CEOs Now Make 347 Times What Working People Make
CEO pay for major U.S. companies has risen nearly 6 percent, as income inequality and outsourcing of good-paying American jobs have increased. According to the new AFL-CIO Executive PayWatch, the average CEO of an S&P 500 company made $13.1 million per year in 2016 – 347 times more money than the average rank-and-file worker.
The Executive PayWatch website, the most comprehensive searchable online database tracking CEO pay, showed that in 2016, the average production and nonsupervisory worker earned approximately $37,600 per year. When adjusted for inflation, the average wage has remained stagnant for 50 years.
Mondelēz International, highlighted in this year’s PayWatch, represents one of the most egregious examples of CEO-to-worker pay inequality. The company, which makes Nabisco products, including Oreos, Chips Ahoy and Ritz Crackers, is leading the race to the bottom. Last year, it closed the Oreo cookie line at the iconic Nabisco factory in Chicago, sending 600 family-sustaining jobs to Mexico, where workers face poor labor and safety standards. Mondelēz CEO Irene Rosenfeld made more than $16.7 million in 2016 – about $8,000 per hour.
“Greedy CEOs are continuing to get rich off the backs of working people,” said Michael Smith, who was among hundreds of Nabisco workers from the South Side of Chicago laid off in March of 2016. “I loved working at Nabisco, and I took pride in the work I did to make a quality product. It’s not as if the company isn’t profitable. The Oreo alone brings in $2 billion in annual revenue, and the CEO makes more in a day than most of us made in a year. I just don’t understand the disrespectful attitude toward working people.”
While companies are continuing to put profits over people, working people are fighting back. The AFL-CIO has endorsed the Bakery, Confectionery, Tobacco Workers and Grain Millers' International Union (BCTGM) boycott of Nabisco products made in Mexico.
The PayWatch site also highlights U.S. corporations that don’t pay taxes on their offshore profits. By “permanently reinvesting” these profits overseas, they can forever defer paying federal income taxes and reinvesting back into the community.
Stamp Out Hunger On Saturday
The National Association of Letter Carriers (NALC) will conduct its 25th annual national food drive on Saturday, May 13. The Stamp Out Hunger® Food Drive, the country's largest single-day food drive, provides residents with an easy way to donate food to those in need.
Customers simply leave their donation of non-perishable goods next to their mailbox before the delivery of the mail on Saturday, May 13. Letter carriers will collect these food donations on that day as they deliver mail along their postal routes and distribute them to local food agencies. Visit stampouthungerfooddrive.us to learn more.
The Letter Carriers’ food drive is held annually on the second Saturday in May in 10,000 cities and towns in all 50 states, the District of Columbia, Puerto Rico, the Virgin Islands and Guam. It remains as important as ever, with many people facing economic struggles. Hunger affects about 50 million people around the country, including millions of children, senior citizens and veterans.
Letter carriers see these struggles in the communities they serve, and believe it's important to do what they can to help.
“It’s an honor to be able to help people in need by leading an effort that brings out the best in so many Americans,” NALC President Fredric Rolando said. “All of our food drives have been special. The fact that this year marks the 25th anniversary makes this one a bit more special.”
Young Workers’ Happy Hour
Don’t miss an upcoming opportunity to meet fellow union members and young emerging labor leaders at the Lagunitas Community Room in Portland. All proceeds will be donated to Labor’s Community Service Agency. Union members over the age of 18 are welcome, but must be 21+ to purchase and consume alcohol. Food will be provided!
Young Emerging Labor Leaders Happy Hour & Networking Event
Thursday, June 1
Lagunitas Community Room in Portland
237 NE Broadway, Suite 300