Yet the increasingly outsize rewards accruing to the nation’s elite clutch of superstars threaten to gum up this incentive mechanism. If only a very lucky few can aspire to a big reward, most workers are likely to conclude that it is not worth the effort to try.
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Unemployment Benefit Requests Jumped to 428K - 0 views
Too Many Hamburgers? By THOMAS L. FRIEDMAN - 0 views
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To visit China today as an American is to compare and to be compared. And from the very opening session of this year's World Economic Forum here in Tianjin, our Chinese hosts did not hesitate to do some comparing. China's CCTV aired a skit showing four children - one wearing the Chinese flag, another the American, another the Indian, and another the Brazilian - getting ready to run a race. Before they take off, the American child, "Anthony," boasts that he will win "because I always win," and he jumps out to a big lead. But soon Anthony doubles over with cramps. "Now is our chance to overtake him for the first time!" shouts the Chinese child. "What's wrong with Anthony?" asks another. "He is overweight and flabby," says another child. "He ate too many hamburgers." That is how they see us.
The Martin Luther King You Don't See on TV - 0 views
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It's become a TV ritual: Every year in mid-January, around the time of Martin Luther King's birthday, we get perfunctory network news reports about "the slain civil rights leader." The remarkable thing about this annual review of King's life is that several years - his last years - are totally missing, as if flushed down a memory hole. What TV viewers see is a closed loop of familiar file footage: King battling desegregation in Birmingham (1963); reciting his dream of racial harmony at the rally in Washington (1963); marching for voting rights in Selma, Alabama (1965); and finally, lying dead on the motel balcony in Memphis (1968). An alert viewer might notice that the chronology jumps from 1965 to 1968. Yet King didn't take a sabbatical near the end of his life. In fact, he was speaking and organizing as diligently as ever. Almost all of those speeches were filmed or taped. But they're not shown today on TV.
Income Inequality and the 'Superstar Effect' - NYTimes.com - 0 views
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It is true that the nation grew quite fast as inequality soared over the last three decades. Since 1980, the country’s gross domestic product per person has increased about 69 percent, even as the share of income accruing to the richest 1 percent of the population jumped to 36 percent from 22 percent. But the economy grew even faster — 83 percent per capita — from 1951 to 1980, when inequality declined when measured as the share of national income going to the very top of the population.
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The cost for this tonic seems to be a drastic decline in Americans’ economic mobility. Since 1980, the weekly wage of the average worker on the factory floor has increased little more than 3 percent, after inflation. The United States is the rich country with the most skewed income distribution. According to the Organization for Economic Cooperation and Development, the average earnings of the richest 10 percent of Americans are 16 times those for the 10 percent at the bottom of the pile. That compares with a multiple of 8 in Britain and 5 in Sweden.
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(Part 2 of 2 - see first part below) What impact do the incredible salaries of superstars have on the rest of us? What has changed, technologically and socially, to precipitate these inequities? This article also offers a brief look at the relationship between income inequality and economic growth, comparing the US throughout its history and the US vis a vis several European countries.
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