Class Warfare

Ken AshfordEconomy & Jobs & DeficitLeave a Comment

The average CEO makes 430 times as much as the average production worker.  That’s data from 2004, presented here.  In 2003, that ratio was 301-to-one.  In 1990, it was 109-to-one.

[Defense contractor CEOs, while not as rich as their brethren in real dollars, are really seeing a post-9/11 surge.  Defense CEOs make 160 times more than army privates, up from 89-to-one in 2001.   United Technologies CEO George David made $88 million in 2004, a year in which the Army cancelled its Comanche helicopter contract with United Tech, because it sucked.  It would take the average Air Force airman 3,634 years to make as much as David did in 2004 alone.]

The poverty rate rose again for the fourth year in a row.  It is now, according to the AP, at 12.7%.  That means that in the U.S., the wealthiest country in the world, over 37 million people are living in poverty.

In related news, Republicans are attempting to repeal the estate tax — a "tax paid by only the wealthiest 1% of Americans — those who inherit estates worth at least $1.5 million". 

Because the rich have suffered enough.  Or something.