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Friday, June 23, 2006

Haves vs. the have-nots

The Economic Policy Institute has the latest figures on skyrocketing CEO pay, and how it compares to the earnings of average U.S. workers:
US bosses earn an average $11m per year, representing a salary 262 times the average worker's.

The average worker's annual earning was just below $42,000, showed findings from the Economic Policy Institute (EPI), a think-tank.

Chief executives made more money in one working day than an average worker made in a year, the research showed.
To get a sense of how much the chasm has grown, consider the historical perspective:
The gap is the second biggest in 40 years. In 1965 bosses were earning just 24 times the average worker's pay.

The only time this year's figure was beaten was in 2000, when the ratio hit 300.

Back in 1965, the heads of major US firms earned 24 times more than the average worker.
Meanwhile, the Senate rejected -- for the 9th time since 1997 -- an attempt to increase the minimum wage yesterday.
posted by Chris Kromm at 5:09 PM | Email this post | Post a Comment
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CHRIS KROMM blogs three days a week for Facing South. Chris is Executive Director of the Institute for Southern Studies and publisher of the Institute’s award-winning magazine, Southern Exposure.

SUE STURGIS blogs four days a week for Facing South. Sue is the Institute’s Editorial Director and a former reporter for The Independent Weekly and The Raleigh News & Observer.

DESIREE EVANS blogs four days a week for Facing South. Desiree is a Research Associate at the Institute and former policy analyst for TransAfrica.

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