May 15th, 2011
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Author: I remember the good ole days when everyone was encouraged to "share the burden" of our economic decline.
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. The raise more than made up for two years of compensation declines, according to the annual Journal Sentinel review of executive pay.
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. – jsonline.com
State employees will still be sharing the burden in a few weeks with another furlough day in addition to "doing our part" to help with the economic downturn (for non-CEO's at least) by taking a pay cut and paying more for benefits over the next year. I doubt the rest of the private sector will be enjoying a 27% pay increase either in the next year like their bosses are.
Maybe if non CEO's are lucky, we can hope that some of that $237 million "trickles down" to the rest of us before the next downturn hits?
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