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Sounds reasonable. I mean, if I got to set my own pay then how would I do it? Ok, so let's work this out, hmm? "In 2020, The Wall Street Journal reported that
by mcguire 5y ago
Sounds reasonable. I mean, if I got to set my own pay then how would I do it? Ok, so let's work this out, hmm?
"In 2020, The Wall Street Journal reported that the median pay for executives at 300 of the biggest U.S. companies reached $13.7 million, up from $12.8 million in 2019. The highest paid CEO out of companies on the S&P 500 in 2020 was Paycom CEO Chad Richison. For companies not on the S&P 500 list, Palantir CEO Alexander Carp and DoorDash CEO Tony Xu earned the most in 2020, with pay packages of $1.1 billion and $1 billion respectively." (https://en.wikipedia.org/wiki/Executive_compensation_in_the_United_States https://en.wikipedia.org/wiki/Executive_compensation_in_the_...)
There are around 160,000,000 workers in the US. (https://www.statista.com/statistics/269959/employment-in-the-united-states/ https://www.statista.com/statistics/269959/employment-in-the...)
If the workers became CEOs, paid like the median of the 300, that would be $2.2E15 (note exponential notation). The US GDP is something like $2.1E13. So, no, workers cannot become CEOs.
Executive compensation has grown significantly faster than wages, corporate profits, the stock market, and the economy for at least three decades. (Up something like 18% annually since 1978.) (https://www.epi.org/publication/ceo-compensation-surged-14-in-2019-to-21-3-million-ceos-now-earn-320-times-as-much-as-a-typical-worker/ https://www.epi.org/publication/ceo-compensation-surged-14-i...)