The AFL-CIO is out with their new Executive Pay Watch report – revealing that CEOs at Fortune 500 companies made on average $12 million each in 2011. They’re now getting paid 380-times more than their average worker. That’s a slight increase since 2010 – and a massive increase since 1980 – when, before Reaganomics, CEOs were paid only 42-times more than their average worker.
On top of that – CEO pay increased nearly 14% in 2011 – compared to a meager 2.8% increase in worker pay that same year. The rich are getting richer and the poor are getting poorer – creating the largest wealth inequality gap in America since right before the Stock Market crash of 1929.
And rather than doing something about it – multi-millionaire Congressman Paul Ryan and the Republicans want to make wealth inequality even worse with a $3 trillion tax cut for the nation’s Romney-rich. We can’t afford to do that – in fact, we need to be doing just the opposite. We need to roll back the Reagan tax cuts – and make the Romney-super rich pay their fair share in taxes again.