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Ronald P. Formisano

Thursday 18th of April 2024

2007 financial crisis Compared with whites, minorities absorbed heavier losses in the housing collapse. From 2005 to 2009, “inflation-adjusted median wealth fell by 66% among Hispanic households and 53% among black households, compared  with just 16% among white households.” From 1984 to 2009, the wealth gap between whites and blacks nearly tripled, and in 2009, about a third of both black (35%) and Hispanic (31%) households had zero or negative worth, compared with 15% of white households. Ronald P. Formisano, Plutocracy in America, quoting from a Pew Research Center study  © 2017 Kwiple.com
Income growth Between 1978 and 2011,  CEO compensation grew by 876 percent, while that of the typical private-sector worker rose by just 5.4 percent. Ronald P. Formisano, Pluutocracy in America © 2017 Kwiple.com
Income inequality The CEOs of the fifty firms that laid off the most workers during the depths of the Great Recession took home nearly $12 million (on average) in 2009, 42 percent more than the CEO pay average at S&P 500 firms as a whole. Ronald P. Formisano, Plutocracy in America © 2017 Kwiple.com
 
Income inequality In the past three decades, CEO pay  “has exploded” to a ratio of 354 to 1, but their fellow citizens thought it to be about 30 to 1. Ronald P. Formisano, Plutocracy in America  © 2017 Kwiple.com