11.17.2007

progress of a nation

I just read this in a review of Paul Krugman's new book, The Conscience of a Liberal. I thought it was worth repeating.
He recites the now-familiar data that the wealthiest 0.01 percent of Americans are seven times richer than they were three decades ago, while the inflation-adjusted income of most American households has barely nudged upward. Chief executives who typically earned 30 times more than their average employee in the 1970s now take home more than 300 times as much.

5 comments:

Scott M. said...

Sounds like things are going well for the rich. Yeah rich!

James said...

US conservatives often seem to pine for the 50s, but there are two elements of their dream decade that I wouldn't mind seeing come back: the 91% top tax bracket, and President smart enough to be suspicious of the "military-industrial complex".

L-girl said...

Sounds like things are going well for the rich. Yeah rich!

Thanks for the laugh this morning. :)

US conservatives often seem to pine for the 50s, but there are two elements of their dream decade that I wouldn't mind seeing come back: the 91% top tax bracket, and President smart enough to be suspicious of the "military-industrial complex".

Heh, good point, I never think of that. If we could somehow get that back, but hold the segregation, women's inequality, and I don't know what we'd do with the queers... Oh, never mind, it won't work.

avishalom said...

James makes a good point. However...

President Eisenhower warned about the military-industrial complex only when he was on his way out the door.

While on the other side of that door, he ordered actions to overthrow democratically elected nationalist/social-democratic governments in Guatemala and Iran.

Also, it is usually forgotten that he wanted to call it the military-industrial-congressional complex, but was dissuaded from it by members of Congress who wanted to keep on handing out big government contracts to their defense-contractor buddies. And they sure have...

(Was the top tax bracket really 91%? Wow. Maybe the highest anywhere, ever? People often assume that a big welfare state like Sweden's must be funded by steeply progressive tax codes. They assume wrong.)

L-girl said...

President Eisenhower warned about the military-industrial complex only when he was on his way out the door.

While on the other side of that door, he ordered actions to overthrow democratically elected nationalist/social-democratic governments in Guatemala and Iran.


Yes. Wars for fruit, wars for oil - either way, wars for profit.

I don't think James is seriously missing Ike.