How much change has taken place through the years among the industries that have been the source of wealth for America's richest individuals?
What does this say about the changing nature of the economy?
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Back in 1968, the average household income for the richest one-fifth of American households was about seventy-four thousand dollars. Here's a seventy-four thousand dollar slice of pie. In the same year, the average household income for the poorest one-fifth of American households was about one-tenth the amount for the rich, or just about seven thousand dollars. Here's a seven thousand dollar slice of pie. By 1994, some twenty-six years later, a couple of things had changed. For one, the economy itself had grown. There was, so to speak, a bigger pie to be carved up. For another, the richest one-fifth of households had seen their average income grow in constant dollars to nearly a hundred and six thousand. One hundred and six thousand dollars. But the poorest one-fifth of American households? Well, they had seen their income grow by only a few hundred dollars, so they were still effectively at about seven thousand and change.
The focus on CEO salaries is interesting, but how many CEOs ...
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"It's to the emergence of these countries that are getting more productive, partly because they're managed by Japanese, as or American or European companies, but these countries, their productive skills are going..."