Millions of workers remain unemployed. But that didn’t stop S&P 500 companies from raising CEO pay by almost 14 percent in 2011—to nearly $13 million on average—while shipping jobs overseas.
Here are some truly shocking facts:
• The average CEO now makes an astonishing 380 times what the average worker makes. That ratio used to be 42 times in 1980.
• The average CEO of an S&P 500 company got a nearly 14 percent increase last year. They now make an average of almost $13 million—while millions of jobless workers spent countless hours searching for work. Many jobs were shipped overseas, and people fortunate enough to keep a job were lucky to get a basic cost-of-living increase.
• S&P 500 companies last year had more than $1 trillion amassed in cash. That’s enough money to create a living-wage job, for a year, for every single American who is unemployed, underemployed or has stopped looking for work.
Want to learn more about the deplorable practices of the 1% and see how your pay stacks up next to the richest CEOs in your state?
Go to www.PayWatch.org now.