According to the “Executive Paywatch” report released by the national AFL-CIO, which tracks CEO compensation and the finances of America’s largest companies, the disparity between workers and the ultra-wealthy continues to grow.
CLICK HERE to see the highlights from the report.
As of 2016, the average CEO to worker pay ratio stood at 347 to 1. Even more sobering is the fact that this is only the tip of the iceberg. Years of lax regulations have allowed businesses to amass staggering levels of wealth, paying little to no money in federal taxes, while middle class families struggle with the burden of rising costs and falling wages.
Yet, this report goes further than just tracking numbers, it reveals the true impact that tax dodging businesses and unquenchable greed can have on communities.
For example, Mondelēz International – the parent company of Nabisco brands – which makes billions of dollars in profit every year chose to lay off 600 workers in Chicago in order to send those jobs to Mexico. Michael Smith is one of those workers and he had this to say:
“I loved working at Nabisco, and I took pride in the work I did to make a quality product. It’s not as if the company isn’t profitable. The Oreo, alone, brings in $2 billion in annual revenue, and the CEO makes more in a day than most of us made in a year. I just don’t understand the disrespectful attitude toward working people.”
To read more of Michael’s story please CLICK HERE. And don’t forget to read the “Executive Paywatch” report HERE. This information is key to recognizing the challenge our nation faces with regard to income inequality and the need for immediate reform.