We live in uncertain times. Sure that’s something people could have said at literally any time in history, but these past few years have really felt like society all across the western world is reaching a boiling point. Between polarising politics, mass immigration, untrustworthy media, fundamental cultural shifts, and rising tensions amongst world powers, democracy as we know it seems like a ticking time bomb.
Of course, there’s always the chance that’s hyperbole, but there’s no denying that there is a very real divide between people who champion democracy, and those who seem more drawn to socialism that draws a fine line near communism. And one of the things that really separates the two is the ability and morality of accruing massive amounts of wealth.
While the often reported and discussed wage gap between men and women is a complicated issue that is completely skewed by the industry, job position, experience, and education, not to mention work ethic and other non-quantifiable factors, what isn’t misconstrued or untrue is the very real gap between what CEO’s earn and what the average employee earns.
In fact, the Canadian Centre for Policy Alternatives (CCPA) reported that Canada’s top 100 CEO’s earn an astonishing 227 times more than the average worker. A number that has skyrocketed in recent years, meaning the issue is only getting worse. The CCPA aimed to put that massive gap into perspective:
“Put another way, by 10:09 a.m. on January 2, the average top CEOs will have made as much money as the average Canadian worker will make all year. That’s the earliest time on record in the 13 years we’ve been tracking these numbers.”
On average, these CEO’s earn over $11 million a year, while the average Canadian worked earns $55,000 a year. And what’s even more eye-opening and ridiculous, is that that median income number for Canadian workers is skewed by those on the high-end. Furthermore, said high-paying CEO’s earn the same, if not more, when the business is on a downturn and employees are being let go.
“The federal government needs to reckon with the runaway C-suite compensation that is contributing to Canada’s growing income inequality gap,” said CCPA Senior Economist David Macdonald. “Left to their own devices, it is clear what these companies prioritize–big bucks for top positions regardless of performance, leaving crumbs for the vast majority of their workforce.”
Let’s not forget that it wasn’t very long ago when the minimum wage was increased from $11 to $14, and Tim Horton’s took that slap to the face and stripped worker’s of their daily meal. The gap between average workers and those in the boardrooms is far beyond anything reasonable and has been for a long time. The issue is getting worse and you’d like to think something will change, however, considering the world economy crashed in 2008 and big banks weren’t held responsible, we’re not holding our breath.