The AFL-CIO released its annual Executive Paywatch website for 2011 yesterday and it shows that the average CEO in American makes 380 times what the average worker earns. In 1980, the ratio was a much more reasonable 42 times as much. Similarly, it also shows that in 2009 – 2010, the average income of the richest 1 percent pay increased 11.6 percent while the 99 percent pay increased by only .2 percent.
The site also lists some CEO salaries by state. Here’s their list for Rhode Island:
- Brian Goldner, Hasbro: $23,153,471 (2010)
- Larry J. Merlo, CVS: $14,074,790 (2011)
- Scott C. Donnelly, Textron: $11,519,177 (2011)
- Vincent L. Sadusky, Lin TV: $5,490,264 (2010)
- David G. Whalen, A.T. Cross: $2,613,365 (2010)
- Merrill W. Sherman, BankRI: $1,580,849 (2010)
- Martin A. Kits Van Heyningen, KVH Industries: $1,373,559 (2010)
- Joseph J. MarcAurele, Washington Trust: $1,098,788 (2011)
Goldner, of Hasbro, is the only Rhode Island CEO to make the list of top 100 CEO earners. He’s number 52 on the list, just ahead of the CEO’s of Verizon, American Express and Boeing.
Any idea on how much the union presidents and bosses make compared to the people who pay their salary?
I know they don’t make what a business CEO makes but a union and a business are apples and oranges with regard to production.
Most of the National union heads make around $300k, plus whatever other “consulting,” etc. Here in RI, it’s more like 150k-200k. Fully funded pensions, of course. Make no mistake – workers rights have been very good to them.
The NEARI capos all make 6-figures, even the borderline illiterate ones. Criminal convictions come with promotions, based on recent history.
Union Rule #1: All workers are equal, but some workers are more equal than others.
I have to share the concern about high union officer salaries. The last data I saw, in Labor Notes, from 2008, now 4 years old, indicated the top 15 highest paid union officials, (excluding pilots, athletes, and entertainment) had salaries (plus perks??) ranging from $402,000 to $647,000. I note 4 of these were in the Longshoremen’s union. The NEA head had the 6th highest pay at $484,000.
While well below the corporate CEO pay, it still seems excessive, especially as the union movement has largely been failing in their hands. I can also say that as a rank-and-file member of the RIFT who was occasionally on the local’s Executive Committee and an occasional delegate to the state convention, it was hard to get info on union officer pay and I was even called “anti-union” for just asking. Thus I infer some union big-shots try to hide their pay from their memebers.
That said, the point that corporate executive pay has gotten so out of control is still a good one, potentially hurting not just the workers at the company or consumers, but stockholders too. The latter group has taken notice and now their are some proxy battles over the issue.
With top marginal income tax rates reduced from 91% when I was a kid in the 1950s to well under 40% now, the high exec pay does relatively little to help fund government, it just adds to savage income inequality. I think it will help our country in many ways to call attention to the issue.