COMPENSATION….Time magazine reports on shrinking salaries:
Even among the top 10% of earners 25 and older, average earnings adjusted for inflation dropped 1.4% in the first quarter of 2003 from the same period last year, according to the Labor Department. At the other end of the spectrum, wages for young college grads fell 1.5% in 2002, reports the Economic Policy Institute.
One job title defying the trend is CEO: pay for chief executives rose 15% in 2002, according to Equilar, a firm that studies CEO compensation. That amounts to about 200 times the pay of the average worker, up from 56 times in 1989.
Why yes, I do think these CEOs ought to be paying higher taxes. Thanks for asking.