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America Last

Trump’s withdrawal from the Paris accord sets the US economy back Read more

The paradoxes of fiscal austerity in Brazil

Brazil’s current economic scenario does not resemble the emerging economy that until recently fueled the optimism of analysts and investors. Read more

A Public Comment on the SEC Pay Ratio Disclosure Rule

In this comment, we explain our objections to the SEC’s current formulation of the Pay Ratio Disclosure Rule on each of three grounds: the erroneous estimation of CEO pay; the unclear specification of the “median” worker; and the risk of normalizing a pay ratio that is far too high. Then we present the latest data on the remuneration of the 500 highest-paid CEOs in the United States, demonstrating the way in which the SEC’s measure of CEO pay that enters into the CEO-to-median-worker pay ratio tends to systematically underestimate actual executive pay. Read more