A report from the Economic Policy Institute (EPI) analyzed fast food workers compensation relative to the CEO’s of the companies which employ them. Their findings are despicable and horrifying to say the least.
EPI’s analysis found, CEO’s of the top fast food restaurants made 721 times more than their minimum wage workers. Full time minimum wage workers make $15,000 a year. Meanwhile, the CEO’s of large restaurant chains made an average of $10,872,390 a year.
CEO’s of fast food companies make more money in the first morning of the year than minimum wage workers earn annually.
Conservatives and business leaders argue that raising the minimum wage would adversely affect the economy. There has been no proof to support these claims. However, economists have documented the burden low wage workers place on the government. Fast food minimum wage workers cost the government roughly 7.7 billion dollars a year.
Since fast food chains don’t compensate their workers nearly enough to maintain a decent standard of living, the government subsidizes their low wages through government sponsored programs like Children’s Health Insurance Program (CHIP), Medicaid and SNAP (food stamps).
Fast food workers all around the nation have been fighting back against this exploitation of labor. The greed of these CEO’s have placed a strain on the poor and middle classes. In addition, they have also deflected a large financial burden onto the government and the taxpayer. The increasing disparity in wages further highlights the destructive nature of greed and the capitalist class.