08/30/2005: Happy Be- Laboring Day...
"2004 was a banner year for CEOs and a dismal year for workers, according to a new report from the Institute for Policy Studies and United for a Fair Economy, "Executive Excess 2005: Defense Contractors Get More Bucks for the Bang."
The ratio of average CEO pay (now $11.8 million) to worker pay (now $27,460) spiked up from 301-to-1 in 2003 to 431-to-1 in 2004.
If the minimum wage had risen as fast as CEO pay since 1990, the lowest paid workers in the United States would be earning $23.03 an hour today, not $5.15 an hour.
The report found that CEOs are individually profiting from the Iraq War, with huge average raises at the biggest defense contractors...."
Courtesy of US News Wire.
Karen on 08.30.05 @ 02:24 PM CST