America’s CEOs make 347 times more money than blue-collar employees. Or at least, that’s what the AFL-CIO—America’s largest federation of labor unions—wants you to think.

The union conglomerate recently published its annual Executive Paywatch report in an attempt to expose “greedy CEOs” for hoarding wealth at the top of the income scale. The report concludes that the average S&P 500 CEO earned $13.1 million in total compensation in 2016, while the typical U.S. rank-and-file worker made only $37,632. This comes out, the AFL-CIO claims, to “a CEO-to-worker pay ratio of 347 to one.”