The communists at the Wall Street Journal present us with the latest executive pay data today:
Executives and other highly compensated employees now receive more than one-third of all pay in the U.S.....In the five years ending in 2007, earnings for American workers rose 24%, half the 48% gain for the top-paid. The result: The top-paid represent 33% of the total, up from 28% in 2002.
....The data suggest that the payroll tax ceiling hasn't kept up with the growth in executive pay. As executive pay has increased, the percentage of wages subject to payroll taxes has shrunk, to 83% from 90% in 1982. Compensation that isn't subject to the portion of payroll tax that funds old-age benefits now represents foregone revenue of $115 billion a year.
[...]
"So there you have it. If we don't pass healthcare reform it will be because the rich don't want to help pay for it. Average wages are stagnant because that leaves a bigger pool of money for the rich to slosh around in. We're letting the planet fry because policies to stop it would inconvenience the rich. Regulatory reform of the financial system increasingly appears to be a dead letter because Congress is owned by the rich and they don't want it. Against all that, I suppose that crippling Social Security hardly even shows up in the ledger. But we might as well tot it up anyway."
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