Executives did. Average CEO pay rose by 14% last year to $12.9 million. That’s 380 times the pay of the average worker according to the AFL-CIO. This average worker made $34,000 last year.
Though the raise was more than generous it wasn’t as good as the rise from 2010 when pay rose 22.8%
It wasn’t’ always like this. Back in 1980 CEO pay was only 42 times that of the average worker.
The standard line on why CEO’s have to make such money is that otherwise the big companies won’t attract top talent. Yet, other capitalist countries don’t have the outrageous inequality enjoyed by the US 1%. According to Steven Pearlstein in the Washington Post, “the ratio is 25-1 (Britain), 13-1 (Sweden), 11-1 (Germany) and 10-1 (Japan). “
Oh yes, we need that American talent, the wonderful expertise that almost brought the world system to collapse in 2008.