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This is unsustainable, and quite frankly, is the perfect recipe for the destiny of a doomed empire:
One hundred CEOs have as much in retirement assets as 41 percent of American families.
This report, co-published by the Institute for Policy Studies and the Center for Effective Government, is the first to provide detailed statistics on the staggering gap between the retirement assets of Fortune 500 CEOs and the rest of America.
- The company-sponsored retirement assets of just 100 CEOs add up to as much as the entire retirement account savings of 41% of American families (50 million families in total).
- The 100 largest CEO retirement accounts are worth an average of more than $49.3 million—enough to generate a $277,686 monthly retirement check for each executive for the rest of their lives.
- David Novak of YUM Brands had the largest retirement nest egg in the Fortune 500 in 2014, with $234 million, while hundreds of thousands of his Taco Bell, Pizza Hut, and KFC employees have no company retirement assets whatsoever. Novak transitioned from CEO to Executive Chairman in 2015.
That's right. Just 100 individuals hold as much retirement assets as 50 million American families have in total.
If anyone truly believes that blithely ignoring this kind of hideous wealth inequality isn't going to reap some level of major socio-economic butthurt at some point on this nation and it's ability to remain a thriving democracy and a dominant force for good in the world, you really need to have your fucking head examined.