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CEO Pay and the Shrinking Middle Class24:50
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photoCompensation committees are still doling out a flush of perks to chief executives. Those executives, in turn, are turning the screws on their own workforces - moving jobs to low-cost countries and freezing wages. The pay of chief executives, on average, is 531 times that of their lowest-paid workers. The growing gulf between rich and poor.

Guests:

James Galbraith, professor of government, School of Public Affairs, University of Texas in Austin. He is author of "Created Unequal: The Crisis in American Pay" and co-editor of "Inequality and Industrial Change, A Global View."

Andrew Sum, professor of economics and director of the Center for Labor Market Studies at Northeastern University. His new study is, "The Unprecedented Rising Tide of Corporate Profits and the Simultaneous Ebbing of Labor Compensation." He is author of "Vanishing Dreams: The Growing Economic Plight of America's Young Families."

Richard Murnane, professor of education and society at Harvard's Graduate School of Education. He is a research associate at the National Bureau of Economic Research. He is co-author of "The New Division of Labor: How Computers Are Creating the Next Job Market."

This program aired on April 6, 2004.

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