The AFL-CIO released another episode of its PayWatch report, purporting to highlight the discrepancy between the pay of the S&P 500’s CEOs and the employees of those companies. According to the document, the “average S&P 500 CEO” earned $12.4 million in total compensation.
As is often the case with facts and figures wielded by Big Labor, the facts about the pay discrepancy between CEOs in the US and the “average nonsupervisory worker” is vastly different than made out to be.
The Big Labor propaganda paper claims a 335 to 1 ratio. However, the PayWatch document is only using the top-paid executives on the S&P 500 list, rather than the average pay of all chief executives in the U.S., which clocks in at $185,850. The “discrepancy” then with the average worker is back into the single digits (around 5 or 6 to 1).
The real facts are that over 150 union presidents earned more than the average CEO last year! And this doesn’t include the lavish expense accounts not calculated into their benefit packages.
And all of this largess that union bosses enjoy is extracted from the pockets of hard-working union members who have no say in how those bosses spend that money. Unlike most American CEO’s, union bosses have very little if any real accountability.