How The Rich Stay Rich
An interesting piece over at Mother Jones from last May listing a number of statistics about money that make you pause and think. It’s certainly worth a visit to read them all (over forty), but here are a few that caught my eye:
Oscar performers and presenters collectively owe the IRS $1,250,000 on the gift bags they got at the 2006 Academy Awards ceremony. United has cut the pensions and salaries of most employees but promised 400 top executives 8% of the shares it expects to issue upon emerging from bankruptcy (United’s top 8 execs will also get a bonus of between 55% and 100% of their salaries). The 5th leading philanthropist last year was Boone Pickens, in part due to his $165 million gift to Oklahoma State University’s golf program (within an hour, OSU invested it in a hedge fund Pickens controls. Thanks to a Katrina relief provision, his “gift” was also 100% deductible). Public companies spend 10% of their earnings compensating their top 5 executives. Only the wealthiest 20% of Americans spend more on entertainment than on health care. If the $5.15 hourly minimum wage had risen at the same rate as CEO compensation since 1990, it would now stand at $23.03. Bush’s tax cuts give a 2-child family earning $1 million an extra $86,722–or Harvard tuition, room, board, and an iMac G5 for both kids (A 2-child family earning $50,000 gets $2,050–or 1/5 the cost of public college for one kid).
And on the other end:
You can check out all the sources for the article here


yes this is injustice in the world.
but the great thing about this country is that anyone can become wealthy through business or investments. [and even the lottery, although thats fleeting].