Sunday, February 15, 2015

(Re-Post of a...)(Related update): Another Liberal Myth: US CEO's Are Overpaid

Related update (4/15/14):  Here's Perry again, attacking this absurd liberal canard from a different angle. This time he looks at the effect of taking all the income from the large corporate CEOs and giving all of it to the workers.  Think it makes much of an impact?
Even if the AFL-CIO could have engaged the services of a magic genie (or the federal government) to confiscate 100% of the compensation of all US CEOs in the S&P 500 last year, and then redistributed that $6 billion of executive compensation to America’s 94.5 million middle-class workers, the average worker’s income would have only increased by about $1 per week – and that’s before taxes. And if the AFL-CIO could have capped CEO compensation last year at the 195:1 ratio of CEO to average worker pay that prevailed 20 years ago, and redistributed the excess above last year’s actual CEO pay, the average worker would have seen his or her pay increase about 50 cents a week. Big deal. [Emphasis Marc Street]
And Perry's not done: click here to read another excellent recent post of his on this topic.

Original post (4/9/14): Utter nonsense.  The hype is almost always about the millions the CEO's of the extremely large  corporations make, which leads to the appearance that $10 million/year is typical for American CEO pay.  But the data comprise an extremely small percentage of the overall number of CEO's in the US.  According to a recent report by the Bureau of Labor Statistics, there are approximately 250,000 CEOs in our country, and when you factor in the salaries of all of these CEO's you end up with this chart provided by Mark Perry in an indispensable post at his blog, Carpe Diem:

Occupation Average Annual Wage, 2013
Anesthesiologists $235,070
Surgeons $233,150
Oral Surgeons $218,960
Obstetricians $212,570
Orthodontist $196,270
Internists $188,440
Family Practitioners $183,940
Psychiatrist $182,660
Chief Executives $178,400
Dentist $168,870
Nurse Anesthetist $156,690
Petroleum Engineer $149,180
Average for All Workers
$46,440