The new record of already stratospheric executive pay is another sign that the staggering growth in the CEO-to-worker pay gap we've seen over the last half-century isn't changing anytime soon -- unless we step up and take action.
We hear so much these day about banks and companies that have become so large they are unable to manage themselves -- that there are so many layers of bureaucracy that illegal and unethical behavior can go undetected for years.
What most of us fail to recognize is that the gulf between the very rich and the rest of us will almost certainly continue to get worse, a lot worse! Most importantly, it may be too late to do much about it.
This proposal -- like some of the other rules implemented under Dodd-Frank -- will do little to accomplish the desired effect of narrowing the gap between employee compensation and executive compensation. If anything, it may have the opposite effect.
The truth is both entities want the companies to succeed and until we start seeing corporations and unions as two sides of the same coin, we will continue to fight a useless rhetorical war where union leaders pay is inexplicably considered an important talking point.
Today, the federal minimum wage stands at $7.25 per hour. Had it simply kept pace with inflation since 1968, it would be about $10.70 per hour, which amounts to nearly $300,000 in lost wages. So where did the billions of lost wages go?