Column on economy in Boston Globe...

[jerryvov]

Excellent column by Derrick Jackson in today's Boston Globe at:
http://www.boston.com/news/globe/editorial_opinion/oped/articles/2004/10/19/bushs_bad_news_on_black_wealth/

Makes it really clear how Bush's concerns for his wealthy corporate contributors has left average working Americans and the poor in the dust...this is the part the Republicans gloss over when they babble on about how great the economy is these days...


(snip)
Worse still, the wealth of African-American households is actually in decline, according to a new Pew Charitable Trusts study. Despite the recent recession, white household wealth has increased by 17 percent since 1996, to $88,651. Black household wealth dropped by 16 percent, to $5,988. Latino household wealth increased by 14 percent, but only to $7,932, not even 10 percent of white household wealth.

Even though white household wealth has gone up, there is plenty to think about, meaning that black folks might be more a warning sign for all Americans than an aberration. In a speech this weekend, Bush said, ''To help families and to get this economy going again, I pledged to reduce taxes. I kept my word. Because we acted, the recession was one of the shallowest in American history. Over the last three years, our economy has grown at the fastest rate of any major industrialized nation.''

What Bush really meant was that the economy for CEOs has grown at the fastest rate of any major industrialized nation. The average CEO compensation has risen to $8.1 million a year according to Business Week, creating a CEO-to-worker pay ratio of 301-1, according to United for a Fair Economy and the Institute for Policy Studies.

If the minimum wage tracked the rise in CEO pay, it would be $15.76, not its current $5.15. If the salary of the average production worker kept pace with the rises in CEO pay since 1990, workers would be making $75,388 a year instead of $26,899.

(snip)

[GreenPartyVoter]

1. Derrick writes great pieces. I always look for him on Common Dreams.

[jerryvov]

2. Boston Globe columnist....

You really have to give him credit...he writes on issues that many would just as soon not touch and he's not afraid to take unpopular positions...one of the few with real integrity...