Media clips
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n the eight years since Congress last raised the minimum wage, increases in the cost of living—though themselves at record lows—have gradually corroded the value of an hour’s worth of minimum pay. Since 2009, the minimum wage’s purchasing power has fallen by 12.5 percent, according to a report by the Economic Policy Institute. The Fight for 15 movement has highlighted the consequences of a languishing minimum wage and sparked a rash of local and state increases. Since 2014, 21 states and Washington, D.C., have raised their minimum wage, as have dozens of municipalities. As the Economic Policy Institute’s Minimum Wage Tracker shows, 29 states and Washington, D.C., have minimum wages higher than the federal mandate, including 18 that have automatic inflation-based triggers.
The American Prospect July 25, 2017 -
The average CEO made 271 times the earnings of the typical worker last year, while more than 42 million Americans made less than $15 an hour. Look no further for an explanation of the growing economic inequality and slow economic growth in the United States. The average CEO compensation at the 350 largest firms in the United States, including cashed-in stock options, was $15.6 million in 2016, according to data collected by the liberal Economic Policy Institute. When the pay is calculated using the value of the stock options when they were issued, but not cashed, the average pay was $13 million. The average compensation package was slightly down in 2016 when considered as a ratio to what the average American earns. CEOs made 271 times the average American compared to 286-to-1 in 2015 and 299-to-1 in 2014. Remember, though, that the era of celebrity CEOs and astronomical earnings is relatively recent. In 1989, the CEOs at America’s top companies made only $59 for every $1 a typical worker earned, and in 1965 the ratio was only 20-1.
Houston Chronicle July 25, 2017 -
Rep. Mark Takano (D-Calif.) said that “by filing this Request for Information, the Trump administration is denying millions of workers the overtime protections they deserve.” Heidi Shierholz, senior economist and director of policy the left-leaning Economic Policy Institute, said that the request was “an effort to weaken or kill the badly-needed update to the overtime pay rule.” Christine Owens, executive director of the National Employment Law Project, said that the RFI was “a slap in the face to millions of workers all across America who have waited long enough to be paid fairly for their overtime hours.”
Politico July 25, 2017 -
The visa program also ties foreign workers to one employer, making them susceptible to exploitation, according to Daniel Costa, director of immigration law and policy research at the Economic Policy Institute in Washington. Some recruiters demand payment, a practice banned in the United States, which saddles workers with debt and may make them more acquiescent. Rather than having employers determine how many foreign workers they need, the government could set up an independent body to identify labor shortages and allocate visas, Mr. Costa said. “It’s only fair to set the system in a way that they are not exploited,” he said, referring to migrant workers. “Otherwise employers will try to keep wages down.”
The New York Times July 24, 2017 -
The chief executive officers of America’s largest companies were paid an average of $15.6 million in 2016 says a recent study by an economic research group. The Economic Policy Institute published the report written by Lawrence Mischel and Jessica Schieder. They say the average business leader’s pay was 271 times what an average worker earns at the companies they studied. This chief executive-to-worker pay ratio is smaller than it has been in the past few years. In 2014, the ratio was 299-to-1, according to the report. However, it is still much higher than the 20-to-1 ratio between chief executives and workers in 1965. In 1989, that difference was 59-to-1. (whole story)
Voice of America July 24, 2017 -
A new study from the Economic Policy Institute found that compensation of the nation’s top CEO’s is 271 times the typical worker’s annual average pay. We’ll talk to the report’s author who says the gap narrowed since last year, but we still have a long way to go. Host: Kate Archer Kent Guest(s): Lawrence Mishel
Wisconsin Public Radio July 21, 2017 -
CEO pay may not be quite as high as it once was, but the numbers still dwarf the pay earned by the typical worker. Chief executives of America’s 350 largest companies made an average of $15.6 million in 2016, or 271 times more than what the typical worker made last year, according to the Economic Policy Institute’s annual report on executive compensation, released Thursday. The report from the left-leaning think tank said that number was slightly lower than 2015, when average pay was $16.3 million and the ratio was 286-to-1. (whole story)
The Washington Post July 21, 2017 -
It pays to be CEO. Even in 1965, chief executive officers were pulling in $843,000 a year, and their compensation has only skyrocketed since. According to a new report from the left-leaning Economic Policy Institute (EPI), CEO pay peaked in 2000 at $20.7 million (in 2016 dollars) and, in 2016, “CEOs in America’s largest firms made an average of $15.6 million in compensation, or 271 times the annual average pay of the typical worker.” That’s “5.33 times greater than wages of the top 0.1 percent of wage earners,” the EPI reports. (whole story)
CNBC July 21, 2017 -
While it’s no surprise that CEOs make a lot of money, the actual pay gap between top chiefs and rest of America’s biggest earners is startling: The average CEO at one of the 350 largest companies takes home more than five times the annual earnings of the average 0.1 percenter. According to a new report on CEO pay from the Economic Policy Institute, chief executives at those 350 companies made $15.6 million on average in 2016—271 times what the typical worker earns. (whole story)
Fortune July 21, 2017 -
EPI: CEO PAY STILL REALLY HIGH: A report out today from the left-leaning Economic Policy Institute concludes that CEO pay, though it’s declined a bit relative to average wages, remains absurdly high relative to that average. Factoring in stock options realized (on top of salary, bonuses, restricted stock grants, and long-term incentive payouts), “in 2016 CEOs in America’s largest firms made an average of $15.6 million in compensation, or 271 times the annual average pay of the typical worker,” write EPI’s Lawrence Mishel and Jessica Schieder. “While the 2016 CEO-to-worker compensation ratio of 271-to-1 is down from 299-to-1 in 2014 and 286-to-1 in 2015, it is still light years beyond the 20-to-1 ratio in 1965 and the 59-to-1 ratio in 1989.” Read the full report here.
Politico July 21, 2017