Robert Reich (a previous administration’s Secretary of the Department of Labor) has continued to pay close attention to public policy issues, especially related to economics and political fairness. He wrote this:
Average CEO pay at big corporations topped 14.5 million dollars in 2018. That’s after an increase of $5.2 million per CEO over the past decade, while the average worker’s pay has increased just 7,858 dollars over the decade. Just to catch up to what their CEO made in 2018 alone, it would take the typical worker 158 years.
This explosion in CEO pay relative to the pay of average workers isn’t because CEOs have become so much more valuable than before. It’s not due to the so-called “free market.” It’s due to CEOs gaming the stock market and playing politics.
How did CEOs pull this off? Our latest video explains their scam:
–> Watch Robert Reich’s video. It’s shorter than 4 minutes long, but it is very informative: https://www.youtube.com/watch?v=9QWjFiFdeDU&feature=youtu.be