Executive Pay in the United States
Executive pay ratio around the world relative to worker pay.
Germany 12 to 1
Japan 11 to 1
France 12 to 1
Italy 20 to 1
Canada 20 to 1
South Africa 21 to 1
Great Britain 22 to 1
Hong Kong 41 to 1
Mexico 47 to 1
In the USA an executive makes 475 times the average worker's salary.
This is why the bottom 80 percent of the nation's household control only control 17% of the nation's wealth.
Source PBS
Why do we allow this to happen in an age where 45 million workers are without health insurance and rising health insurance costs eat up our paychecks? Meanwhile, companies are going bankrupt and workers are losing their pensions while CEOs continue to receive bonuses. Delphi made news for proposing 90 million dollars in bonuses for its executives while in bankruptcy while seeking a 60 percent pay cut for its workers.
Another Indiana company, Kimball Industries is doing the same. Daniel Lee of the Indianapolis Star writes about how Kimball's stock has declined 29 percent over the last year. From fiscal year 2003 to 2005, the top 5 executives at Kimball's compensation has grown 88 percent. What can we do to stop this trend? I am open for suggestions.
posted by torporindy @ 9:01 PM
3 comments
3 Comments:
Germany 12 to 1
I don|t have better data to offer, but I believe these figures are dated.
In Germany too, manager salaries have risen considerably in the last ten years.
: )
Thank you for providing these numbing statistics. It shows clearly how, relative to the civilized world (to which we once belonged), we are now living in an exploitive Third World Country, with wealth polarized between a fabulously rich elite and all the rest of us, struggling to make ends meet.
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