Frightening Charts From the Senate Inequality Hearing
As if there were any doubt, a two-hour Senate Budget Committee hearing on Thursday reported some alarming trends in income inequality, Mother Jones reported.
Among the realities shown were the 2010 CEO-to-worker pay ratio of 325 to 1; the steep rise of the 1 percent’s share in the national income over recent decades; and the declining tax rate on America’s top earners since the early 1960s.
Mother Jones published another series of inequality charts in April, showing, among other things, that the mega-rich have taken the lion’s share of wealth produced over the last three decades while the income and wages of American workers who were boosting productivity stood still. One of the most striking facts was this: “If the median household income had kept pace with the economy since 1970, it would now be nearly $92,000, not $50,000.” –ARK