Consider wide pay gaps on Labor Day

Labor Day is upon us once approaching, and to everyone, I wish a safe and happy holiday.

This is among many that union members fought and yes, some even died for. Labor Day is a worker holiday created by unions for all workers. It is a time to reflect on our work and to thank those who sacrificed so that working people can potentially have a work/life balance.

Balance is an interesting word when we look at how far out of balance things have gotten in the state of Iowa and the country as a whole for many working families. Iowa remains a low-wage state controlled by anti-union and anti-worker think tanks, along with extremely wealthy corporations. Unemployment benefits are terrible for Iowa workers left without work through no fault of their own. Workers' compensation for those injured on the job has been gutted. Collective bargaining rights for public sector workers remain a sorry shell of the rights guaranteed in the original 1974 law thanks to legislation passed by statehouse Republicans in 2017.

The minimum wage in Iowa has been stuck at $7.25 since January 2008, yet the Republican-controlled Iowa Legislature and Gov. Kim Reynolds say they are on the side of you hardworking Iowans and will surely extend their appreciation to you on this Labor Day.

I am also sure CEOs of S & P 500 companies will extend a big thank you to all the working people. After all, in 2023 CEO pay for those companies increased 6 percent to an average of $17.7 million in total compensation. The average CEO-to-worker pay ratio was 268-1, as reported in the AFL-CIO’s Executive Pay Watch. An average worker would have to toil five lifetimes to earn what the average CEO makes in just a year. That, my friend, is neither balanced nor ethical.

Here in Iowa the CEO of Casey’s General Stores Inc. raked in $10,607,379 while the median Casey’s worker earned $17,266.00. That is 614:1 ratio, folks. Darren Rebelez, Casey’s CEO, received $1,150,000 in incentive salary, $6,336,938 in valued stock awards, $3,070,500 in incentive plan compensation and $49,941 in other compensation.

Starbucks CEO Laxman Narasimhan’s total compensation increased from $8.8 million in 2022 to $14.6 million in 2023, a 66% increase.

Exxon Mobil CEO Darren Woods’ total compensation increased from $23.6 million in 2021 to $35.9 million in 2022 and $36.9 million in 2023.

Johnson & Johnson CEO Joaquin Duato’s total compensation increased from $13.1 million in 2022 to $28.4 million in 2023

If you aren’t outraged by those numbers, consider TPG Inc CEO Jon Winkelried’s $198,685,926 compensation package in 2023 — seem balanced to you?

On this upcoming Labor Day we need to stop and think about how far the pay gap has grown between those who actually do the work that makes the profits possible and those who sit at the top raking it in. It is time to hold politicians accountable to fully support working people and pass-pro worker legislation for once, because the numbers show the CEOs in this country get more than enough help.

Rick Moyle is executive director of the Hawkeye Area Labor Council — AFL-CIO.