|
‘Greedflation’: CEO Pay Gains Far Outpace Rising Wages
|
|
|
J uly 20, 2022 | WAGES | Recently, the word “greedflation” has caught on to explain the out-of-control prices U.S. consumers are facing. It argues the rising cost of gas and groceries isn’t owing entirely to trade disruptions or expense hikes along the supply chain—corporate greed is as much to blame, and companies are using the veneer of inflation to justify upping prices, then awarding much of the extra profit to executives. A new report released today by the AFL-CIO gives that argument some new ammo. Its annual Executive Paywatch Report, a comprehensive database tracking CEO-to-worker pay ratios for over 20 years, reveals that S&P 500 CEOs averaged $18.3 million in compensation for 2021—324 times the median worker’s pay, and higher than both 2020’s pay ratio (299-to-1) and 2019’s ratio (264-to-1). Fast Company Related: The value of the minimum wage is at its lowest since 1966. Economic Policy Institute ART/GETTY IMAGES
|
|
|
|
