Part II: The Rise of the Economic Elite — Economic Elite Vs. The People by David DeGraw

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by David DeGraw
Amped Status
February 17, 2010

“The war against working people should be understood to be a real war…. Specifically in the U.S., which happens to have a highly class-conscious business class…. And they have long seen themselves as fighting a bitter class war, except they don’t want anybody else to know about it.” — Noam Chomsky

As a record number of US citizens are struggling to get by, many of the largest corporations are experiencing record-breaking profits, and CEOs are receiving record-breaking bonuses. How could this be happening; how did we get to this point?

The Economic Elite have escalated their attack on US workers over the past few years; however, this attack began to build intensity in the 1970s. In 1970, CEOs made $25 for every $1 the average worker made. Due to technological advancements, production and profit levels exploded from 1970 – 2000. With the lion’s share of increased profits going to the CEOs, this pay ratio dramatically rose to $90 for CEOs to $1 for the average worker.

As ridiculous as that seems, an in-depth study in 2004 on the explosion of CEO pay revealed that, including stock options and other benefits, CEO pay is more accurately $500 to $1.

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via Part II: The Rise of the Economic Elite — Economic Elite Vs. The People

from the archives:

The Economic Elite Vs. The People of the United States of America – Part I by David DeGraw

Part III: Exposing Our Enemy – Meet the Economic Elite by David DeGraw

Part IV: The Financial Coup d’Etat — Economic Elite Vs. The People by David DeGraw

The Case Against Corporate Speech by Ralph Nader and Robert Weismann

Citizen Radio interviews Greg Palast about Citizens United VS. FEC