While media coverage of economic inequality seems to occur with less frequency than hurricanes blowing though New York City, today appears to be the anomaly. Several publications, including The Washington Post, The New York Times, and Politico have all run stories about the new, revealing study, “Executive Excess 2011,” by the folks at The Institute for Policy Studies, which shows that last year “25 CEOs took home more in pay than their company paid in 2010 federal income taxes.”
Hopefully, this is the beginning of more to come. (Media coverage of economic inequality. As opposed to instances of tax abuse. Of course.)
Check out this telling graphic from United for a Fair Economy, which makes me wonder: in a society where the political campaign prerequisites (read: money) are making it more and more difficult for most people to get elected as political representatives, and serve their constituency (read: not the wealthy), can our democracy survive this kind of egregious economic inequality?
It is fine to have financial incentives and rewards for those in society who value working hard toward those aims. But when the wealth of a few threatens the livelihood and economic opportunity of so many others, then it seems something is quite out of balance.
To me, this looks more like an aristocracy than a democracy. And that is not good.