The Widening Gap Between the Super-Rich and Other Americans
October 30, 2019 at 3:48 PM - Views: 42 #205382
- Total Posts: 4,022
Despite the upbeat words from America’s billionaire president about the “economic miracle” he has produced, economic inequality in the United States is on the rise.
In August 2019, the Economic Policy Institute reported that, in 2018, the average pay of CEOs at America’s 350 top firms hit $17.2 million―an increase, when adjusted for inflation, of 1,007.5 percent since 1978. By contrast, the typical worker’s wage, adjusted for inflation, grew by only 11.9 percent over this 40-year period. In 1965, the ratio of CEO-to-worker’s pay stood at 20-to-1; by 2018 (when CEOs received another hefty pay raise and workers received a 0.2 percent pay cut), it had reached 278-to-1.
An AFL-CIO study, released in June 2019, had similar findings. Examining compensation at Standard & Poors 500 companies, the labor federation reported that average CEO pay in 2018 had increased by $5.2 million over the preceding 10 years. This resulted in an average CEO-to-worker pay ratio of 287-to-1.
These figures, of course, are only averages, and at numerous major corporations, the economic gap between boss and worker is much greater. According to the AFL-CIO, the CEO-to-worker pay ratio at Walmart (America’s largest private employer) is 1,076 to 1, at Walt Disney Company 1,424-to-1, at McDonald’s 2,124-to-1, and at Gap 3,566-to-1. At 49 S&P 500 firms, noted an Institute for Policy Studies report, half the work force―that is, 3.7 million employees―received wages below the official U.S. poverty line for a family of four.
““The average American today is underpaid, overworked and stressed out as to what the future will bring for his or her children. For many, the American dream has become a nightmare.”." ~Bernie Sanders
October 30, 2019 at 3:52 PM #205387
Cold Mountain TrailMember@coldmountaintrail
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Thus, despite the soaring incomes of top corporate executives and other wealthy Americans, the median household income in the United States grew by only 0.2 percent during 2018―a decline from the three previous years.
Although President Donald Trump has claimed that “inequality is down” …in 2018, the nation’s income inequality reached the highest level since the U.S. Census Bureau began measuring it five decades before.
why trump will lose?
October 30, 2019 at 4:25 PM #205404
- Total Posts: 436
@cold mountain trail
trump cultists believe that they live in the best possible world where dear leader is cutting taxes and if they could only dispose of immigrants and libruls there would be high paying jobs for all real ‘murkins.
why trump will win.
October 30, 2019 at 5:03 PM #205465
- Total Posts: 441
And so-called Democratic moderates also feel they live in the best of all possible worlds and that wealth inequality is the natural state of man.
Isn’t it amazing how they are almost mirrors of the Trump people.
October 30, 2019 at 6:54 PM #205567
- Total Posts: 1,116
Wealth inequality is the product of power inequality. Product of class society. In class society ruling class writes the rules so that they get the cake that others make. The hard problem is that often – historically – ruling class helps to bake a bigger cake, and trickles down some crumbs to bakers. But now that real growth has stagnated and ecosystem can’t take no more growth of cake baking, that deal is of. We need a totally new deal. I suggest libertarian socialism.
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