A possible breakthrough precedent for common-sense compensation: The BBC, one of the world’s top media enterprises, is mandating a nine-to-one pay ratio between top execs and median employees.
“Money does not determine happiness,” says Pablo González Vicente of Cimagroup, a business analysis firm that has just surveyed happiness levels in South America. “What is more important is the level of inequality in countries: in general, the countries with the most equal distribution of wealth are happier than those with a lot of inequality.” […]
“How much richer do the rich need to be,” an Illinois College historian asks, “before they begin to create jobs?”
A top U.S. corporate pay consultant is predicting that executive pay will double over the next five years. A look at the tricks of the CEO compensation trade.
The politicos running Ireland — and slashing the services that help Ireland’s most vulnerable — insist that only “bold and unpalatable” ideas can rescue the Irish economy. So why not get really bold and spread the austerity around, with a “maximum wage,” a 100 percent tax on all income over the euro equivalent of $120,000 […]
A criminologist-turned-economist explores the consequences of over-the-top luxury consumption.
Corporate lobbyists are working overtime to kill the Dodd-Frank reform that requires companies to disclose the ratio between their CEO and median worker pay. Here’s one idea on how lawmakers could leverage that info into higher tax rates on companies that lavish excess compensation on their top execs.
A look at the corporate chief executives who’ve made themselves phenomenally wealthy by paring their payrolls.
The newest Federal Reserve Board governor is charging that America’s income disparities are serving to “drag down maximum economic growth” and undermine “social progress.”
Why are some lawmakers trying to repeal the new Dodd-Frank reform law provision that requires corporations to annually reveal the ratio between their CEO and median worker pay? They don’t want any companies to have “to reveal that they pay their CEO in the range of 400 times what they pay their typical worker.”
America’s corporate chieftains, new studies show, are living like kings while the middle class stagnates and shrivels. Yet anti-tax politicos remain determined to protect the historically low tax rates of the rich and shove the burden of reducing the federal debt onto the rest of society.
How are major corporations addressing the gross inequity between executive and worker compensation? They’re trying to cover that inequity up.
A country’s health declines, the data show, as income disparities grow. And these health declines impact all people, not just the poor.
The United States as a nation would do well to “commit to a model similar to the one proposed by George Orwell 70 years ago, with the nation’s highest income exceeding the lowest by no more than a factor of 10.”
Twenty-five years ago, average CEO pay ran about 30 times what average workers made. Today, the margin runs 300 times. How much is enough?
The wealth of the global rich, households with at least $1 million available to invest, hit $42.7 trillion in 2010, up 9.7 percent over last year — and more than the total wealth of the global rich in 2007, the year before the international economic meltdown.
A riff on U.S. Open winner Rory McIlroy, hoop superstar Wilt Chamberlain, and the “social cooperation” that creates all wealth.
With a rising percentage of executive pay tied to short-term reported income, executive pay scandals will remain commonplace.
How rising inequality is putting the squeeze on Social Security.
High-ranking execs at U.S. corporations and banks are making 59 percent of America’s top 0.1 percent of incomes.
An illuminating new profile of Richard Wilkinson, the UK epidemiologist whose work shows we all benefit when our societies become more equal.
A $235,000 price-tag for a pooch, notes this University of Washington economist, signals an economy gone terribly perverse.
America’s real “death tax”: an inadequate safety net that pauperizes middle class seniors while the rich get tax breaks.
Concludes a new study of 40 years of psychological data by researchers at the University of Virginia and the University of Illinois: “We’ve seen that people seem to be happier when there is more equality.”
An emeritus historian zeroes in today’s greatest challenge: “to save our democracy from plutocracy — government by the rich.”
Glitzy globetrotting by the super wealthy has returned, travel experts report, “as the days of cutting back to seem ‘recession-chic’ slowly become a thing of the past.”
An excellent review essay on recent books that explore the struggles of the “new poor” amid our contemporary “blatantly unjust distribution of wealth.”
A deeply unequal UK community, guided by famed inequality researcher Richard Wilkinson, is moving imaginatively to narrow the economic gap between top and bottom.
A survey of the latest research that explores why people accept the inequities around them.
With America’s wealth concentrated at the top, “U.S. business is learning to get by just fine, thank you, without middle-class U.S. consumers.”
The tax plan that GOP Presidential candidate Tim Pawlenty has just announced would slice the effective tax rate on the highest 400 U.S. tax returns — average income, $250.5 million in 2008 — down to 4.7 percent.
A look at the greed grab behind Groupon, the latest e-commerce bubble sensation.
A new Trades Union Congress report reveals that wages for a large swatch of British occupations have barely increased at all since 1978. Baker wages have actually dropped, by 1 percent. Take-homes for the UK’s top corporate execs, by contrast, have increased 343 percent in the last decade alone.
The United States is ever more resembling those deeply unequal developing nations where the rich, instead of paying taxes, hire security guards for their gated communities, run their own generators for electricity, and send their kids to elite private schools.
Americans must either challenge the super rich and “reassert our right to the middle-class America that we thought we still had” or “slip back into what our forefathers rejected 235 years ago.”
A new state-by-state analysis shows that filers in nation’s top 5 percent, overall, will get a tax cut 42 times bigger than bottom 60 percent if the Bush tax cuts continue.
In Greece and Ireland, austerity amounts to a rescue of bankers at the expense of average citizens.
This June 7 marks the tenth anniversary of the first George W. Bush tax cut. The Bush tax cuts, overall, last year saved U.S. taxpayers making over $3 million $520,000 on average each.
Another sign of the tilt to the top in the Great Recession recovery: Millionaires have increased their share of world wealth, from 37 percent in 2009 to 39 percent last year.
A fascinating look back a century ago to the excesses of the super rich at their top summer playground.