The “recovery” continues to pick up steam, but it has not left Wall Street. The poor and middle classes still suffer all the effects of the Republican recession. That is likely to remain locked in for years, because the poor and middle classes have no ability to spend us out of the recession and the rich have no incentive to hire us out of it. The biggest part of the problem is that everything that was supposed to trickle down since 1980 has gushed up, and the bottom 40% of Americans have only 0.2% of the wealth. As long as income inequity continues at record pace, the Republican redistribution of wealth will continue.
After the killing of Osama Bin Laden at a compound in a suburb of Islamabad, Pakistan, much of the nation’s focus has turned to the men in our military who were responsible for the raid. The combat team that attacked Bin Laden’s compound was composed of an elite unit of Navy SEALS.
As economist Dean Baker points out, ABC News did a feature story about the SEALs to highlight the sacrifices those enlisted in the unit make. ABC compared their base salaries of $54,000 a year to the average annual salary for teachers. Baker notes that perhaps their salaries should be compared to Wall Street CEOs who earn tens of millions of dollars:
In the wake of their successful assault on Osama Bin Laden’s hideout, ABC News did a short feature on the Navy Seals. The report tells us that the people who hold this highly demanding and dangerous get paid about $54,000 a year. It then adds that:
“The base salary level [of Navy Seals] is comparable to the average annual salary for teachers in the U.S., which was $55,350 for the 2009-2010 school year, according to the Digest of Education Statistics.’ That is one possible comparison. There are other possible reference points. For example, the CEOs of Goldman Sachs and J.P. Morgan both pocket around $20 million a year.
Baker’s query poses an interesting question. What would the numbers look like if the base salary of a Navy SEAL — who risk their very lives in their day-to-day work — was compared to the compensation of the CEOs of some of America’s wealthiest corporations? Data from the AFL-CIO’s Executive Pay Watch finds that the average 2010 CEO compensation at an S&P 500 company was $11,358,445. ThinkProgress has demonstrated this gap in compensation visually… [emphasis original]
Inserted from <Think Progress>
I for one think a Navy Seal is worth more than a Bankster. Seals put their lives on the line for us. Banksters put our homes, our jobs, our retirement, and even our entire economy on the line to become even richer than obscenely rich.
Ed Schultz demonstrates just how extreme the inequity is.
Visit msnbc.com for breaking news, world news, and news about the economy
The solution is simple enough. Tax the bastards, before we become worse than Uganda.
20 Responses to “The Extreme Extent of Income Inequity”
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As long as the wealthy aren’t paying a fair share of taxes, as long as outsourcing and wage freezes continue, as long as the Supreme Court remains blatantly pro-business and anti-worker, there will NEVER be anything even remotely resembling a more even distribution of income in this country.
And that’s why Republicans and DINOs have to go.
I agree!
Vote out all DINOs, especially DINO Obama in next year’s Democratic Primaries.
Vote only for Progressive Democrats
Yes you can vote for your own best interests!
“You can’t beat Republicans by being Republican Light”.
Howard Dean – Progressive Democrat
Kevin, is Dean even considering a run?
Time Magazine recently reported that the average workers salary increased by 2% in 2010 while CEO pay increased 23%. Trickle down is alive and well.
Just think how much better off everyone, well almost everyone, would be if those numbers were reversed — 23% for the average worker and 2% for CEOs.
Jerry, even at that rare the CEO woulf get far more from a 2% increase than a median worker would from a 23% increase.
absolutely agree–the problem is well defined–NOW–what is the solution ,?? And where do we start–?Seems we , me too , tend to sit back–tsk tsking —and expect things to change ? I would like to see some concrete-goal directed activity aimed at changing the stats quo–
Phyllis, Jack started it. We need to tax millionaires and billionaires at higher rates, subsidize job creation here and stop subsidizing job outsourcing, close the corporate tax loopholes, restore the balance on SCOTUS and more.
That’s disgusting. The CEO’s are pigs taking money from middle class people. My husband’s company (and former mine) had an earnings warning and their stock dropped 35% in one day. Now they said they are not paying bonuses. But you can bet the big 3 (president, CFO and CEO) will get theirs.
Lisa, do you think I’m fool enough to take that bet? 🙄
😉
We should boycott companies based on their executive pay… We middle classes get to choose where more of the money is spent. Someone should codify this info to take action! For instance, if McD’s pays their workers more and their exectives less, we shop there… Anyone have a little free time?
Welcome Frances! 🙂
Given the many hours I invest in research for this blog and volunteer work, free time is mutually exclusive for me. I think it’s a great idea and would happily publish the results.
Good idea Frances. I would also like to see charts on percentage of jobs overseas compared to jobs here by each company. That number should be printed on each package sold in the US
Another excellent idea!
OK–Now– the Problem and the Solution has been identified–Now what ? and How? I guess i am thinking in concrete terms–but it still seems all that is being done involves standing and wringing our hands—We have in place Politicians who got their jobs by being voted in–
I suggest one place to start could involve learning about the Politicians Before we vote for them–and then Vote–how many who are griping actually voted–??
I do like what Jack said– he nailed the Problem–Now what ? AND How ?
Phyllis, it sounds like you’re asking the bulk of America to give up their political apathy. That one has resisted everything I’ve tried over many years. Not voting and not researching all the candidates would never even occur to me. I cannot understand or sympathize with any other mind set. For me the solution is to keep informing Americans.
I wish I knew what to do. I think its going to take something more drastic than changing the guard in Washington. I think at this point the corruption is to the point that if we manage to find and elect an honest politician that was willing to fight the corporations they would find a way to get to him or her. Bribery is not the only means of controlling people. I would be controllable myself should they threaten harm to my family. I think the only way to end the takeover of the US by corporations is to stop buying products from them. Unfortunately that mode would be painful for Americans and would be hard to sell. It would mean more job loss until small companies could fill the gaps created.
Aha! Now I know who you are.! I thought that ‘Mruky’ might be you. LOL! 😀 Don’t worry. I’m the King of Typo.
Within the system, I see some hope of influencing Democrats and no hope of influencing Republicans, so I hang my hat on the former.
There are many companies whose products I do not purchase because of their practices, beginning with Wal-Fart.
Yes Jack–that is exactly what I am asking–How to do that ?? The Complacency of ‘the People” overwhelms me!!
Phyllis, I think it was me, not Jack, that talked about apathy. I remember once in the 1960s I was organizing in one of New York City’s worst slums, and I asked a group of people who lived in the projects why they did not care enough to organize on their own behalf. Nobody could answer me. I felt infuriated.
I have learned that there is absolutely nothing I can so to change the behavior of someone else, so I lead horses to water over and over again. If they never drink, I will have done all I can.