CEOs thankful for wealth redistribution
The ILO found that between 1995 and 2007, real wage growth in the United States was essentially 0 percent, and in 2009 wages will “decline by 0.5 percent in industrial countries and grow by no more than 1.1 per cent globally.” The Center for American Progress Action Fund has found that weekly wages were actually 0.3 percent lower in June 2008 than they were in March 2001.
This stagnation — which occurred at the same time that CEO pay steadily increased — has led to severe income inequality. The ILO found that the U.S. is one of the countries in which “the gap between top and bottom wages has increased most rapidly.” Indeed, the Organization for Economic Cooperation and Development (OECD) reported recently that “in the United States, the richest 10 percent earn an average of US$93,000 — the highest level in the OECD. The poorest 10 percent earn an average of US$5,800 — about 20 percent lower than the OECD average.”
And, of course, there are social consequences, outside Versailles, at least:
There are also many economic costs associated with higher inequality, such as higher crime rates, higher expenditures on private and public security, worse public health outcomes and lower average educational achievements.
It would be nice if Obama could manage to get cardcheck passed, eh? Add that to our metrics for Obama's success.
NOTE * If you consider "in the direction of lying and looting greedhead scum" upward of course.