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Weekend Reading List for Peeps Still Wondering What This #99Percent Thing Is All About

Business Insider: CHARTS: Here's What The Wall Street Protesters Are So Angry About...
So, what are the protesters so upset about, really? Do they have legitimate gripes? To answer the latter question first, yes, they have very legitimate gripes.

ThinkProgress: CEO Bonuses Rose By Nearly 20% In 2010, While Average Worker Saw Income Stagnate
As most American families continue to struggle with high unemployment and stagnant wages, CEOs at the country’s 350 biggest companies saw their pay jump 11% last year to a median of $9.3 million, according to a study conducted for the Wall Street Journal.

EPI: Taxes on the wealthy have gone down dramatically
With Tax Day fast approaching and deficit reduction all the rage, one fact deserves significant attention: the wealthy are enjoying some of the lowest taxes in generations. The Figure shows the average tax rate in 1979, 1992, and 2007, as well as the tax rate for the top 1% of households, and the top 400 households (who have an average annual income of nearly $350 million). Since 1979, the country’s overall average tax rate—the share of income paid in taxes—has fallen slightly, but for those at the top of the earnings ladder this share has fallen dramatically.

Dissent: Five Things That #OccupyWallStreet Has Done Right
…Whatever limitations their occupation has, the protesters have done many things right…

Associated Press: A boom in corporate profits, a bust in jobs, wages
Strong second-quarter earnings from McDonald's, General Electric and Caterpillar on Friday are just the latest proof that booming profits have allowed Corporate America to leave the Great Recession far behind. But millions of ordinary Americans are stranded in a labor market that looks like it's still in recession. Unemployment is stuck at 9.2 percent, two years into what economists call a recovery. Job growth has been slow and wages stagnant.

NY Times: The Wageless, Profitable Recovery
Economists at Northeastern University have found that the current economic recovery in the United States has been unusually skewed in favor of corporate profits and against increased wages for workers. In their newly released study, the Northeastern economists found that since the recovery began in June 2009 following a deep 18-month recession, “corporate profits captured 88 percent of the growth in real national income while aggregate wages and salaries accounted for only slightly more than 1 percent” of that growth.

Washington Post: CEO pay in one graphic
So, did CEOs become five times better between 1980 and 2000? Not really. They just got better at working the system.



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