According to new data put out by the NYT’s The Upshot, kids who grow up in my home county (Lewis County) in families with average incomes end up making 8 percent more than their peers, nationwide.
The Wall Street bonus pool may be double the full-time minimum wage earnings combined, but an individual bonus could be twelve times as much as a minimum-wage worker earns.
In case you missed it this weekend, Tom Perkins, a billionaire who co-founded the firm Kleiner Perkins Caufield & Byers and has become a successful venture capitalist wrote a short letter to the editors of The Wall Street Journal comparing class tensions tensions in the San Francisco Bay Area and anger towards the one percent to Kristallnacht, or “The Night of Broken Glass,” in which a series of coordinated attacks against Jews throughout Nazi Germany in 1938 left scores of people dead, and tens of thousands of Jews incarcerated and sent to concentration camps.
“In 1990, the top one percent of households in New York made $452,000 a year. By the time of the 2010 census, they were making $717,000 a year. During that same period, earnings for the poorest New York families remained nearly flat.”
The Atlantic recently started a video explainer series about business and economics, discussing things like why some restaurants choose to have “bottomless drinks” and whether or not machines are taking our jobs. Senior editor Derek Thompson went to Dangerously Delicious Pies in northeast Washington D.C. for the above segment on rich people and income inequality. He does a nice job of explaining the situation, though I must admit that I got distracted by all the delicious pies.
Financial journalist Duff McDonald has a book coming out this fall about McKinsey & Company the American consulting firm that has had a significant impact on how big business in the U.S. is run. And according to his piece in the New York Observer, they’ve also had a major influence on the CEO-to-worker pay gap. While wages have flatlined for millions of workers across the country, C.E.O. pay has skyrocketed.
Researchers from Columbia, MIT, Harvard and UC-Berkeley conducted a survey of more than 5,000 Americans to figure out how people feel about income inequality, and if they believed income inequality could be addressed through government action.
In the City Journal, E. D. Hirsch, Jr., a professor emeritus of education and humanities at the University of Virginia, writes about the correlation between economic inequality and the breadth of vocabulary knowledge learned in school.
Let’s fund this doc.
See more from the income inequality report from the New York City Comptroller’s Office here.