david autor and the new defense of the 1 percent: don't do the math! look over here at this shiny neo-liberal platitude!
It took a while for the research of economist David Autor to reach the rightwing mimosphere, but it is there now. Autor's claim has become gospel for the rightwing set: As David Brooks puts it, If we could magically confiscate and redistribute the above-average income gains that have gone to the top 1 percent since 1979, that would produce $7,000 more per household per year for the bottom 99 percent." This is said to mislead, so that you think, oh, 7,000 isn't much. But if yo u do the math, that means every household in american would be making 315,000 dollars more per year. I think this is close to my estimate. To quote the EPI institute: "The CEO-to-worker compensation ratio was 20.1-to-1 in 1965 and 29.0-to-1 in 1978, grew to 122.6-to-1 in 1995, peaked at 383.4-to-1 in 2000, and was 272.9-to-1 in 2012, far higher than it was in the 1960s, 1970s, 1980s, or 1990s." So, imagine that CEOs were making the same salary in 2012 and the compensation ratio was 29.0