Don't Drink the Tea. Think With the WE.
Mar
2013
7

Watch the YouTube Video Explaining Income Equality That Went Viral



When it comes to YouTube views, socio-economic information isn’t exactly a chart-topping topic. But a video explaining the severity of income equality in our country has gone viral due in large part to its simple and effective design. The video suggests no solutions but asks the kind of questions that start meaningful conversations such as, “Do you really believe that the CEO is working 380 times harder than his average employee?”

Sky-rocketing corporate profits without corresponding job and wage growth are mobilizing those who might not normally walk the socio-economic beat. The New York Times’ Nelson Schwartz tackled this problem with his article, “Recovery in U.S. Is Lifting Profits, but Not Adding Jobs.” Using charts, Schwartz argues that the recovery has yet to make it to main street. He quotes Ethan Harris, co-head of global economics at Bank of America / Merrill Lynch:

“So far in this recovery, corporations have captured an unusually high share of the income gains The U.S. corporate sector is in a lot better health than the overall economy. And until we get a full recovery in the labor market, this will persist.”

Schwartz makes an example of United Technologies which has seen corporate profits rise without employing any added workers. Now, to keep up the appearance of growth, they are actually eliminating jobs:

At 218,300 employees, United Technologies’ work force is virtually unchanged from seven years ago, even though annual revenue soared to $57.7 billion in 2012 from $42.7 billion in 2005.

The relentless focus on maintaining margins continues, even though profit and revenue have never been higher; four days after the company’s shares soared past $90 to a record high last month, United Technologies confirmed it would eliminate an additional 3,000 workers this year, on top of 4,000 let go in 2012 as part a broader restructuring effort.

These kinds of ruthless actions are the reason a video with moving charts and graphs can catch fire in 2013. Income equality is simply too big of a problem not to come to light.

advert

No Comments on “Watch the YouTube Video Explaining Income Equality That Went Viral”

No one has commented on this entry yet.

Leave a Reply

*
To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Anti-spam image