How the Rich Get Richer: Sources


Increasing worth of the Forbes 400: “The Forbes 400”, Forbes.com, September 20, 2005

Forbes 400 lack of new additions: “Don’t Blink. You’ll Miss the 258th-Richest American,” The New York Times, September 25, 2005; “Income Stable, Poverty Rate Increases, Percentage of Americans Without Health Insurance Unchanged,”, U.S. Census Press Release, August 30, 2005

Forbes 400 gave to Bush: “Bush Wins-Among Rich Listers”, Forbes.com, October 11, 2004

Rising number of American millionaires: “Millionaires Once Again on the Rise”, TNS Financial Services, September 2, 2005

Food stamps: “Food Stamp Program Monthly Data”, USDA Food and Nutrition; “Food Stamp Program FAQs”, USDA Food and Nutrition.

A World of Difference: “Towers Perrin: Managing Global Pay and Benefits,” 2005-2006.

Cost of repealing the estate tax: Stuart Kantor, Urban Institute; “Estimated Budget Effects of the Revenue Provisions Contained in the President’s Fiscal Year 2006 Budget Proposal”, Joint Committee on Taxation, March 9, 2005

Top Colleges and income class: “Socioeconomic Status, Race/Ethnicity and College Admissions,” Anthony Carnevale and Stephen Rose, The New Century Foundation, March 2003.

Bush’s Tax Cuts and 2-child families: “Table T05-0277 Current-Law Distribution of Individual Income and Payroll Tax Burden,” Urban-Brookings Tax Policy Center Microsimulation Model, 2005.

Cost of Harvard, public colleges, iMacs: “America’s Best Colleges 2006: Harvard University At a Glance,” “Tuition Increases Slow at Public Colleges, According to the College Board’s 2005 Reports on College Pricing and Financial Aid,” October 18, 2005; : “iMac G5” .

Donald Trump earns $1.5M an hour: “Donald J. Trump Gets $1.5 Million for Speech: His New Rate is $25,000 a minute to speak — Highest ever paid,” October 19, 2005.

Minimum wage has fallen: “History of Federal Minimum Wage Rates Under Fair Labor Standards Act, 1938-1996”, U.S. Department of Labor.

Minimum wage vs. CEO compensation since 1990: “Executive Excess 2005”, United for a Fair Economy.

Minimum wage earner working full-time makes $10,506: “History of Federal Minimum Wage Rates Under Fair Labor Standards Act, 1938-1996”, U.S. Department of Labor.

Larry Ellison compensation: : “Wikipedia: Larry Ellison”.

Larry Ellison’s $300 million yacht: “The Good Life Aquatic,” Vanity Fair, May 2005.

Wealthiest 20% spend more on entertainment than health care: “Consumer Expenditures in 2003”, U.S. Bureau of Labor Statistics, June 2005.

Average Wal-Mart employee: Dan Fogelman, Wal-Mart spokesman, March 17, 2005; “2005 Federal Poverty Guidelines”, U.S. Department of Health and Human Services.

5 of America’s top ten richest Wal-Mart heirs: “The 400 Richest Americans”, Forbes, September 22, 2005.

A New Gilded Age: Emmanuel Saez, Professor of Economics, UCBerkeley, “Income Inequality in the United States, 1913-1998″ with Thomas Piketty, Quarterly Journal of Economics, 118(1), 2003, 1-39 (Longer updated version, November 2004, Oxford University Press)”

Public companies spend 10%: Bebchuk, Lucian and Yaniv Grinstein. “The Growth of Executive Pay,” 2005.

1,730 corporate board members on other boards: “The Corporate Library”

A round of golf with Tiger Woods: “Round with Tiger fetches $30,100 for charity,”, PGATOUR.com, June 7, 2004; Al Abrams, Media Director, Buick Open.

Tiger’s made $87 million: “Forbes Top Celebrities”; “On Tour Stats”, Official Site for Tiger Woods.

Boone Pickens and Oklahoma State: “Billionaire gives a big gift but still gets to invest it,” The New York Times, February 24, 2006; “The 2005 Slate 60”, Slate.com, February 20, 2006.

Boone Pickens and the tax deductibility of his gift: “Billionaire gives a big gift but still gets to invest it,” The New York Times, February 24, 2006

250 companies gave execs personal flights: Strauss, Gary. “The corporate jet: Necessity or ultimate executive toy?” USA Today, April 26, 2005, and “Morgan Stanley Proxy Statement,” February 2006.

Flights 66% more expensive: Yermack, David. “Flights of Fancy: Corporate Jets, CEO Perquisites, and Inferior Shareholder Returns,” March 2005.

Airport screeners for Wall Street execs: “Company offers helicopter flights to JFK gate,” Associated Press, February 8, 2006; Jennifer Marty-Peppin, Transportation Security Administration, Public Affairs Manager.

United Airlines execs get shares: “Gee, bankruptcy never looked so good,” The New York Times, January 15, 2006; Jean Medina, United Airlines, Public Affairs.

United Airlines execs get bonuses: “Gee, bankruptcy never looked so good,” The New York Times, January 15, 2006; Jean Medina, United Airlines Public Affairs.

Robert Miller and Bethlehem Steel: “Whoops! There goes another pension plan,” The New York Times, September 18, 2005.

Robert Miller and Delphi: “Whoops! There goes another pension plan,” The New York Times, September 18, 2005; “Miller says Delphi can no longer afford jobs banks, some plants,” Associated Press, September 24, 2005; “Delphi Corp.’s [sic] files for bankruptcy,” Associated Press, October 9, 2005.

Former Enron directors pay shareholders $13 million settlement: University of California, Office of the President “Press release” and “Former Enron directors, officer agree to pay $168 million to settle class-action fraud suit,” Power Markets Weekly, January 17, 2005.

Poor Americans spend a quarter of income on energy: “FY 2006 Energy Bills Forecast: The Impact on Low- Income Consumers”, Economic Opportunity Studies.

Exxon’s 2005 profit: “ExxonMobil Corporation Estimated Fourth Quarter 2005 Results”, Business Wire, January 30, 2006; “Total GDP 2004”, World Development Indicators database, World Bank.

CEO pay among military contractors: “Executive Excess 2005: Defense Contractors Get More Bucks for the Bang”, United for a Fair Economy, Institute for Policy Studies, August 30, 2005

Brooks’ Bat Mitzvah party: New York Daily News Lloyd Grove, February 28, 2006.

Live 8 concerts: Philadelphia Inquirer June 30, 2005. Nicole Cashman, Cashman and Associates.

Oscar performers and presenters: “Academy Awards Show Presenters and Performers”, Academy of Motion Picture Arts and Sciences; “Oscar Gifts Taxable, I.R.S. Reminds Stars”, The New York Times, March 5, 2006; H&R Block representative, San Francisco.

Pawdicures at Sundance: “The coifed, the primped, and the pampered.”

Madonna’s freebies: Gina Brooke, Artistic Director, shu uemura.

Paris and Elton: “Showbiz Tonight”, CNN Transcripts, October 19, 2005; “Elton Bans Hilton from Future Oscar Parties”, IMDB News, March 13, 2006.

Owen Wilson rented: “A-List Party Rentals,” Radar Magazine, Nov/Dec 2005.

Fact:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn’t fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation so we can keep on doing the type of journalism that 2018 demands.

Donate Now