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From 1978 to 2021, CEO pay grew by 1,460% while the typical worker's pay rose just 18%.
This explosion in CEO pay relative to the pay of average workers isn’t because CEOs have become so much more valuable than before.
They've just gamed the system to line their pockets.
@rbreich Dude ain't wrong but the headline stat always makes my stomach lurch.
@rbreich Maybe we should raise taxes on companies based on the highest compensated employee there.
@rbreich their heads are first on the chopping block if they don't hit their earnings forecasts. A corporation can pay anything they want to get top talent.
@violinguy @rbreich And as a nation, we can pit policies in place.to provide a more fair playing field, such as the five proposals Reich laid out.
@ViennaMike @rbreich in a democracy they can pay their CEO anything they want , Reichstag to the contrary.
@violinguy @rbreich Actually this has nothing to do with democracy. Just as our democratic republic can set minimum wages, it can eliminate corporate tax deductions for pay above a certain level, and determine that level. The free market exists within a framework set by the government, not in a vacuum law of the jungle.
@rbreich what percentage of workers were in a union them as opposed to now?
@rbreich I still think you need the 91% top marginal rate (starting at least as low as $450K) so no one tries to make extraordinary amounts of money by destroying whole companies.