Do the Math

Did you know that before lunchtime on the first work day of 2007, the CEOs of the top corporations have already made more money than a full-time minimum wage worker will make all year?!

A report released today by Americans United for Change documents this disturbing wage gap. The current Federal minimum wage is $5.15 per hour or $10,712 per year for a 40 hour work week. CEOs of the Fortune 100 corporations make approximately $17 million per year.

That's about $8,400 per hour. Do the math and you will see that the average Fortune 100 CEO makes $10,712 in less than two hours! To make it worse, the salaries for these CEOs increased by 25 percent in 2005 while the wages of minimum wage workers have been stagnant since 1997. In fact, the real value of the minimum wage is lower now than it has been since 1951!

Luckily, a new Congress will be sworn in this week. Soon-to-be-Speaker Nancy Pelosi is committed to calling a House vote to increase the minimum wage during her first 100 hours. It may happen as early as January 10. We're working with the Change America Now (CAN) campaign and Let Justice Roll to change the equation for working families. Happy New Year!