The Federal Reserve has once again counted up America’s personal wealth — and omitted the nation’s 400 richest from the final tally. But the new figures, even with that omission, show a divide still deepening.
All those millions that America’s billionaires are pouring into super PACs, where do they come from? We can trace a huge chunk of that political cash to the truly massive tax cuts our richest now enjoy. How massive? Over $25 billion a year — for our most affluent 400 — massive enough for you?
Sugary soft drinks, as Michael Bloomberg reminds us, do our nation no good. But if we really want to narrow our waistbands, we’re going to have to narrow the income gaps that divide us.
A perfectly respectable business panel is urging corporate boards to ditch the ridiculous rationalizations for CEO pay excess and narrow the gargantuan corporate pay gap. Step one: end CEO stock options.
Facebook’s initial public offering last week ‘offered’ the world another double dose of windfalls and greed. But Egypt’s elections this week may bring an IPO of a different sort, the ‘initial public offering’ of an antidote to avarice.