This separation is widening at warp speed, propelled by the boundless greed and narcissism of so-called leaders like Zaslav. AP's recent survey of 340 major corporations found that compensation inequality is now so extreme that a middle-wage employee would have to work 158 years to make as much as his or her chief executive was given last year alone. The pay gap between aloof CEOs and typical employees nearly doubled last year at a range of corporate giants, from PayPal to CVS Pharmacy, and it tripled at Discovery. These lavish payouts to top-floor bosses-combined with a miserliness toward rank-and-file employees who actually produce the corporate wealth-is creating an untenable income disparity in corporate America, stretching inequality in our Land of Egalitarianism to the snapping point.
For example, David Zaslav, honcho of the Discovery television network, had a 207% boost in pay, raising his total take in 2018 to $130 million. Bear in mind that "median" means half of the corporate bosses grabbed more than 7%. And as their paychecks were already king-size, that uptick amounted to an extra $800,000 in their take-home, for a median yearly income of $12 million each. It was the CEOs of corporate giants who reported to the Associated Press that they enjoyed a median jump of 7% last year. You say you didn't get 7%? Oops, my mistake.
#Three jump chump upgrade#
Seven percent might not sound all that big, but after 40 years of stagnant wages, even a small uptick can help cover some of your old credit card bills or get an upgrade on your 10-year-old pickup.
Author, Commentator, America’s Number One PopulistĬongratulations on that nice pay raise you got last year, a 7% hike-wow!
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