In a sign that the gap between the wealthiest Americans and working people remains high, the AFL-CIO’s Executive PayWatch website shows that the average Ohio CEO made $6.3 million. In contrast, the average Ohioan made $39,046.
Among the wealthiest CEOs in the state were Abercrombie & Fitch CEO Michael Jeffries, who made $48.1 million and First Energy CEO Anthony Alexander, who made $23.3 million.
Thirty years ago, the pay of CEOs of large companies in the United States was 42 times larger than the average blue-collar worker’s pay. In 2012, CEOs of S&P 500 Index companies made 354 times more than what the average rank-and-file worker makes, by far the widest gap in the world.
Working families aren’t against profits—they just want corporations to pay their fair share. Our system is rigged so no matter what happens, CEOs keep getting richer and working families continue paying for it in the form of lost jobs, lower wages and less health and retirement benefits.
CEO-backed organizations like Fix the Debt are working to drum up debt hysteria to mask their efforts to secure even more tax cuts to the wealthy while plotting to cut Social Security, Medicare and Medicaid benefits for working people. Fair wages, top-notch education, health care and retirement with dignity—these are things that all Americans are entitled to, not just the very rich. We need an economy that builds up our communities and creates prosperity for all, not one that protects billionaires.