In 1973, the ratio of CEO pay to worker pay was 43 to 1. By 1992, it was 145 to 1. By 1997, it was 326 to 1. By 2000, it hit a sky-high 531 to 1. The post 9/11 shakeouts and corporate scandals of recent years on the surface narrowed the gap back to 301 to 1 in 2003. But a much worse parallel global gap is emerging in the era of outsourcing. United for a Fair Economy published a report last summer that found CEOs of the top US outsourcing companies made 1,300 times more than their computer programmers in India and 3,300 more than Indian call-center employees. Such groups say if the minimum wage kept up with the rise in CEO pay, it would be $15.76 an hour instead of its current $5.15. Looking at it another way, the Center on Budget and Policy Priorities, another often written-off liberal think tank, published a report last month that in the last three years, the share of US national income that goes toward corporate profits is at its highest levels since World War II, while the share of national income that goes to wages and salaries is at a record low..
Sunday, May 22, 2005
Something That Disturbs Me But Not Most of My Relatives
I read some statistics that really troubled me this morning. According to Derrick Jackson, a columnist for the Boston Globe, who wrote citing recent articles from the Wall Street Journal and the NY Times: