The gap between rich and poor widens

By Peter Coy

PHOTOGRAPHS AP Photo; Bloomberg

Russia, with its oligarchs, has greater income equality than the U.S., according to the CIA World Factbook. Meanwhile, the gap between black and white unemployment rates, already big four years ago, has widened. Weekly earnings gains have been much stronger at the 90th percentile than at the 10th. At the very top, the chiefs of S&P 500 companies have seen bigger percentage pay gains (20 percent) than workers earning the minimum wage (11 percent).

U.S. VS THE WORLD

INCOME EQUALITY RANKINGS

1 Sweden

12 Germany

32 Spain

45 U.K.

62 Japan

85 Russia

95 U.S.

110 China

119 Mexico

136 Namibia

THE JOB MARKET DIVIDE

UNEMPLOYMENT IN BLACK AND WHITE

The racial disparity in jobless rates is bigger under America’s first black president than it was in George W. Bush’s last year in office. In September 2008 unemployment was 5.4 percent for whites and 11.3 percent for blacks.

In September 2012 white unemployment was 7%

In September 2012 black unemployment was 14.1%

ALL WORKERS

DISPARITY GREW

Change in usual weekly earnings, Q4 2008 to Q2 2012

A person at the 90th percentile earned 8.3% more

A person at the 10th percentile earned 3.2% more

THE C-SUITE AND THE MAILROOM

As president-elect, Obama promised to raise the minimum wage every year. The last increase, to $7.25 an hour, was passed by Congress in 2007 and took effect in 2009.

AVERAGE COMPENSATION OF S&P 500 EXECUTIVES

’08 $9.9m

’09 $8.7m

’10 $10.2m

’11 $11.9m

HIGHEST-PAID CEOS

(includes bonuses, stock options, and awards)

David Simon

Simon Property Group

’08 $5.4m

’11 $137.2m

Leslie Moonves

CBS

’08 $20.8m

’11 $68.4m

Michael Jeffries

Abercrombie & Fitch

’08 $22.9m

’11 $46.7m

Lawrence Ellison

Oracle

’08 $84.5m

’11 $96.2m

David Zaslav

Discovery Comm.

’08 $7.9m

’11 $52.4m

Philippe Dauman

Viacom

’08 $27.9m

’11 $43.1m

SOURCES CIA, Equilar, Bureau of Labor Statistics

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