pay of CEO vs average worker

22 06 2006

A news article today says that for 2005, CEOs in the U.S. earned 262 times the pay of the average worker.  Look at it this way, the CEO earned more in one workday than the average worker earned all year.  While I agree they have a lot of responsibility and should be paid more, that seems a little extreme.

The article said the average worker makes about $42,000 for the year, with the average CEO making about $11 million.  And so the rich get richer and the people with average incomes stay there.  How many times do you need to make $11 million?  It just starts adding up after a while, unless you waste it.  But you pretty much need to make $42,000 every year, particularly if you have a family.

I know, it’s capitalism, and that’s our system here.  And I don’t know an overall better economic system.  It just irks me when the top people of a company are making tens of millions every year, then they say the company can’t afford to give any raises.  For the average worker, dealing with inflation and ridiculous gas prices, even a $1,000 raise (2.4%) can really help.  For someone making millions, what’s $1,000 dollars?  I suspect most people that make millions lose touch of the reality that people with average incomes face every day.

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