How To Earn Up To 2,950 Weekly.pdf
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Learn all about Tilden's surprising variety of plants and animals through the nature programs at the Little Farm and the Environmental Education Center (EEC) in Tilden Nature Area. Both sites are wheelchair accessible. For more information about the Tilden Nature Area, view Tilden Attractions (PDF), or visit the Tilden Nature Area.
Why it matters: Exorbitant CEO pay is a major contributor to rising inequality that we could safely do away with. CEOs are getting more because of their power to set pay and because so much of their pay (more than 80%) is stock-related, not because they are increasing their productivity or possess specific, high-demand skills. This escalation of CEO compensation, and of executive compensation more generally, has fueled the growth of top 1.0% and top 0.1% incomes, leaving less of the fruits of economic growth for ordinary workers and widening the gap between very high earners and the bottom 90%. The economy would suffer no harm if CEOs were paid less (or were taxed more).
As Table 1 and Figure A show, using the realized measure of CEO compensation, CEOs of major U.S. companies earned 21 times more than the typical worker in 1965. This ratio grew to 31-to-1 in 1978 and 61-to-1 by 1989. It surged in the 1990s, hitting 366-to-1 in 2000, at the end of the 1990s recovery and at the height of the stock market bubble.5
Notes: Wages of top 0.1% of wage earners reflect W-2 annual earnings, which includes the value of exercised stock options and vested stock awards. The college-to-high-school wage ratios compare hourly wages of workers who have a college degree with hourly wages of workers who have only a high school education.
But even with this inherent bias, these ratios tell a striking story of excessive growth in CEO pay in recent decades: CEO compensation was 6.44 times the pay of the top 0.1% of wage earners in 2019, substantially higher than the 4.36 ratio in 2007. CEO compensation grew far faster than that of the top 0.1% of earners over the recovery from 2009 to 2019, as the ratio spiked from 4.61 to 6.44. CEO compensation relative to the wages of the top 0.1% of wage earners in 2019 far exceeded the ratio of 2.63 in 1989, a rise (+3.81) equal to the pay of nearly four very-high-wage earners.9
The large discrepancy between the pay of CEOs and other very-high-wage earners also casts doubt on the claim that CEOs are being paid these extraordinary amounts because of their special skills and the market for those skills. It is unlikely that the skills of CEOs of very large firms are so outsized and disconnected from the skills of other high earners that they propel CEOs past most of their cohort in the top one-tenth of 1%. For everyone else, the distribution of skills, as reflected in the overall wage distribution, tends to be much more continuous, so this discontinuity is evidence that factors beyond skills drive the compensation levels of CEOs.
Since 1979, and particularly since 1989, the increase in the logged CEO pay premium relative to other high-wage earners far exceeded the rise in the logged college-to-high-school wage premium, which is widely and appropriately considered to have had substantial growth: The logged college wage premium grew from 0.46 in 1989 to 0.61 in 2019, a far smaller rise than the logged ratio of CEO-to-top-0.1% earnings, a rise from 0.97 to 1.83. 59ce067264