Report shows CEOs in US cashed in during the pandemic as workers lost jobs, wages and lives
The Institute for Policy Studies (IPS) published a significant report on May 11 that details the rigging of executive compensation plans by corporate boards during the pandemic, so that vast sums could be funneled into the pockets of millionaire executives while workers suffered unemployment, reduced wages, exposure to COVID-19 and death.
Under the title “Pandemic Pay Plunder,” the top finding of the IPS’ 27th Annual Executive Excess report is that among the top US corporations with the lowest paid workforces, CEOs received a 29 percent increase in compensation, while workers’ wages fell by 2 percent on average last year.
The IPS research shows that 51 out of the 100 corporations on the S&P 500 list with the lowest median worker wages bent corporate rules during the pandemic to ensure that their CEOs increased their compensation by an average of $4 million, to a total of $15.3 million, while workers’ wages fell by more than $550 to $28,187. The CEO-to-worker pay ratio for these corporations reached 830 to 1.
(Yes, I read the WSWS now and again. However, in my opinion, their "workers' revolution" would be totally impotent against the scourge of capitalism.)
How can workers revolt to a situation like this?!🤔
ReplyDeleteLuv chocolate - They can't; they're out-gunned.
ReplyDeleteIn the past they had something called a "windfall profits tax." There ought to be something like that for these robber-barons. We can call if the Asshole Tax.
ReplyDeleteUnknown - I like the name of this tax you mention!
ReplyDelete