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« Saturday « January 6, 2007
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How the Middle Class Is Getting Screwed
(New York Magazine)
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An average CEO now gets paid several hundred times the salary of his average worker, a gap that's an order of magnitude larger than it was in the seventies. In Japan, the ratio is just 11-to-1, and in Britain 22-to-1 ... People have put up with all this because it happened so quickly and for the same reason that the great mass of losers in casinos put up with odds that favor the house: The spectacle of a few ecstatic big winners encourages the losers to believe that, hey, they might get lucky and win, too. We have, in effect, turned the U.S. into a winner-take-all casino economy, substituting the gambling hall for the factory floor as our governing economic metaphor, an assembly of individual strangers whose fortunes depend overwhelmingly on random luck rather than collective hard work.My take from this article: Amerikkka's not a democracy; it's a plutocracy - if you're not rich, you have no power. And apparently, in this type of environment, greed is good.
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