Your depressing charts for the day
Jun. 8th, 2012 05:21 amI can't even repost them all, it's just too much. But what it comes down to is, we have extraordinarily high unemployment, corporate profits are at an all-time high, income inequality in the US outstrips countries like Iran, class mobility is at an all-time low, hourly earnings have not increased in 50 years (adjusted for inflation) while CEO pay has increased 300%, CEO pay is now 350 times the average worker's (up from 50 times from 1960-1985), all of this represents a dramatic change from most of the 20th century when lower-wage earners captured most of the earnings growth, taxes on the highest earners are nearly the lowest they've ever been, and the Fed continues to essentially subsidize the banks by keeping interest rates low (so the banks don't pay depositors interest), while the banks use their cash to buy Treasuries instead of making loans.
The only thing missing from the charts is, of course, the effect of the decline of unions on wage inequality.
The only thing missing from the charts is, of course, the effect of the decline of unions on wage inequality.