Here's what you need to know this week:
Should a CEO make 350 times more than the average worker? The AFL-CIO just released this year's executive paywatch report, and in Florida, that's the CEO-to-worker pay ratio for companies in the S&P 500 (the 500 largest U.S. publicly traded companies). According to the US Bureau of Labor, the average worker pay in Florida is $46,010 per year (with MANY workers not being fortunate enough to make anything close this), while the average S&P 500 CEO pay is $16,093,081.
As if the sheer difference wasn't egregious enough, it gets worse: the trend is widening. Over the last decade, the average CEO compensation has increased by $5.2 MILLION while the average worker's has only increased by $7,868. In many cases when inflation is figured into the equation, worker's wages have actually decreased.
Some reading this may be thinking that this scales up, and that some people make more money and pay more in taxes. Unfortunately, this is also not the case. While most of us live with the reality of income taxes, 60 of the largest US companies paid ZERO in federal income taxes last year through a complex system of tax loopholes and reforms. In fact, after President Trump's 2017 tax cuts, corporate income tax collection fell by $93 BILLION (31%) while many working families were left with jaws dropped when tax season rolled around.
Surely, with all of this extra money from lower tax bills, these corporations would invest in their employees and create good-paying jobs? Again, no. Most of these companies are using the money to buy back their stocks to increase share prices and compensate executives. In 2018, the top ten companies increased stock buybacks by 187% to the tune of $25.2 BILLION.
Does your boss work 350 times harder than you?
Around the United States, working people are struggling. Many have to choose between taking their medication and feeding their children, and it is not uncommon for our sisters and brothers to work multiple jobs to make ends meet. The right to form a union, the way to guarantee decent wages, benefits, working conditions, and their fair share, is under constant attack, and large corporations and their CEOs are making more than ever before. Elections have consequences, and we hope you're ready to fight in 2020.
Here's what's coming up:
- On Saturday (6/29), from 11AM - 1PM, we'll be standing in solidarity with our sisters and brothers from AFGE Local 547 as they rally at the James A Haley VA Hospital (13000 Bruce B Downs Blvd, Tampa) against a proposed contract for VA Employees that would strip away many of their collective bargaining rights and cut official union time by over 90%. The local will be providing lunch, and we hope you'll join us in standing against this anti-union contract!
- As a reminder, THERE IS NO CLC MEETING ON TUESDAY, JULY 2ND. We'd hate for you to come out to a locked door, and we'll be picking back up on Tuesday, August 6th.
Keep in Mind:
We try our best to build a political program that works for our members. To help us do this, we've developed a short survey centered around your union and political engagement. It won't take you more than a few minutes, and it will provide us with valuable insight as to how we can best fight for you.
CLICK HERE to take the survey.
This survey is intended only for members of affiliated unions of the West Central Florida Labor Council.
That's all for this week! Follow us on Facebook and Twitter for more updates. If you would like to receive text message alerts from the Florida AFL-CIO (Msg & data rates may apply), text FLUNION to 235246!
In Solidarity,
West Central Florida Labor Council
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