Nuadha's Tale

Ignorance can be tolerated, where reason is left free to combat it. -Thomas Jefferson

Tuesday, November 12, 2002

Upstairs/Downstairs
TomPaine.com has this article on the growing class divide in the US and what it means. Some highlights:


Upstairs: Former Kmart CEO Charles Conaway received nearly $23 million in compensation during his two-year tenure.

Downstairs: When Kmart filed for bankruptcy in 2002, 283 stores were closed and 22,000 employees lost their jobs. Total amount of severance pay for them: $0.00.

Upstairs: Wal-Mart CEO H. Lee Scott, Jr. received more than $17 million in total compensation in 2001.

Downstairs: Wal-Mart employees in 30 states are suing the company alleging that managers forced employees to punch out after an eight-hour work day, and then continue working for no pay. Nevermind the Fair Labor Standards Act, which says employees who work more than 40 hours a week must be paid time-and-a-half for their overtime.

Upstairs: More than 1 million U.S. corporations and individuals have registered as citizens of Bermuda to avoid taxes, a practice OK'd by the IRS. Although the exact number is unknown, the IRS estimates that "tax-motivated expatriation" drains at least $70 billion a year from the U.S. Treasury.

Downstairs: If you were a worker poor enough to apply for the Earned Income Tax Credit in 2001, your chance of being audited was one in 47. If you made more than $100,000 a year, your chance of being audited was one in 208.

Upstairs: In 2000, the average CEO earned more in one day than the average worker earned all year.

Downstairs: In 2000, 25 percent of workers earned less than poverty-level wages.

Upstairs: Between 1990 and 2000, average CEO pay rose 571 percent.

Downstairs: Between 1990 and 2000, average worker pay rose 37 percent.


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