A new report by the Economic Policy Institute shows that CEO compensation at the largest corporations has ballooned by 937 percent since 1978, when adjusted for inflation. A typical worker’s compensation grew a measly 10.2 percent over the same period.
The average CEO compensation at the 350 publicly owned companies with the largest annual revenue in the U.S. last year was $15.2 million, according to the EPI, a left-leaning think tank. That’s a 21.7 percent rise since just 2010.
These massive increases are fattening CEOs' wallets while those of average Americans look ever leaner. Of all income groups, it's arguably minimum-wage earners who have suffered the most. The federal minimum wage has declined sharply since the 1960s when adjusted for inflation. If it had kept pace with increases in workplace productivity, the federal minimum wage would be $21.72 an hour -- triple what it is today.
Meanwhile, median CEO pay among large public companies broke eight figures for the first time last year, according to a recent Associated Press/Equilar study.