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Executive Excess 2022

Institute for Policy Studies – The CEOs at America’s largest low-wage employers are grabbing huge raises while workers and consumers struggle with rising costs: “Throughout the pandemic, essential workers have labored heroically. But while workers risked their lives, bosses have reaped the rewards. In our last report, we found that more than half of our nation’s 100 largest low-wage employers changed their own rules to ensure huge payouts for CEOs in 2020 — while workers lost wages, jobs, and even their lives. On average, the CEOs at these rule-rigging firms pocketed 29 percent raises while their median worker pay fell by 2 percent This 28th edition of Executive Excess extends the story. We found that last year, with the economy in recovery mode, corporate leaders shifted to new CEO pay-inflating tactics. Many low-wage corporations spent record sums on stock buybacks. Others high-handedly used the COVID-19 crisis as a cover for jacking up prices to consumers. Both maneuvers made it easier for CEOs to score massive bonuses. Wages at many of these companies, meanwhile, failed to keep up with inflation — and some actually declined. Worst of all, taxpayers are directly subsidizing these outrages through federal contracts. This executive excess has Americans across the political spectrum fed up. But as we’ll explore, there are solutions…”

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