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Tide rising, all boats not floating

Larry Mishel via Paul Krugman.

Wages vs. Productivity

This is outside the context of our current economic crisis, but it's important to remember that when we say "real wages have been flat or in decline since the 1970s", it's not because the country isn't generating wealth. It's just a question of where that wealth is going. 90% tax rates on marginal income* used to ensure that our government was properly funded and also that there wasn't an incentive to pay CEOs 300+ times the average worker's compensation.

*Everyone knows what this means, right? It doesn't mean you pay 90% of your income in taxes. Here's an example.

By fnord12 | April 30, 2012, 3:16 PM | Liberal Outrage