CEO Pay in Defense, Oil Industry Skyrocket, as Workers' Wages Decline

Interview with Sarah Anderson, a fellow at the Institute for Policy Studies and co-author of the "Executive Excess 2006" salary survey, conducted by Scott Harris

Labor Day 2006 saw more grim evidence of a decline in the standard of living for American workers. The U.S. census reported in late August that median hourly wages, adjusted for inflation, have declined by 2 percent since 2003, while productivity and corporate profits have risen. According to press reports, wages and salaries now make up the lowest share of the nation's gross domestic product since the government began keeping records in 1947. In contrast, corporate profits have climbed to their highest level since the 1960s.

Underscoring the economic data, a new report by the groups United for a Fair Economy and the Institute for Policy Studies, titled "Executive Excess 2006," documents how defense and oil industry CEOs have seen their compensation skyrocket. Authors of the report assert that top executives in these industries have personally benefited from US wars and rising oil prices. Top corporate executives in the U.S. earn considerably more than their European and Asian counterparts.

Between The Lines' Scott Harris spoke with Sarah Anderson, a fellow at the Institute for Policy Studies and co-author of the report, who explains the relationship between U.S. wars in Iraq and Afghanistan and the exponential increase in executive pay.

Read a copy of "Executive Excess 2006: Defense and Oil Executives Cash in on Conflict " report by visiting the Institute's website at www.ips-dc.org

Related links:

* United for a Fair Economy at www.faireconomy.org

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