Rich-Poor Gap
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The Jan. 10 Times had three articles that I felt shouldn’t be missed. In the first, outgoing Labor Secretary Robert B. Reich sounded a warning that inequality within the U.S. economy poses a threat because for several years the gap between the rich and the poor has grown steadily.
In the second article Michael Eisner, Disney CEO, gets an extension of his contract until the year 2006 with a base salary of $750,000 per year (unchanged since 1984) but was given a bonus formula tied to the company’s earnings per share and a grant option for 8 million shares with vesting beginning in 2003. The company estimates the value of the options at $196 million.
In the third article, Gov. Pete Wilson in his state budget has plans to encourage welfare recipients to consider putting their children up for adoption.
This is proof of what Reich was talking about. The rich getting richer and the poor getting poorer.
EILEEN MURPHY
Huntington Beach
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