I’ll leave it to you, smart reader, to absorb all the information contained in the following, from an article on Bloomberg.com:
A sample from the article:
The pay gap separating fast-food workers from their chief executive officers is growing at each of those companies. The disparity has doubled at McDonald’s Corp. in the last 10 years, according to data compiled by Bloomberg. At the same time, the company helped pay for lobbying against minimum-wage increases and sought to quash the kind of unionization efforts that erupted recently on the streets of Chicago and New York.
Shareholders, not employees, have reaped the rewards. McDonald’s, for example, spent $6 billion on share repurchases and dividends last year, the equivalent of $14,286 per restaurant worker employed by the company. At the same time, restaurant companies have formed an industrywide effort to freeze the minimum wage, whose purchasing power is 20 percent less than in 1968, according to the Economic Policy Institute, a think tank that advocates for low- and middle-income workers.
Fast-food workers trailed other low-wage occupations, with median earnings in 2009 to 2011 at $18,564, compared with $19,099 for child care and $20,101 for cashiers, according to federal data. The U.S. average for the same years was $42,110. Fast-food employment jumped 7.3 percent in that period compared with the previous three years; the overall U.S. average dropped 1.3 percent. From February 2010 to February 2012, the number of restaurant jobs grew more than twice as fast as the average.
McDonald’s is part of a larger trend of Standard & Poor’s 500 companies, according to data from the American Federation of Labor-Congress of Industrial Organizations. The pay gap between the average S&P 500 CEO and the average U.S. worker, which was 42 times in 1980, widened to 380 times in 2011 from 325 times in 2010, the umbrella group of 56 unions said.
Finally (but you should read the entire article), there is the idea that taxpayers are subsidizing this unconscionable state of affairs:
A growing proportion of fast-food employees get federal assistance to buy food, according to census data compiled by the University of Minnesota Population Center. The proportion of fast-food workers who receive food stamps rose to 26.9 percent in 2010, compared with 15 percent of all Americans, the data show.
Hi! Welcome to McDonald’s! May I take your order?