The salaries at Pimco confirm what researchers have been saying about income inequality in America: far more than the 1 percent, it’s the skyrocketing compensation of the 0.1 and 0.01 percent that are driving the rise in income inequality. Everyone – from the merely highly-paid to low-wage workers – is losing ground to the new income elite.
On the brink of a new, post-bankruptcy beginning, Detroit is really two cities. One is comprised of wealthy enclaves linked to a compact, rapidly redeveloping downtown. The other is made up of the rest of the 139-square-mile urban expanse, populated by longtime residents who have fought for decades to survive in an environment that has become increasingly uninhabitable.
The two great challenges of our time -- inequality and climate change -- are threatening to undermine the efforts of millions of people to escape poverty and hunger. By concentrating wealth and power in the hands of a few, inequality robs the poorest people of the support they need to improve their lives.