Economic Policy Institute (EPI) distinguished fellow Lawrence Mishel—the group’s former president—and research assistant Jori Kandra looked at the Social Security Administration’s newly available wage data for 1979 to 2020.

The pair found that while the annual wages of the bottom 90% of American workers grew just 28.2% during that period, wages of the top 1.0% and 0.1% “skyrocketed” by 179.3% and 389.1%, respectively.

They noted that “the other segments of the top 10% also had faster-than-average wage growth since 1979, up 53.9% and 83.1%, but nowhere near as fast as the wage growth at the top.”

“This continuous growth of wage inequality undercuts wage growth for the bottom 90%,” Mishel and Kandra wrote, “and reaffirms the need to place generating robust wage growth for the vast majority and rebuilding worker power at the center of economic policymaking.”

“This disparity in wage growth reflects a sharp long-term rise in the share of total wages earned by those at the very top: The top 1.0% earned 13.8% of all wages in 2020, up from 7.3% in 1979,” according to the pair.

“That marks the second-highest share of earnings for the top 1.0% since the earliest year, 1937, when data became available (matching the tech bubble share of 13.8% in 2000 and below the share of 14.1% in 2007),” they continued. “The share of wages for the bottom 90% fell from 69.8% in 1979 to just 60.2% in 2020.”

 EPI pointed to “the erosion of collective bargaining,” and called on federal lawmakers to enact the Protecting the Right to Organize (PRO) Act, passed by the Democrat-controlled U.S. House of Representatives in March.

The sweeping pro-union bill would boost collective bargaining rights, increase access to union elections, and introduce penalties for companies that exploit their workers—but it faces an uphill battle in the evenly split U.S. Senate unless Democrats decide to kill the filibuster.

EPI also noted that CEO pay has soared 1,322% during the past four decades, citing a report from Mishel and Kandra published in August, based on data back to 1978.

“Exorbitant CEO pay is a major contributor to rising inequality that we could safely do away with,” they wrote at the time, adding that chief executives “are getting more because of their power to set pay and because so much of their pay (more than 80%) is stock-related, not because they are increasing their productivity or possess specific, high-demand skills.”

“This escalation of CEO compensation, and of executive compensation more generally, has fueled the growth of top 1.0% and top 0.1% incomes, leaving less of the fruits of economic growth for ordinary workers and widening the gap between very high earners and the bottom 90%,” they said. “The economy would suffer no harm if CEOs were paid less (or were taxed more).”

 According to figures revealed in the latest edition of Boat International’s Global Order Book, more than 1,200 superyachts are slated to be built – a rise of 25% on last year.

“The market’s never been busier,” said Will Christie, a superyacht broker. “And I’ve been in the industry 20 years…Everybody just wants freedom, and ultra-high-net-worth individuals can afford it.” 

“Whether it’s this or private jets or trips to space, they’re just sticking two fingers up at the rest of society,” said Peter Newell, a professor of international relations at Sussex University. “It’s decadent. They’re not comfortable with the constraints that come with accepting collective responsibility for the fate of the planet.”

The economic anthropologist Richard Wilk, a distinguished professor at Indiana University in the US, said: “Of course, if you add every superyacht together, it’s just a blip on total greenhouse gas production. But it is symbolic – and the global impact of the 2,000-odd billionaires on the planet are very significant. So it’s part of a pattern of overconsumption by the upper crust.”

In research with his colleague Beatriz Barros, he found that the average billionaire had a carbon footprint thousands of times that of the average person. The global average footprint of CO2 emitted per person is just under five tonnes, while they estimated that Roman Abramovich – the top polluter according to their list – was responsible for about 33,859 tonnes of carbon emitted in 2018. More than two-thirds of that was the product of his yacht, the 162.5-metre Eclipse.

Sailing away: superyacht industry booms during Covid pandemic | Coronavirus | The Guardian

 The death toll from powerful tornadoes that devastated towns in Kentucky is likely to pass a hundred. 20 devastating tornadoes tore through multiple states and killed dozens of people. Affected states included Illinois, Arkansas, Kentucky, Mississippi, Missouri, and Tennessee. Among the buildings struck was an Amazon facility in Edwardsville, Illinois. Local officials said that at least six people died from the collapse.

The corporate giant, Amazon, was accused of putting corporate profits above worker safety following the tornado-caused partial collapse of a St. Louis-area warehouse that left at least six people dead.

“Time and time again Amazon puts its bottom line above the lives of its employees,” said Stuart Appelbaum, president of the Retail, Wholesale and Department Store Union (RWDSU), in a statement. “Requiring workers to work through such a major tornado warning event as this was inexcusable.”

In his statement, Appelbaum called the event “another outrageous example of the company putting profits over the health and safety of their workers, and we cannot stand for this.”

“Amazon cannot continue to be let off the hook for putting hardworking people’s lives at risk,” he said, vowing that his union would “not back down until Amazon is held accountable for these and so many more dangerous labor practices.”

 According to the National Socioeconomic Characterization Survey, 10.8 percent of Chileans currently live in poverty, which means more than two million people, although social organizations say the real proportion is much higher.

Chile, with a population of 19 million people, is considered one of the most unequal countries in the world, as reflected by the fact that the 10 percent of households with the highest incomes earn 251.3 times more than the 10 percent with the lowest income.

As Chile’s hotly contested election approaches, it is reported that camps made up of thousands of tents and shacks have mushroomed in Chile due to the failure of housing policies and official subsidies for the sector, aggravated by the rise in poverty, the covid-19 pandemic and a rise in immigrants, such as those from Venezuela. Hundreds of homeless tents now line the main avenues of Santiago de Chile

 Senda 23 is one of the five camps that bring together 300 families who occupied public land in Cerro 18, in the municipality of Lo Barnechea, on the east side of Santiago. They have been building shacks with wood and other materials within their reach, which they are gradually trying to improve.

The threat of eviction ceased at the start of the covid pandemic, but the shadow still hangs.

“This used to be a garbage dump and now it is clean and there are houses,” said Salas. “Mine gets a little wet inside when it rains because it is made of wood and because of the strong wind. But I have drinking water, electricity and sewerage thanks to my mother-in-law who lives further up. The neighboring family has neither water nor sewage. They are a couple with three children and one of them, Colomba, was born a week ago.” She explains that her neighbors “use the bathroom at their brother’s place who lives nearby.

In the last two years, the number of families living in 969 of these camps with almost no access to water, energy and sanitation services has increased to 81,643, a survey by the Fundación Techo Chile found.

In Chile, the term “campamentos” or camps has also come to refer to slums or shantytowns known traditionally as “callampas”, such as the one where Salas lives, which are built on occupied land and consist of houses made of light materials, although the neighborhoods are sometimes later improved and upgraded, but still lack basic services. These slums are mainly in Santiago and Valparaíso, 120 kilometers north of the capital, in central Chile. But they are also found in the northern cities of Arica and Parinacota and the southern city of Araucanía.

Celia “Charito” Durán lives in the Mesana camp on Mariposas hill in the port city of Valparaíso, along with 165 other families, and counting. The municipality delivers 3,000 liters of water per week to each house, using tanker trucks.

Durán said, however, that the priority is access “because if there is no road, we are cut off from everything: firefighters, water, ambulances.”

In Mesana there is no sewage system, only “cesspools, septic toilets and pipes through which people dump everything into the creek,” she said

They are home to 57,384 children under the age of 14 and some 25,000 immigrants, mostly Colombians, Venezuelans and Haitians.

 Fundación Techo Chile’s executive director, Sebastián Bowen, explained,  “The 81,000 families living in camps are the most visible part of the problem, but the housing deficit, covering all the families who do not have access to decent housing, exceeds 600,000.” 

Benito Baranda, founder of the Fundación Techo, an organization that now operates in several Latin American countries, believes that the housing policy failed because it focuses on “market-based eradication, forming housing ghettos on land where people continue to live in a segregated manner.”

This policy is also based on a structure of subsidies “born during the dictatorship and which has remained in place because housing is not a right recognized in the constitution,” 

The decision of where people are going to live was handed over to the market. Not only the construction of housing. And the land began to run out and the available and cheap places were in the ghettos,” he explained.

Baranda criticized the policy of “eradication”, “which created ghettos and generated much greater harm for people,” referring to the forced expulsions of slumdwellers and their relocation to social housing built on the outskirts of the cities, a policy initiated during the Pinochet dictatorship and which crystallized social segregation in the capital.

According to Baranda, “in the last four governments there has been the least construction of housing for the poorest families.”

Isabel Serra, an academic at the Diego Portales University Faculty of Architecture, criticized the subsidy policy because these “are transferred to the private sector and what they do is drive up housing prices… and most of them are not used because they are not in line with the price of land and housing.”

“A highly financialized private market has made housing a tool for economic speculation…investors have decided to put their funds into the real estate market,” she said.

Homeless Camps, a Reflection of Growing Inequality in Chile | Inter Press Service (ipsnews.net)

 The Committee on Oversight and Reform obtained more than 1.5 million pages of internal company documents, held five hearings, and released eight interim staff reports.

The panel’s chair by Rep. Carolyn Maloney noted in a letter at the beginning of the report. “The investigation has provided a rare glimpse into the decision-making of many of the world’s most profitable drug companies.”

Specifically, as a committee statement detailed, the probe revealed:

Drug companies aggressively raise prices to meet revenue targets, and executive compensation structures create incentives to raise prices;Drug companies target the U.S. market for higher prices and use the Medicare program to boost revenue;Drug companies use strategies to suppress competition and maintain monopoly pricing;Drug companies use patient assistance programs as a public relations tool to boost sales; andResearch and manufacturing costs do not justify price increases.

 In November 2020, Walgreens paid a $4.5m settlement to resolve a class-action lawsuit alleging that it stole wages from thousands of its employees in California between 2010 and 2017. The lawsuit alleged that Walgreens “rounded down employees’ hours on their timecards, required employees to pass through security checks before and after their shift without compensating them for time worked, and failed to pay premium wages to employees who were denied legally required meal breaks”.

Walgreens’ settlement includes attorney’s fees and other penalties, but $2,830,000 went to Walgreens employees to compensate them for the wages that the company had stolen. And, because it is a settlement, that amount represents a small fraction of the total liability. According to the order approving the settlement, it represents “approximately 22% of the potential damages”.

So this is a story of a corporation that stole millions of dollars from its own employees. How much news coverage did it generate? There was a single 221-word story in Bloomberg Law, an industry publication. And that’s it. There has been no coverage in the New York Times, USA Today, CNN, or the dozens of other publications that covered the story of a man stealing a few hundred dollars of merchandise. 

No one at Walgreens has had to take personal responsibility for stealing millions from its employees. Stefano Pessina, who served as Walgreens’ CEO during the majority of the alleged wage theft, saw his compensation rise from $7,133,155 in 2015 to $17,483,187 in 2020. In 2021, Pessina transitioned from CEO to executive chairman. Pessina’s 2021 compensation is not yet available, but the previous executive chairman made $8,797,713 last year. Needless to say, neither Pessina nor any Walgreens employee has had to spend any time in jail as a result of millions in wage theft.

 Walgreens recorded $2.3bn in profits in fiscal year 2021. Walgreens is still a highly profitable business. Meanwhile, the median Walgreens employee makes just $33,396. When the company steals hundreds or thousands of dollars in wages from its employees, it has a real impact on workers who are struggling to make ends meet.

Numerous companies steal billions in wages from workers in the United States each year. It is a crime that is seldom prosecuted – or covered in the media.

 One hundred and sixty-eight of Australia’s biggest companies have paid no tax since 2013 despite reaping profits totalling more than $9.85bn.

Household names: 168 Australian companies have paid no tax since 2013 | Tax | The Guardian

 Biden’s new executive order aims for the federal government to run on carbon-free electricity by the end of the decade, a step toward realizing a 65% reduction in emissions by 2030 and carbon neutrality by 2050. The US government would end purchases of gasoline-powered vehicles by 2035, transition to a “net-zero emissions building portfolio by 2045, including a 50% emissions reduction by 2032,” as well as implement a “Buy Clean” policy “to promote use of construction materials with lower embodied emissions.”

Bill Snape, senior counsel at the Center for Biological Diversity, said that “2050 is an extremely weak goal for the federal government to free itself from climate-heating pollution.”

“It ignores existing technology and adds decades to GSA’s own commitment to 100% renewable energy by 2025,” he said, a reference to the U.S. General Service Administration’s April 2021 decarbonization plan.

“This is like a teenager promising to clean their room in 30 years,” Snape added. “We need action now.”

Mitch Jones, managing director of advocacy programs at Food & Water Watch, said that “while this executive order lays out noteworthy investments in solar energy and important changes in transportation and energy efficiency, their effectiveness is undermined by the White House’s failures to address the root cause of the climate crisis: Fossil fuel development. If Biden was actually serious about tackling the climate crisis, he would ban new oil and gas extraction on federal lands like he repeatedly promised to do. Instead, the White House continues to approve new drilling and fracking projects on public lands, and just conducted a massive sale of offshore drilling leases in the Gulf of Mexico. The administration also seems eager to expand the export of fossil fuels, creating new sources of climate, air, and water pollution at home.”

Jones continued, “The focus on ‘net-zero’ and zero-emissions goals leaves the door open for expensive and dirty energy infrastructure including nuclear and fossil fuel-based hydrogen. We need President Biden to stop pushing policies that will keep us hooked on dirty energy.”

“If Biden wants to be the climate president, it’s time to stand up against the fossil fuel industry, pass executive actions that actually meet the moment of the climate crisis, whip support from every elected official in his own party, and seize this narrow window of opportunity to pass climate legislation while Democrats still have a governing coalition,” Sunrise Movement campaign director Deirdre Shelly said in a statement. “Anything less is a failure.”

‘Like a Teenager Promising to Clean Their Room in 30 Years’: Biden Net-Zero Climate Goal for 2050 Ridiculed (commondreams.org)

100 million people sank into extreme poverty in 2020 while the increase in billionaires’ wealth has been the highest on record.

The richest 10% of the population now takes 52% of global income and the poorest half just 8%.

Lucas Chancel, co-director of the World Inequality Lab, based at the Paris School of Economics, explained, “While the wealth of billionaires rose by more than €3.6tn (£3tn), 100 million more people joined the ranks of extreme poverty.” 

The oil, gas and metals merchant Trafigura will reward its top traders and executives with bonus payouts worth more than £1bn after making record profits from the market upheaval during the Covid pandemic. At £1.1bn, the rewards are 87% up on last year.

Oil trading company Vitol, which handed the equivalent of more than $8m to each of its 350 most senior staff.

Super-rich increase their share of world’s income – BBC News

Stephen Miles, executive director of Win Without War, pointed out that, “Little could be more revealing of our nation’s broken budget priorities,” Miles added, “than the fact that this rubberstamp of three-quarters of a trillion dollars for warmaking was prioritized and will soon pass with bipartisan support, while the Build Back Better Act—which would invest in meeting real human needs—has been watered down and pushed to the back burner.”

He said, the $778 billion National Defense Authorization Act as “a reckless misuse of resources, a windfall for war profiteers, and proof positive that most in Congress have little concern for the actual security of people in the United States or around the world.”

The House-passed NDAA includes $25 billion more in spending than President Joe Biden requested in his budget blueprint earlier this year. That extra $25 billion is the exact sum researchers say is needed to produce enough coronavirus vaccines to achieve widespread global inoculation and end the pandemic.

Or it could have went to the federal government’s roughly $22.5 billion to fund 12 weeks of paid family leave for a year.

‘Reckless Misuse of Resources’: House Approves $778 Billion Military Budget (commondreams.org)