It's Not Easy Being Ultra-Rich

By Barbara Ehrenreich

On Labor Day we customarily give a nod to America's underpaid and overworked blue and pink collar workers -- janitors, flight attendants, forklift operators and the like.

But this year let's go a step further and salute the most reviled and despised of the people who make our economy happen, the mere mention of whom causes the average forklift operator to spit on the floor. You are thinking perhaps of telemarketers, human traffickers, and the fiends who answer the phone when you to try to make a claim on your health insurance. But I'm talking about our CEOs.

Just in time for the holiday, two liberal groups -- United for a Fair Economy and the Institute for Policy Studies -- have issued a gleefully malicious new attack on our CEO class. They point out that the CEOs of large companies earn an average of $10.8 million a year, which is 362 times as much as the average American worker, and retire with $10.1 million in their special exclusive CEO pension funds.

They further point out that the compensation of US CEOs wildly exceeds that of their European counterparts, who, we are invited to believe, work equally hard.

And, in what they must think is their cleverest point of all, the UFE/IPS folks state that: "The 20 highest-paid individuals at publicly traded corporations last year took home, on average, $36.4 million. That's ... 204 times more than the 20 highest-paid generals in the U.S. military."

But someone has to speak up for our beleaguered CEO class, and let me begin with that spurious comparison to the top military brass. Could we put patriotic emotion aside for a moment and look at this in a hard-headed, bottom-line, sort of way?