Why We Need to Cap CEO Pay
If you have any doubt about our country’s disappearing middle class, check out the current CEO-to-employee pay gap.
In the 1950s, a typical CEO made 20 times the salary of his or her average worker. Last year, CEO pay at an S&P 500 Index firm soared to an average of 361 times more than the average rank-and-file worker, or pay of $13,940,000 a year, according to an AFL-CIO’s Executive Paywatch news release recently.
In 2017, CEO pay at S&P 500 Index companies increased 6.4% to a total of $13.94 million. In contrast, production and nonsupervisory workers received a paltry 2.6% raise.
In Ancient Greece, when someone was drafted into the army, they could buy their way out by finding someone to take their place, and paying that person 72 times their annual wage.
America desperately needs to cap CEO and executive pay.
Therefore, as your constituent, I am asking you to cap CEO pay.
A CEO should not make more than 72 times their company’s lowest paid employee.