Everybody’s making less, except the super-rich (and politicians) (2 items)

Scary New Wage Data
David Cay Johnston

Now for some really scary breaking news, from the latest payroll tax data.

Every 34th wage earner in America in 2008 went all of 2009 without earning a single dollar, new data from
the Social Security Administration show. Total wages, median wages, and average wages all declined, but
at the very top, salaries grew more than fivefold.

Not a single news organization reported this data when it was released October 15, searches of Google and the Nexis databases show. Nor did any blog, so the citizen journalists and professional economists did no better than the newsroom pros in reporting this basic information about our economy.

Read more.

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Peddling politics in America
by Danny Schechter

Midterm contributions soar to record levels in 2010, a sign that the US campaign finance system is tainted as ever.

Our country is in economic distress. Millions are out of work, and cutbacks in public services are pervasive at the city and state levels.

The ‘great recession’ is deep and could go deeper. Most families are tightening their belts and in some cases are at breaking point because their benefits have run out.

Read more.

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