In this issue: How climate change will impact care, a take down of last week’s “Gilded Glamor” Met Gala, and new data comparing the CEO-worker pay gap in the UK and US.

 
INEQUALITY.ORG
THIS WEEK
The Mother’s Day we celebrated yesterday always shines a spotlight on the many, many injustices mothers and caregivers face in the United States. We remain, for example, the only industrialized country without a federal paid family and medical leave law on the books. And with the Supreme Court poised to kill Roe v. Wade, our cost of childcare is soaring, amid corporate greed grabs that are escalating core costs of living.

All of this can all feel unmanageable at times, but we do have solutions for the compounding crises that make care work so undervalued. For more info on ideas and resources, check out our Inequality.org fact pages on gender economic inequality and inequality and the care economy.

Meanwhile, in this issue, we take a look at climate change’s impact on the care economy and feature a take-down on last week’s “Gilded Glamour” Met Gala. Also this week: new data that reveal some fascinating insights on how CEO-worker pay gaps vary so widely from one nation to another.

Chuck Collins and Rebekah Entralgo,
for the Institute for Policy Studies Inequality.org team
 
INEQUALITY BY THE NUMBERS
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FACES ON THE FRONTLINES
A Labor Struggle at the Gilded Glamour Met Gala
Last Monday, celebrities and billionaires flocked to the annual Met Gala in New York. Sponsored by the prestigious publisher Condé Nast, the charitable benefit celebrated the styles of the first Gilded Age, the most unequal period in American history — until today

Condé Nast makes a fitting sponsor for a gala that highlights the original Gilded Age. Its low-paid workers struggling behind the scenes to generate media coverage have recently formed a union, and they’re still struggling to gain recognition. Condé Nast has been exploiting its workforce, fostering a racist culture, and growing stagnant, attests Elise Portale, a union member and Architectural Digest’s social media manager. Says the union activist: “We are tired of being overworked, underpaid, and completely burnt out by a company that chews up their best talent and spits them out again.” Inequality.org’s Bella DeVaan has more.
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WORDS OF WISDOM
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PETULANT PLUTOCRAT
OF THE WEEK
A Golden Parachute for Big Pharma’s Golden Boy
Stéphane Bancel, the CEO of Covid vaccine-maker Moderna, has been doing quite well in the personal checkbook department. He pulled down $18.2 million last year in cash, stock, and options, over double his take-home in the pre-pandemic 2019. But Bancel will be doing even better if a more established pharmaceutical giant chooses to buy out Moderna and show Bancel the door. The 49-year-old CEO’s new pay deal with Moderna, the company recently revealed, includes an eye-popping “golden parachute” valued at $926 million should Bancel get the heave-ho from a new Moderna corporate board. The justification for this generosity? Moderna’s current board says the new deal will keep Bancel “focused” on pursuing “the best interests of our stockholders” even if that costs him his “own job.” Moderna has refused to answer any additional questions on Bancel’s new pay package.
 
BOLD SOLUTIONS
Climate Change and the Unequal Impact on Mothers
Every Mother’s Day brings a deluge of articles about issues affecting women’s roles as caregivers, analyses on everything from low wages for care jobs and the lack of a federal paid-leave policy to the aftershocks of the pandemic, a tragedy that has forced a historic number of women to leave the workforce to provide care. Missing from the conversation: any discussion on how our ever-changing climate is now and will in the future impact our current crisis of care. Lisa Dodson, a Boston College sociologist and the co-author of the forthcoming Getting Me Cheap: How Low-wage Work Traps Women and Girls in Poverty, is calling investing in childcare for all of the nation’s children as essential to a sustainable tomorrow as supporting green jobs and renewable sources of energy.
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GREED AT A GLANCE
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TOO MUCH
Our CEO-Worker Pay Divide: Unfair and Unwise
Would you like to see the evidence that shows how top American corporate CEOs are contributing far more to the success of their enterprises than their British counterparts? Sorry, that evidence does not exist. We have no research that demonstrates the superior talent of top U.S. corporate execs. Nor do we have any evidence that shows the superiority of British rank-and-file workers over their American counterparts. Why go looking for evidence that compares the performance of CEOs and workers in the UK and USA? Simple. We have some stunning new data on the comparative pay of British and American CEOs and workers. Inequality.org’s Sam Pizzigati has more.
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MUST READS
What's on Inequality.org 

Tykeisa Nesbitt, Black Land Theft and the Racial Wealth Divide. Over the course of a century, white farmers and landowners developed tax and property law schemes that allowed them to strip African Americans of their land.

Chuck Collins, Billionaire Wealth up $1.7 Trillion as U.S. Passes 1 Million Covid Deaths Milestone. As the U.S. crosses the grim milestone of 1 million deaths from Covid-19, U.S. billionaires have seen their combined wealth rise over $1.7 trillion, a gain of over 58 percent during the pandemic.

Elsewhere on the Web

Timothée Parrique, Sufficiency means degrowth, Resilience. The overconsumption of our wealthy “polluter elite” adds extravagantly to global emissions. But these rich only consume part of their income. They invest much of the rest in projects disastrous for the planet.

David Sirota and Andrew Perez, The Means-Test Con, The Lever. Student debt relief for all will not help the rich, as opponents of this relief claim. Suggesting that it would amounts to cynicism masquerading as populism.

Michael Scherer and Sarah Ellison, How a billionaires boys’ club came to dominate the public square, Washington Post. Wealthy dynasties are increasingly shaping the information that courses through legacy publications and social media networks.

Piergiuseppe Fortunato, The long shadow of market fundamentalism, Social Europe. A short history of the ideological framework that has nurtured our vastly unequal winner-take-all world.

Ian Neubauer, A bit rich? Billionaires’ climate efforts draw skepticism, praise, Al Jazeera. The world’s wealthiest 1 percent annually account for 15 percent of global carbon emissions, nearly twice as much as the world’s poorest 50 percent.

Zach Everson, Thiel Was Good For $10 Million, But J.D. Vance’s Other Billionaire Backers Were Good For Nothing, Forbes. Some former billionaire business backers of Trump-favorite Vance kept their wallets in the pockets before last week’s Ohio GOP Senate primary. But billionaire Peter Thiel stepped up big.

Rebecca Tauber, Why some of the richest Americans pay no federal income taxes, according to ProPublica's IRS data trove, Boston Public Radio. The federal government only taxes the wealth of billionaires when they sell their stock. But billionaires don’t have to sell their shares to profit off their fortunes.

Anna Papadopoulos, World’s Wealthiest People, 2022, CEOWORLD. Eighteen of the top 25 global super rich, as of May 3, call the United States home.
 
 
A FINAL FIGURE
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