WP: Executive pay makes the super rich rich
Good piece in the Washington Post by Peter Whoriskey, pointing to a study showing that executive pay is the largest single factor in soaring incomes for the super rich.
For years, statistics have depicted growing income disparity in the United States, and it has reached levels not seen since the Great Depression. In 2008, the last year for which data are available, for example, the top 0.1 percent of earners took in more than 10 percent of the personal income in the United States, including capital gains, and the top 1 percent took in more than 20 percent. But economists had little idea who these people were. How many were Wall street financiers? Sports stars? Entrepreneurs? Economists could only speculate, and debates over what is fair stalled.
Now a mounting body of economic research indicates that the rise in pay for company executives is a critical feature in the widening income gap.
And the study didn't include Wall Street firms.