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Average American CEO Earns 354 Times Median Worker Pay… But That’s About to Change in Portland, Oregon
Contributing writer for Wake Up World
“Americans actually live in Russia, although they think they live in Sweden. And they would like to live on a kibbutz.” ~ journalist Chrystia Freeland in “The Lottery Mentality”
Income inequality has become one of the hottest topics of 2016 as Americans become increasingly intolerant of obscene differences between industry top dogs and the average worker. And yet, a remarkable study back in 2011 by Michael Norton and Dan Ariely, illustrates just how out of touch Americans are in regards to the reality of income inequality in the United States.
“The average American believes that the richest fifth own 59% of the wealth and that the bottom 40% own 9%. The reality is strikingly different. The top 20% of US households own more than 84% of the wealth, and the bottom 40% combine for a paltry 0.3%. The Walton family [founders of Walmart], for example, has more wealth than 42% of American families combined.” [source]
In truth, income inequality is on the rise — and not in small measure. No amount of rose-colored misperceptions will change this fact. What will help combat such an alarming trend are local communities banding together to even out the playing field. A case in point is Portland, Oregon, where the city council has just adopted “the nation’s first tax penalty for extreme CEO-worker pay gaps.”
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Looks like Portland is hell bent on becoming a ghost town. The thing about CEO’s is they can make the decision to move their company at anytime. I’m sure Kentucky will have no problem making a home for them in their state.