Over 20 years ago, Fortune 500 CEO Harold MacInnes pledged not to take in pay any more than 14 times what his workers were making. A new UK CEO pay report has now placed back on the table the notion of capping executive compensation at a multiple of worker pay.
The outsourcing of public services to private go-getters has been concentrating wealth the whole world over. The best answer to that concentration? That just may be new forms of public ownership, suggests a new global survey of alternatives to privatizing.
More than enough, the latest statistical evidence suggests, to warrant a full-fledged federal search. A new banking law in effect this month, the Foreign Account Tax Compliance Act, has the potential to start that search in the right direction. But obstacles remain.
Workers in the United States don’t make double what workers make in Japan or Switzerland. Why should U.S. CEOs routinely make double — and often much more — than Japanese and Swiss top execs? New global stats show how wide the corporate pay gap still stretches.
Among developed nations, America ranks number one in child poverty. The cause? Many powerful elected leaders point to unmarried mothers. But the research doesn’t back them up. Look instead, that research suggests, to an unequal economy loaded with low-wage jobs.
Despite well-known financial crimes that led to the Great Financial Disaster, there have been no criminal prosecutions of those who fraudulently marketed and sold the subprime mortgage-backed securities that wrecked our economy. Goldman Sachs epitomizes this fraudulent behavior.
A key keeper of the market fundamentalist flame wants us to know that all his rich and powerful red-state pals really do care about income maldistribution. The Heritage Foundation’s Stephen Moore is arguing that progressive policies in blue states are making us more unequal.
Wage squeezes, share buybacks, and tax subsidies, three new progressive think tank studies show, are all combining to keep America’s high and mighty ever higher and mightier. U.S. workers, as labor secretary Tom Perez notes, “are getting a smaller share of the pie that they helped to bake.”
Why do so many contemporary “fiscal conservatives” insist that safety net programs can only incubate a costly “dependency”? To really understand how many privileged today view poverty, we need to revisit the long history of punitive attitudes toward the poor.
Comparisons of income inequality among the world’s major high-income nations usually rank the United States as the most unequal. Why? One prime reason: The governments of other major developed nations do a great deal more to narrow the gap between their rich and everyone else.