Dear Democracy Now! Visitor: We are an independent, ad-free daily news program that serves millions of viewers and listeners each month. In this US election year, Democracy Now! is more important than ever. For 20 years, we’ve put a spotlight on corporate and government abuses of power. We lift up the stories of ordinary people working to make change in extraordinary times. We do all of this with just a fraction of the budget and staff of a commercial news show. We do it without ads, corporate sponsorship or government funding. How is this possible? Only with your support. A generous funder will match your donation dollar for dollar if you donate right now. That means when you give $10, your donation will be worth $20. Pretty exciting, right? So, if you've been waiting to make your contribution to Democracy Now!, today is your day. It takes just a couple of minutes to make sure that Democracy Now! is there for you every day.

Your Donation: $

CEO/Worker Pay Gap: The Neglected Campaign Issue

August 31, 2000
Story
WATCH FULL SHOW

We now turn to an issue that is not exactly at the forefront of this year’s presidential race. And that is the enormous gap in the pay of CEOs and workers in this country. Perhaps one of the reasons that this is not a big issue is that Dick Cheney is on the Republican ticket as George Bush’s vice presidential candidate. Cheney received compensation worth an estimated $38 million, including future stock options, when he retired recently as chairman of oil services firm Halliburton, the nation’s fifth largest military contractor.

A new study put out by United for a Fair Economy and the Institute for Policy Studies reveals growing pay gaps between workers and CEOs and between CEOs and government officials. The report says these factors are increasing inequality and undermining democracy. The study says CEO pay jumped 535% in the 1990s, dwarfing the 116% rise in corporate profits and 32% increase in average worker pay. Meanwhile, the pay gap between CEOs and the President of the United States has grown from 2:1 to 62:1 since 1960. If the minimum wage had risen as fast as CEO pay, it would now be $24.13 an hour, instead of $5.15.

Guest:

  • Chuck Collins, co-director of United for a Fair Economy and author of Economic Apartheid in America. Call: (617) 423-2148 EXT. 11

Related Link:


The original content of this program is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 United States License. Please attribute legal copies of this work to democracynow.org. Some of the work(s) that this program incorporates, however, may be separately licensed. For further information or additional permissions, contact us.