Workers Get Screwed By Their Corporate Overloads As Inflation Gouges Wages

As inflation skyrocketed throughout 2021, major corporations and companies abused their post-lockdown cash flow to reward CEOs with lavish bonuses and salary increases as well as shareholders will a sharp uptick in stock buybacks. What these corporations didn’t do was properly reward their workers for making these record profits possible, with median worker pay increases growing by just over $3,500 while CEOs saw increases of $2.5 million on average. Cenk Uygur and Ana Kasparian discuss on The Young Turks. Watch LIVE weekdays 6-8 pm ET. http://youtube.com/theyoungturks/live

Read more HERE:
https://www.commondreams.org/news/2022/06/07/report-warns-taxpayer-money-fueling-pandemic-greed-grab-us-ceos

"As ordinary workers across the United States watched inflation eat away at modest wage gains in 2021, many corporations—including firms contracting with the federal government—used record-shattering profits to lavish their CEOs with bigger pay packages and reward shareholders with billions of dollars in stock buybacks.

According to an analysis published Tuesday by the Institute for Policy Studies (IPS), the average gap between CEO and median worker pay at a sample of 300 low-wage U.S. corporations surged in 2021, rising to 670 to 1—up from 604 to 1 in 2020.

Forty-nine of the publicly traded companies examined in the IPS study, titled "Executive Excess," had CEO-to-worker-pay ratios above 1,000 to 1 last year.

Amazon, for instance, paid CEO Andy Jassy a staggering 6,474 times more than it paid its median worker in 2021, a year in which the e-commerce giant spent $4.3 million on anti-union consultants.

Overall, IPS found that CEO pay at the 300 corporations increased by $2.5 million to an average of $10.6 million last year while median worker pay grew by just $3,556, rising to an average of $23,968 as inflation soared to its highest level in decades."

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