On this Tuesday after Labor Day, we are going to take a look at how workers are faring in the U.S. economy. Between 1990 and 1998, the salaries of corporate executives skyrocketed 481 percent. Meanwhile, workers’ pay rose a mere 28 percent (barely more than inflation).
These are the results of a recent study released by United for a Fair Economy and the Institute for Policy Studies. Their report, called “A Decade of Executive Excess: The 1990’s,” concludes that foreign companies are able to successfully compete in the global economy while paying their top executives substantially lower than their American counterparts.
New data from the Congressional Budget Office shows that the gap between richest and poorest Americans has grown. A study by the Center for Budget and Policy Priorities reveals that this year, the richest 1 percent of Americans–2.7 million people -collectively make as much money as the bottom 100 million.
- Chuck Collins, co-director, United for a Fair Economy, and co-author of the study.
- Isaac Shapiro, from the Center for Budget and Policy Priorities, and author of the report on the gap between the rich and the poor.