Study: CEO Pay Increased 127 Times Faster Than Worker Pay Over Last 30 Years

truth-has-a-liberal-bias:

Compensation for chief executives at American companies grew 15 percent in 2011 after a 28 percent rise in 2010, part of a larger trend that has seen CEO pay skyrocket over the last three decades. Workers, on the other hand, have been left behind.

Since 1978, CEO pay at American firms has risen 725 percent, more than 127 times faster than worker payover the same time period, according to new data from the Economic Policy Institute. […]

Income Inequality Is Worse Now Than It Was During Slavery - Business Insider

The conclusion comes to us from an newly updated study by professors Peter Lindert of the University of California - Davis and Jeffrey Williamson of Harvard.

Scraping together data from an array of historical resources, the duo have written a fascinating exploration of early American incomes, arguing that, on the eve of the Revolutionary War, wealth was distributed more evenly across the 13 colonies than anywhere else in the world that we have record of. 

rollingforwardwithobama:

quickhits:

Conservatives, Melissa Harris-Perry has had it with your bullshit.

Raw Story:

A discussion on the racialized political rhetoric surrounding welfare took a turn close to home for Melissa Harris-Perry on her show Saturday morning, as she offered author and BusinessWeek columnist Monica Mehta a glimpse at the kind of places in which people who need of social-assistance programs often live.

Harris-Perry’s animated remarks were a response to Mehta’s opinion that President Barack Obama’s much-twisted “You didn’t build that” speech missed an emphasis on risk-taking, something she suggested enabled class mobility in America.

“What is riskier than living poor in America? Seriously!,” she said, slamming her hand on her desk. “What in the world is riskier than being a poor person in America? I live in a neighborhood where people are shot on my street corner. I live in a neighborhood where people have to figure out how to get their kid into school because maybe it will be a good school and maybe it won’t. I am sick of the idea that being wealthy is risky. No. There is a huge safety net that whenever you fail will catch you and catch you and catch you. Being poor is what is risky. We have to create a safety net for poor people. And when we won’t, because they happen to look different from us, it is the pervasive ugliness”

Harris-Perry later apologized for getting hot under the collar — but not, thankfully, for her argument. This is 100%, inarguably, absolutely true — which is why the conservatives on the panel barely even tried to dispute it. Instead, they went straight to clarification mode.

Donald Trump has filed for bankruptcy over and over, yet he remains ungodly rich. The fact of the matter is that it’s very, very difficult to stop being rich in America. The idea that a business venture can fall through and leave you penniless seems as antiquated as handlebar mustaches and bicycles with giant front wheels.

But consider the logic; even if it were absolutely true that the rich took real risks, what would they be in risk of? Death? No, poverty. By conservative arguments, being poor is such an unimaginably horrible circumstance that the wealthy have to be protected from that possibility at every turn — even if their own decisions (i.e., “risk-taking”) are what brings them there. But those who are already poor — well, that’s their own damned fault for making bad decisions. Sink or swim buddy; this is the Land of Opportunity, not the Free Ride Terminal.

To be a conservative means to be unfettered by the bonds of logic and to be free from the chore of thinking things all the freakin’ way through.

absolutely brilliant. The real good stuff is at the 8 minute mark.

Matt Miller: The rise of the ‘Drawbridge Republicans’ - The Washington Post

Wealthy political candidates are nothing new, of course. But we’ve never had two wealthy candidates on a national ticket whose top priority is to reduce already low taxes on the well-to-do while raising taxes on everyone else — even as they propose to slash programs that serve the poor, or that (like college aid) create chances for the lowly born to rise.

Call them the Drawbridge Republicans. As the moniker implies, these are wealthy Republicans who have no qualms about pulling up the drawbridge behind them. Such sentiments used to be reserved for the political fringe. The most prominent example was Steve Forbes, whose twin obsessions during his vanity presidential runs in 1996 and 2000 — marginal tax rates and inflation — were precisely what you’d expect from an heir in a cocoon.

sarahlee310:

thepeoplesrecord:

Striking Houston janitors win 12% pay raise
August 10, 2012

On August 8, Houston’s striking janitors reached a tentative agreement with six of the seven companies who employ them to clean some of the city’s swankiest offices. The agreement, to be ratified on Saturday, ensures them a 12% raise. It ends more than two months of public demonstrations, strikes, and sometimes-risky civil disobedience.

The janitors’ previous contract, which expired at the end of May, gave them $8.35 an hour. The union, Service Employees International Union Local 1, pointed out that Chicago janitors, some employed by the same contractors, made $15.45 an hour, and sought a raise of $1.65 per hour over three years. The contractors called this unreasonable and countered with an offer of $.50 over five years.

Under the new contract, janitors will receive a raise of one dollar per hour installed over the next four years.

As the strike spread to other cities, national media outlets, such as Marketplace and the Huffington Post, paid it significant attention as a component of the larger conversation about the disappearing middle class. Houston media, however, has paid the strike less and less attention. Both the Houston Chronicle and the Houston Press failed to report the janitors’ dramatic shutdown of a crucial intersection last Wednesday (detailed by DH here) and has, as of this writing, not reported yesterday’s agreement, which was announced late last night.

Houston as a whole ought to be rather self-conscious at the moment about its rich-poor divide. Last Wednesday, the Pew Research Center released a national study of income segregation—that is, the prevalence of upper-income households to live in majority upper-income neighborhoods, and low-income households among low-income. Of 30 major U.S. cities ranked by segregation, Houston came in first.

The report states, “These increases are related to the long-term rises in income inequality, which has led to a shrinkage in the share of neighborhoods across the United States that are predominantly middle class or mixed income.”

In other words, as the gap grows between rich and poor, it also grows more invisible.

Tom Balanoff, President of the SEIU Local 1, said in a statement, “The janitors’ victory brings hope to security officers, airport workers and others trapped by poverty wages. Our economy is broken, and unless we do something to turn low-wage jobs into good jobs, the middle class will be the great disappearing act of the 21st century.”

Source

“….as the gap grows between rich and poor, it also grows more invisible.”  It is our job to make sure this does not happen.  I can’t imagine how anyone thinks a person can care for a family in Houston or any other major city on less than $9.00 an hour - or thinks that a city can survive if that is how most of its citizens have to live, while others make more money in a year than they can spend in a lifetime.

A major study into household income in 30 Western countries found that in the past 25 years, inequality rose in 18. The rich got richer faster than the poor in nearly all countries. But railing against the 1 per cent and occupying Wall Street won’t provide a solution to rising wage inequality. What we need now is not to search for villains but to work out sensible tweaks to taxes and benefits.
Dr DeAnne Julius, the economist, examines a major new study into wage inequality by the Organisation for Economic Co-Operation and Development (via timesopinion)

Let us ask again: Have we reached the goal of our vision of that fourth day of March 1933? Have we found our happy valley? I see a great nation, upon a great continent, blessed with a great wealth of natural resources…I see a United States which can demonstrate that, under democratic methods of government, national wealth can be translated into a spreading volume of human comforts hitherto unknown…But here is the challenge to our democracy: In this nation I see tens of millions of its citizens…who at this very moment are denied the greater part of what the very lowest standards of today call the necessities of life…The test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little…

Franklin D. Roosevelt,
Wednesday, January 20, 1937

(via engagedelectorate)

Back in the day, the king of the Aztecs would get ice cream this way. At dawn a slave would go to the top of a mountain where slabs of marble had been placed. The dew would freeze on the cold marble and the slave could collect a quart or two of ice. Then he’d take the ice and run. Relays of slaves would carry the ice to the palace, where it would be turned into a treat for the king. Hundreds of men tied up getting one man a little treat.

That’s where we are today. Look at the real cost of one private jet or private golf course and think of what we could be doing with that money. If they were competing to see who could build the fastest plane or best computer I’d say let them go, but it’s a contest to see who can spend the most on a party.

dagwood111 on reddit.. (via sarahlee310)
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