Embedded in a largish Bookworm omnibus post is this item:
While it’s quite possible that the CEO of a big American company gets paid 331 times as much as the part-time janitor working weekends (especially the part-time janitor working weekends in the company’s Delhi office), it’s not true that, on average, American CEOs make 331 times more than ordinary employees.
Selective sampling, of course. From WSJ:
The AFL-CIO calculated a pay gap based on a very small sample 350 CEOs from the S&P 500. According to the Bureau of Labor Statistics, there were 248,760 chief executives in the U.S. in 2013.
The BLS reports that the average annual salary for these chief executives is $178,400, which we can compare to the $35,239-per-year salary the AFL-CIO uses for the average American worker. That shrinks the executive pay gap from 331-to-1 down to a far less newsworthy number of roughly five-to-one.
I have no idea how much the CEO for whom I work is paid, but I’m pretty sure it’s less than five times what I get, and he puts in at least as many hours as I do, if not more.