarming for decades, not just in the last years. The problem with people is that they keep waiting for things to get better, but the direct result of this is that things only get worse because waiting leads to nothing.

It's time for people to accept the fact that they have to step up themselves and start looking for an alternative way to better their life. The government won't do anything for you because this is how they want it to be.

Bitcoin is the revolution that people keep discarding with how ignorant and greed filled they are. It has been and likely still is the only way for the average person to build up an insane amount of wealth throughout the years.

The only thing you have to do is hodl.

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