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Money made at others expense
Key Excerpts from Article on Website of Washington Post


Washington Post, January 28, 2014
Posted: February 3rd, 2014
http://www.washingtonpost.com/opinions/harold-meyerson-money...

The paths that many of todays wealthiest Americans have taken on their road to riches have not bettered most peoples lives. Many have actually hurt most peoples lives. Their riches have come at most other peoples expense. Since the recession officially ended in June 2009, for instance, the wages for all private-sector jobs have fallen, on average, by 0.5 percent. The wages for jobs in financial services, however, have risen by 5.5 percent. Inasmuch as the recession was brought about by the financial services industry, its understandable that this disparity would strike most people as unjust. Or consider the mechanisms by which some CEOs earn huge salaries. Last week, the board of directors of JPMorgan Chase voted to raise chief executive Jamie Dimons annual pay to $20 million up from $11.5 million despite the fact that the bank paid the federal government around $20 billion last year to settle charges stemming from its multiple misdeeds. Laying off workers and depressing their pay has become the key factor in boosting corporate profits in recent years. With profits at a record high as a share of the nations gross domestic product and wages at a record low, its entirely proper that Americans question the legitimacy of the 1 percents wealth.

Note: For more on income inequality, see the deeply revealing reports from reliable major media sources available here.


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