No wonder companies don't have enough to hire new workers. This amazing (again) revelation indicating just how bad things have gotten between the haves and have nots….
jsonline: The pay of Wisconsin's top corporate executives rose an average of 27% in 2010, a year when unemployment hovered around 8% and pay to the average worker in the state fell.
On average, total compensation for chief executive officers at 57 publicly traded companies increased by about $1 million last year, bringing the average CEO's pay up to $3.89 million.
As a group, the 57 companies paid their chief executives more than $237 million combined last year - a sum that is greater than the 2011 general fund budget for the City of Madison.
The average worker in Wisconsin made $39,104 as of last fall, down from $39,156 the previous year, according to the state Department of Workforce Development.
So the average Wisconsin public company CEO made about 100 times more than the typical working person in 2010. Nationally, the differential is about twice that big.
"CEOs live in their own bubble universe," said Stephen Rose, research professor and senior economist at the Georgetown University Center on Education and the Workforce. "They are really outside the law of supply and demand."
Nearly three out of every four Wisconsin CEOs who are running the same company they oversaw when the recession began in 2007 made more last year than they did in 2007.
Overall, the group has posted an average pay increase of 40% since 2007.
"Some of the companies that drove this unemployment and imposed pay cuts are doing well because of the cuts," said Sarah Peck, chairwoman of the finance department at Marquette University. "It's kind of a hard pill to swallow."
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