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Politics : PRESIDENT GEORGE W. BUSH
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To: Neocon who wrote (176559)8/31/2001 4:46:06 PM
From: puborectalis  Read Replies (1) of 769667
 
Editorial: Who needs the lottery?
If you're CEO of a big company, every paycheck is like winning the Powerball.
By Register Editorial Board

08/30/2001

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It's no secret that the rich keep getting richer - very much richer than everyone else in this country. But every once in a while, news comes along that still shocks. And here's the latest: The average CEO of a major American corporation earns 531 times as much in pay, bonuses and stock options as the average factory worker.

Let that number soak in: 531 times more.

This means the average worker's pay is $24,668 per year while the average CEO salary, based on 365 major corporations, is more than $13 million annually. That's like winning the lottery with every paycheck. Many CEOs actually make more each year than Powerball winners who choose the annuity option.

But even $13 million isn't good enough for some chief executives. Michael Eisner, Disney's CEO, made more than $72 million last year. The head of Cisco Systems made $28.7 million. And the CEOs just keep getting wealthier with their salary and bonus increases averaging 18 percent in 2000. (The average worker received a salary increase of 3 percent.)

There are those who defend this outrageous disparity in salaries. They say pay for CEOs is driven up by a global market and "it's not fair to compare them to hourly workers." Some argue CEOs have the same star quality as professional athletes and entertainers. They say multimillion-dollar salaries purchase talent.

Maybe. Or maybe it's just that the madness of inflated pay at the top has gotten out of control. Most Americans would agree CEOs should make more than workers on the line. People would even concede that the chief should make a lot more.

But 531 times?

Only in America.
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