The Galt and the Lamers 0
Derrick Z. Jackson on our modern robber barons and how they, with the aid of the Republican Party, are benefiting from the panic depression recession:
The only people being saved are the wealthy.
While unemployment remains at close to 9 percent, the average salaries for CEOs at 200 of America’s largest companies rose 20 percent, to $11.7 million, according to the New York Times. Last month, the Wall Street Journal reported that CEO bonuses at 50 major corporations rose 30.5 percent last year, the biggest gain in three years, to an average bonus of $2.5 million.
(snip)
Then income for the wealthy roared back full circle. The share for the top 10 percent was back up to 45.6 percent in 2008. For the top 1 percent, it was back up to 18.3 percent in 2007. All signs point to these shares breaking the records of the 1920s and ’30s. In an email, Saez (Emmanuel Saez of the University of California–ed.) said, “I expect top income shares to be going up sharply in the near future . . . With a split Republican/Democrat, Congress/administration, it does not look like the government will take drastic policy steps to change this trend in the medium run (such as more progressive taxation, or stringent regulations).
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