Tag: Banana Republic
Nicholas Kristof argues that at least economically, we are now Our Banana Republic:
The richest 1 percent of Americans now take home almost 24 percent of income, up from almost 9 percent in 1976.Our economic inequity is greater than that of places like Nicaragua and Venezuela . . .
Or consider this:
C.E.O.'s of the largest American companies earned an average of 42 times as much as the average worker in 1980, but 531 times as much in 2001. Perhaps the most astounding statistic is this: From 1980 to 2005, more than four-fifths of the total increase in American incomes went to the richest 1 percent.
Mr. Kristof is late to the issue of the increasing disparity between CEOs and average workers. Jim Webb made it a major issue of his 2006 senatorial campaign.
Economically we might be worse that most banana republics - many have universal health care.
Kristof writes about the economics. The real issue is are we approaching a Banana Republic politically?