CEOs made nearly 200 times what their workers got paid last year

[Nakosis]

The median pay package for CEOs rose to $16.3 million, up 12.6%, according to data analyzed for The Associated Press by Equilar. Meanwhile, wages and benefits netted by private-sector workers rose 4.1% through 2023. At half the companies in this year’s pay survey, it would take the worker at the middle of the company’s pay scale almost 200 years to make what their CEO did
CEOs made nearly 200 times what their workers got paid last year

Is this fair?

 

[Revoltingest]

Is this fair?

It's as fair as anything in life can be.
Just as in pro wrestling, the headliner
earns far more than the jobber.

Any lowly worker who wants more pay can
work to climb the ladder, or start their own
company. As we see, a small few have what
it takes.

 

[Stevicus]

The median pay package for CEOs rose to $16.3 million, up 12.6%, according to data analyzed for The Associated Press by Equilar. Meanwhile, wages and benefits netted by private-sector workers rose 4.1% through 2023. At half the companies in this year’s pay survey, it would take the worker at the middle of the company’s pay scale almost 200 years to make what their CEO did
CEOs made nearly 200 times what their workers got paid last year

Is this fair?

It's legal, although "fair" is in the eye of the beholder. But the real question is whether it's wise, both from a business standpoint and a societal standpoint. There are many out there bemoaning the lack of faith in the system, along with businesses complaining they can't find workers and that minimum wage hikes are an unfair burden which could hurt their profit margin.

Meanwhile, the politicians face pressure from the voting public, who want higher wages, lower prices, affordable housing, affordable healthcare, better public education, better roads/infrastructure, etc. - and the last thing the public wants to hear from the government is "we can't afford it." That answer isn't going to cut it for much longer, especially when the same public sees stories like this.

So, in that sense, yes, it's fair that CEOs earn 200 times what their workers get paid, but by the same token, it's also fair that the government exact enough of that excessive profit and revenue to benefit the nation as a whole. We know that it will create no undue hardship on any of these businesses, since they're demonstrating here that they have money to burn, and then some.

 

[Quintessence]

Nope. It's symptomatic of a broken, dysfunctional, predatory society.

 

[Twilight Hue]

The median pay package for CEOs rose to $16.3 million, up 12.6%, according to data analyzed for The Associated Press by Equilar. Meanwhile, wages and benefits netted by private-sector workers rose 4.1% through 2023. At half the companies in this year’s pay survey, it would take the worker at the middle of the company’s pay scale almost 200 years to make what their CEO did
CEOs made nearly 200 times what their workers got paid last year

Is this fair?

Well maybe workers shouldn't keep encouraging this type of behavior by accepting the job at dismal pay rates.

 

[Saint Frankenstein]

The median pay package for CEOs rose to $16.3 million, up 12.6%, according to data analyzed for The Associated Press by Equilar. Meanwhile, wages and benefits netted by private-sector workers rose 4.1% through 2023. At half the companies in this year’s pay survey, it would take the worker at the middle of the company’s pay scale almost 200 years to make what their CEO did
CEOs made nearly 200 times what their workers got paid last year

Is this fair?

Of course it isn't fair. It's exploitative!

 

[The Hammer]

What a sordid state of affairs.

 

[The Hammer]

Well maybe workers shouldn't keep encouraging this type of behavior by accepting the job at dismal pay rates.

Yeah that's why jobs can't find workers these days

 

[Quintessence]

Well maybe workers shouldn't keep encouraging this type of behavior by accepting the job at dismal pay rates.

It's cute that you seem to think there's much of a choice in a culture that has destroyed the people's bond with the land such that they are more or less forced into labor if they want to, you know, eat.

 

[Twilight Hue]

It's cute that you seem to think there's much of a choice in a culture that has destroyed the people's bond with the land such that they are more or less forced into labor if they want to, you know, eat.

It's just not going to change then.

 

[icehorse]

Capitalism is a complex, man-made machine. Like every other complex, man-made machine, it can't run indefinitely without being monitored, tweaked, and adjusted.

We've let capitalism run for too long basically unchecked. We're at or past the point of being an Oligarchy, and the oligarchs either create or exacerbate most every aspect of society. We need to defang the Oligarchy.

While not perfect, as an example, we could start by returning to the tax schedules we had in the 1950s.

 

[Quintessence]

It's just not going to change then.

Everything changes. It's simply a matter of time. Taking lessons from history, when wealth inequality gets excessive, revolts and revolutions are the result.

 

[Twilight Hue]

Everything changes. It's simply a matter of time. Taking lessons from history, when wealth inequality gets excessive, revolts and revolutions are the result.

Got any historical examples where wealth inequality were overcome with revolts and revolutions?

 

[Soandso]

Got any historical examples where wealth inequality were overcome with revolts and revolutions?

Courtesy of ChatGPT:

The Russian Revolution (1917): The Russian Revolution, which included the February Revolution and the October Revolution, resulted in the overthrow of the Tsarist autocracy and led to the establishment of a communist state. Wealth inequality was stark in Tsarist Russia, with the nobility and bourgeoisie holding vast wealth while peasants and workers lived in poverty. The revolution sought to abolish private property and redistribute wealth more evenly, though it eventually led to the establishment of a highly centralized and authoritarian regime.

The Mexican Revolution (1910-1920): The Mexican Revolution was a complex and multifaceted conflict that stemmed from dissatisfaction with the long-standing dictatorship of Porfirio Díaz, who presided over significant economic inequality. The revolution resulted in land reforms, including the redistribution of land to peasants, and the creation of the ejido system, which provided communal land for agriculture.

The Chinese Revolution (1949): The Chinese Communist Revolution culminated in the establishment of the People's Republic of China under the leadership of the Communist Party. One of the revolution's primary goals was to address the extreme wealth inequality between the landowners and the peasantry. The subsequent land reforms and collectivization aimed to redistribute land and wealth more equitably across society.

The Cuban Revolution (1953-1959): The Cuban Revolution, led by Fidel Castro and Che Guevara, was largely a response to the significant disparities between the wealthy elite and the impoverished majority. After overthrowing the Batista regime, the new government implemented extensive land reforms and nationalized industries to reduce wealth inequality and improve living conditions for the poor.

These are just from this last century and don't include the French revolution or other revolutions before the 1900s

 

[Twilight Hue]

Courtesy of ChatGPT:

The Russian Revolution (1917): The Russian Revolution, which included the February Revolution and the October Revolution, resulted in the overthrow of the Tsarist autocracy and led to the establishment of a communist state. Wealth inequality was stark in Tsarist Russia, with the nobility and bourgeoisie holding vast wealth while peasants and workers lived in poverty. The revolution sought to abolish private property and redistribute wealth more evenly, though it eventually led to the establishment of a highly centralized and authoritarian regime.

The Mexican Revolution (1910-1920): The Mexican Revolution was a complex and multifaceted conflict that stemmed from dissatisfaction with the long-standing dictatorship of Porfirio Díaz, who presided over significant economic inequality. The revolution resulted in land reforms, including the redistribution of land to peasants, and the creation of the ejido system, which provided communal land for agriculture.

The Chinese Revolution (1949): The Chinese Communist Revolution culminated in the establishment of the People's Republic of China under the leadership of the Communist Party. One of the revolution's primary goals was to address the extreme wealth inequality between the landowners and the peasantry. The subsequent land reforms and collectivization aimed to redistribute land and wealth more equitably across society.

The Cuban Revolution (1953-1959): The Cuban Revolution, led by Fidel Castro and Che Guevara, was largely a response to the significant disparities between the wealthy elite and the impoverished majority. After overthrowing the Batista regime, the new government implemented extensive land reforms and nationalized industries to reduce wealth inequality and improve living conditions for the poor.

These are just from this last century and don't include the French revolution or other revolutions before the 1900s

Yet look at them now.

Wealth inequality will always be a reality in any society.

 

[Kathryn]

Yeah, I want to be just like those countries!

And they are teeming with poor people. And a few elite wealthy people. Kind of like before.

 

[Kathryn]

Someone wiser than me once said "The poor are always with us," and I do believe that.

 

[Vinayaka]

It's as fair as anything in life can be.
Just as in pro wrestling, the headliner
earns far more than the jobber.

Any lowly worker who wants more pay can
work to climb the ladder, or start their own
company. As we see, a small few have what
it takes.

This excludes 'old money'. Are they of the few who have what it takes as well? Or was it their blood ancestors that had what it takes?

 

[Saint Frankenstein]

Yet look at them now.

Wealth inequality will always be a reality in any society.

Yes, but it reaches a point when it's not sustainable and social trust breaks down. It's more the perception of unfairness than mere wealth inequality. There's always going to be wealth disparities but when it gets too extreme, it's dangerous for society. When you have people working multiple jobs and still can't make ends meet, people being thrown out in the street because they can't afford rent, etc. but CEOs and other fatcats getting raises and getting richer and richer with a corrupt government who rewards said fatcats at the expense of the rest of the people, you have a bomb waiting to explode. We're at that point, and it's only a matter of time before it goes off. A revolution is coming and it ain't gonna be pretty. You can only **** people out of being able to survive for so long before they've had enough.

Rising inequality: A major issue of our time

Zia Qureshi discusses the recent trend of rising inter- and intra-country inequality and what policies could help mitigate it.

www.brookings.edu

Inequality decimating social trust in Europe, finds WHO report

Governments and policymakers should heed the report's "ominous warnings", said the institution's regional director for Europe.

www.euronews.com

Why do inequality and deprivation produce high crime and low trust? - Scientific Reports

Humans sometimes cooperate to mutual advantage, and sometimes exploit one another. In industrialised societies, the prevalence of exploitation, in the form of crime, is related to the distribution of economic resources: more unequal societies tend to have higher crime, as well as lower social...

www.nature.com

 

[Revoltingest]

This excludes 'old money'.

Old money does indeed give unfair advantage.
Still, it's useful to pass it on to one's progeny.
And that's about ownership, rather than people
advancing up the workforce ladder.