Lincoln’s definition of democracy from the Gettysburg Address has been perverted over the past 30 years, to “Government of the
people corps, for the people corps, and by the people corps.” Not just in America, but worldwide. The extract all, pay as little as possible model, has run to the end of all reason and moral justification, and beyond all semblance of sustainability. Continuing the status quo is in no one’s best interests. Lest anyone forget, the French Revolution ended with the prevailing powers beheaded and monarchy abolished. Greed to the point of self-destruction is a gruesome mental illness to behold. Time to restore some math and basic equilibrium to the corporate-controlled governance systems now dominating the, so called, free world. Or will it take another civil war?
— Elizabeth Warren (@SenWarren) November 30, 2017
“Based on research from the Economic Policy Institute, we already know that the CEOs of America’s largest firms earn far more today than they did in previous decades, with CEO compensation having risen a whopping 807 or 937% (depending on how it is measured) from 1978 to 2016. A recent study from The Conference Board showed that the median pay for CEOs of S&P 500 firms was $11.5 million in 2016, up 6.3% from the prior year. Compare this with the decades-long stagnation in real wages for average workers and the 2.9% increase in average hourly earnings for all employees in the private sector last year.” See: What is just when it comes to average CEO-to-average-worker-pay? Here’s the chart.
Corporate profits were already at historic highs and effective corporate tax rates at historic lows when Trump took office. Here is the historical data summary.