Saturday, June 21, 2008

The Gap That's Now a Chasm

MWB, at The Canary Sings, has a great post up about the wage gap. As many of us struggle with gas at $4+ per gallon, higher grocery bills, and actually everything getting more expensive these days, this should make your blood boil:

Outrage of the day - wages

The Economic Policy Institute has in their snapshot a focus on wage growth:

But when it comes to the wage income of the highest of the high earners, the staggering gap has become a chasm: in 2004 the upper one-tenth of 1% earned 70.4 times as much as the average person in the bottom 90% of the income scale. Just 25 years earlier in 1979, the ratio that was only 21.0-to-1. In other words, in 1979 it took the highest-paid earners 12.4 days to make what most other earners did in a year, but by 2004 that feat was accomplished in a mere 3.7days.
There is a lot of other good stuff as well. Check it out!

UPDATE: Check out Big Pimpin' CEO Style posted by Fran at FranIAm.



Anonymous said...

Oh no. Like I need more outrage. Thanks for the tip to The Canary Sings. I'd already ranted and raved at Fran's.

You know, I'll be glad when class warfare is back in vogue. I mean the rest of us versus the rich, not the other way around. That warfare has been conducted forever, but really got its boost with Reagan, don't you think?

BAC said...

Reagan really declared war on the middle class, and set out to eviscerate it. Deregulation and union busting have taken a huge toll.


FranIAm said...

Thanks for the link and for the great rec to go see that other post, which was really brilliant.

Reagan. Ugh. All roads lead to his evils I think.

And the question in my other post is truly a question and one that pains my heart deeply.

Deep sigh.

mwb said...

Thanks for the link and it was amazing seeing franiam's post too since the topic is so disturbingly relevant now.

Ah, President Reagan. It's amazing how much crap nowadays stems from that White House (including many of the residents of this White House!)

Paul Krugman talks a lot about the Great Divergence stemming from that period where the wage gap and separating of rich and everyone else really started taking off again.