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Economic Despair– I Mean Disparity

September 29, 2009

IT TURNS OUT that even in these unforgiving economic times, cuts in executive pay still aren’t as bad as outright unemployment, (and let’s not ignore the downward pressure on wages that comes with high unemployment rates.) This fact is illustrated by the still increasing disparity in earnings between the richest and poorest Americans:

“No one should be surprised at the increased disparity,” said Richard Freeman, an economist at Harvard University. “Unemployment hurts normal workers who do not have the golden parachutes the folks at the top have.” [Associated Press]

I doubt anyone is particularly surprised by this.

Theoretically, these golden parachute guys shouldn’t be able to tune people out the way the G20 leaders do. Their companies would be nothing without normal workers engaged in the day-to-day. That they can and do belies the perverted essence of our economy America.

Perhaps there will be time to elaborate later (but don’t count on it.) For now, here is some stuff from the past:

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