Wage Gaps

January 27, 2007 at 16:19

John Bogle, founder of Vanguard, says:

Think about this, and these numbers are in the battle for the soul of capitalism. The real income of the average worker in America has gone, from 1980 to 2004, from $14,900 to $15,900, OK? Well the real compensation of the CEO has gone from [approximately] $400,000 to $6 million, many times over. The CEO is making a statement and it is, “I built this company by myself and all the people that work here didn’t help at all. They are entitled to nothing.” Well, that is absurd. I have been a CEO for probably 35 of my years, 55 years in this business, an awful lot of them. I know it not to be true.

Really makes you think about the rich/poor gap and the erosion of the middle class.