“CENTER FOR INTERNATIONAL POLICY”
“The top five contractors alone received over $150 billion in Pentagon contracts in Fiscal Year 2020. Executive compensation at the top contractors would go a long way if invested in other activities.
Total compensation for major executives of the top five contractors exceeded $1 billion in total for the four years from 2017 to 2020. Average annual CEO compensation for the top five contractors is over $21 million per year. A general of the highest rank earns well over $200,000 per year, still only about one one-hundredth of average CEO pay at the top five contractors.”
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“On April 9th, the Biden administration announced a proposal for Pentagon spending and related nuclear weapons work at the Department of Energy in excess of $750 billion – three-quarters of a trillion dollars.1 This is substantially higher than the peak levels of the Korean and Vietnam Wars and the Reagan buildup of the 1980s.
These enormous sums for the Pentagon are often justified as necessary to meet the needs of military personnel, but in fact, roughly half of the Pentagon’s budget is spent on corporations like Lockheed Martin, Boeing, General Dynamics, Raytheon Technologies, and Northrop Grumman, as well as the hundreds of thousands of private contractors employed by the department.
The top five contractors alone received over $150 billion in Pentagon contracts in Fiscal Year 2020. Not all of these funds are well spent. Cost overruns and performance problems, expenditures on weapons systems that are not relevant to current security challenges, and investments in weapons that actually make the world a more dangerous place all detract from, rather than enhance, America’s security. There is also widespread waste and excess overhead within the Pentagon, which is the only major federal agency that has never successfully passed an audit.”
READ THE FULL REPORT BELOW FOR MORE DETAIL ON HOW THE TAX PAYER IS SUBSIDIZING CEO COMPENSATION AT THESE 5 COMPANIES.
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