Economy and Business

The Million-Dollar Penny

Every summer, several financial firms competing to get the banking business of the world’s mega millionaires release what amounts to scorecards on global wealth. These data-packed reports tally the current number of our international rich and super-rich, by nation and region.

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Raking it in at Walmart

Chicago alderman Ed Smith tried to fight plans for Walmart to open a new store in his city by illustrating that its CEO Michael Duke’s $35 million annual compensation, “when converted to an hourly wage, worked out to $16,826.92,” ABC News reported. “By comparison, at a Walmart store planned for the Windy City’s Pullman neighborhood, new employees to be paid $8.75 an hour would gross $13,650 a year.”

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GM Crashes Chevy

Good news, people. General Motors has turned a profit! However, there’s bad news, too: GM’s top executives are insane. By which I mean bonkers, loopy, bull-goose crazy.

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Want a Job? Good Luck

“Don’t believe everything you read in the papers,” Grandma said. We all learned that as kids, but sometimes we swallow dumb stuff anyway. Like now. We want to believe the economy is improving, so we grasp at headlines or TV news leads that offer hope. But those hopes are fools’ gold. The media mostly feature reports of growth because that’s what advertisers, especially real estate and stock brokers, want to hear. Glowing reports stimulate buyers.

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Rigging the Rules against Unions

There’s one direct, grassroots way that workaday folks can create more fairness in our country’s plutocratic, corporate-controlled economy: unite in unions. Indeed, some 60 million workers say they’d join a union today if they could.

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Plutonomism

Yes, it’s an actual word, derived from “plutocracy.” It was coined in 2005 by a team of “global investment strategists” at Citigroup, the Wall Street financial giant. While populism is based on the egalitarian principle of the common good, plutonomism unabashedly espouses the virtue of “the rich getting richer.”

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