Saturday, July 30, 2011

The Populist Moment: Part 2

Business Week reported last month that the median pay of chief executives jumped 35%, to $8.4 million, for Standard and Poor's 500 CEOs in 2010.

Meanwhile, back in our home towns, average weekly earnings of Americans fell in 2010 and median family income has fallen quarterly since 2008. The number of people living in poverty has increased by nearly 20% during that period as well.

Clearly, there is no evidence of shared sacrifice during this great recession. Provisions in the Dodd-Frank act that were allegedly written to quell the greed that caused the downturn appear to be a sham.

No comments:

Post a Comment