In 2010, executives at America's leading corporations enjoyed pay hikes of between 27 and 40%, according to the most extensive survey of executive pay in the US. At those rates, many American executives would see their pay double in a little under 3 years.
Meanwhile, for the same year, American workers in private companies enjoyed pay hikes averaging a little above 2%, according to the Bureau of Labor Statistics. At that rate, the average American worker would see his or her pay double in somewhat less than 50 years.
The news of executive pay comes on the tail of some even more cheerful holiday news. According to figures released by the Census Bureau today, 1 in 3 Americans (32%) are either low income or living in poverty.
Gee! Those "job creating" super-rich sure have put their tax cuts to good use.
On the upside, I came across a story in Mother Jones today about a small number of Wall Street professionals who have decided to join forces with the Occupy Movement in order to assist the 99% of us who are not super-rich. The Occupy Movement isn't winning yet, but it seems to be making progress -- if only an inch at a time.