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Wall Street and Washington Want You to Believe the Stock Market isn’t Rigged. Guess What? It Still Is (The Guardian)
Heidi Moore says investment in the stock market isn’t down due to low investor confidence, but because more people are realizing the system isn’t equal for all investors.
A Cure for Bloated CEO pay (Fortune)
Dean Baker proposes a “Director’s Roulette” provision, which would withhold directors’ compensation if a CEO pay package they approve had been voted down by a shareholder Say-on-Pay vote.
- Roosevelt Take: Roosevelt Institute Fellow and Director of Research Susan Holmberg examines how Say-on-Pay begins to curb executive compensation.
Why did the White House Pass Up an Opportunity to Support a (Mostly) Good, Bipartisan Idea? (WaPo)
The White House rejected the proposed gas tax, needed to save the Highway Trust Fund that pays for infrastructure, but Jared Bernstein says an imperfect fix would have been better than nothing.
How the Government Subsidizes Wealth Inequality (CAP)
Harry Stein proposes that the U.S. government could reduce wealth inequality simply by changing tax policy for capital gains, since current subsidies give $2 trillion to the wealthy over 10 years.
- Roosevelt Take: Roosevelt Institute Chief Economist Joseph Stiglitz includes capital gains reforms in his new white paper, “Reforming Taxation to Promote Growth and Equity.”
How Connecticut’s Smart New Pension Plan Can Prevent Poverty in Retirement (The Nation)
Connecticut’s new plan, which offers statewide benefits to private sector workers, will cost less than helping greater numbers of elderly poor down the line, writes Michelle Chen.
Ikea Plans to Increase Minimum Hourly Pay (NYT)
Steven Greenhouse reports on Ikea’s new wage structure, which sets minimum wages on a store-by-store basis based on local cost of living, with an average minimum wage of $10.76.