原注 Compensation, December 1985 , 211-215. [7]Kevin O'Brien, partner, lvins, Phillips & Barker, Chartered, email, January 30 , 2013. [8]Excerpt ofinterview ofBob ReynoIds, vice president 0fFidelity Funds, for the Fro 〃〃ⅲビ program 。℃ an You Afford to Retire?, ” http://www. pbs.org/frontline. [ 9 ] Excerpt of interview of Brooks Hami lton for the F ド 0 〃市′肥 program "Can You Afford to Retire? " February 23 , 2006 , http://www.pbs.org/frontline. [ 10 ] U. S. Department of Labor, 、 'Private Pension Plan Bulletin HistoricaI Tables and Gr 叩 hs," December 20 Ⅱ , table E20 , 、、 Number 0f401 ( k ) Plans , TotaI Participants, Active Participants , Assets , Contributions, and Benefits Payments, 1984-2009 , " http://www.dol.gov/ebsa/pdf/ historicaltables. pdf. [11]Brooks Hamilton, interview, December 8 , 2010. い 2 ] Excerpt of interview of Brian Conner for the F ド 0 厩〃〃に program 、℃ an You Afford tO Retire? ” February 26 , 2006 , http://www.pbs.org/frontline. [13]Excerpt ofinterview ofGiI Thibeau for the F 川〃〃ⅲに program 、℃ an You Afford to Retire?," February 22 , 2006 , http://www.pbs.org/frontline. い 4 ] G ⅱ Thibeau, interview, August 5 , 20m. [15]Excerpt ofinterview ofWinson and Bess Crabb for the Fro 〃市′肥 program "Can You Afford to Retire? " February 22 , 2006 , http://www.pbs.org/ frontline. [16]Brooks Hamilton, interview excerpt, from F 〃〃ⅲ e program 、℃ an You Afford to Retire?" [17]Ibid. [18]Jack VanDerhei, email, January 5 , 2012. [19]Ibid. , January に , 20 に . [20]Andrew Eschtruth, Center for Reti rement Research at Boston C011ege, email , Oct0ber 引 , 20 Ⅱ . [21]VanDerhei, interview, December 10 , 2010. See 引 SO Jack VanDerhei, 、、 Measuring Retirement lncome Adequacy : Calculating Realistic lncome Replacement Rates," EBRlIssue BriefN0. 297 , September 2006 , http://www.ebri.org/ and VanDerhei, 。、 Evaluation ofthe Adequacy and Structure Of U. S. Voluntary Retirement Plans, with Special Emphasis on 401 ( k ) PIans," EmpIoyee Benefits Research lnstitute, 召夜″な 0 ″のプげを (Third Quarter 20 IO). [22]Alicia MunneII, interview, July 9 , 2010 ; and Andrew Eschtruth, emails, January 23 and October 30 , 201L Economists and other experts at 193 Boston College created the National Retirement Risk lndex (NRRI) to measure the adequacy Of retirement savings by individual households ⅲ their 401 ( k ) ' s , IRAs, SociaI Security, and Other savings. The index compares the ability, at retirement age, Of individuals and households tO generate 70 percent Of the final pre-retirement income, a target chosen because the financial industry estimates that is what is needed to maintain standard ofliving after retirement. Munnell describes the N RRI as a conservative index, not intended tO exaggerate the problem. lt use s average life span expectations and average market returns on a balanced bond-stock retirement account. See Alicia Munnell, Anthony Webb, Francesca Golub-Sass, et al., "Long Term Care Costs and the National Retirement Risk lndex," BriefNo. 9-7 (Chestnut HiIl, MA: Center for Retirement Research at Boston College, March 2009 ) ; and Alicia MunneII, Anthony Webb, and Francesca Golub -Sass, 、、 The National Retirement Risk lndex: After the Crash, ” BriefNo. 9-22 (Chestnut HiII, MA : Center for Retirement Research at Boston CoIIege, October 2009 ). [23]MunneII, interview, December 8 , 2010. [24]Press release, 、、 54th AnnuaI Survey ofProfit Sharing and 401 ( k ) PIans," Profit Sharing/401(k) Council 0fAmerica, Oct0ber Ⅱ , 20 Ⅱ , http:// 嶬,W嶬′ .psca.org/ [25]Anne Tergesen, 、、 401(k ) Law Suppresses Saving for Retirement," 7 ' んビル″ & 尾ノ 0 Ⅲ・〃 , JuIy 7 , 201L [26]Ibid. ; Eschtruth, email, January 23 , 2011 ; see also PopuIation Reference Bureau, "U. S. Labor Force Trends," Po. 〃″ん 0 〃召″ / / 可ⅲ 63 , no. 2 (June 2008 ) ; Alicia MunneII, interview, February 6 , 2006 , transcript, 、℃ an You Afford to Retire? " PBS ん・ 0 加〃〃 e , May , 2006 , http://www.pbs.org/ [ 27 ] Excerpt of interview of Alicia MunneI し interview for the F ′・ 0 〃市〃ビ program 、、 Can You Afford to Retire?," February 6 , 2006 , http://www. pbs.org/frontline. [28]Ibid. [ 29 ] Eschtruth, email, November 7 , 20 Ⅱ . 卩 0 ] 、、 ln Need ofCash, Mo 代 Companies Cut 401 ( k ) Match," 7 ' ん e New 欣〃川 , December 21 , 2008 ; David Kansas, "Has the 401 ( k ) Failed?" CNNMoney.com/Fortune, June 16 , 2009. 卩 1 ] “ Good News for 401 ( k ) Plans, Just in Time for the HoIidays," Profit Sharing/401 (k) Council of

[9]Roger Lowenstein, 、、 Int0 Thin Air," T んビ New ) の石〃肥 & M ロ g 礰ⅲ e , February 17 , 2002. [10]Ibid. [11]Davidowitch, interview, "Can You Afford to Retire? ” [12]Edward Wong, 、 'Airline Shock Waves: The Overview; Bankruptcy Case ls Filed by United,' T んビ New 石襯ぃ , December 10 , 2002. [13]Pat O'Neill, interview excerpt from F 〃〃ⅲ e , "Can You Afford to Retire? ” [1410'Neill, interview, July 13, 2010. い 5 ] Pension Benefit Guaranty Corporation databook, table S -5 , reports that 1 , 897 , 253 employees and retirees were affected by companies' terminating their pension plans between 円 75 and 2 田 0. The ten largest pension plans with 543 , 825 participants were closed down through bankruptcy, and PBGC officials reported that was 引 so true 0f85 percent of 102 ofthe largest plans, with mo 代 than 1 million participants. PBGC officials say that is a typical pattern. lfso, roughly 1.6 million participants would have had their benefits diminished by corporate bankruptcies or by companies on the verge of bankruptcy. Marc Hopkins and JeffSpeicher, PBGC press officers, emails and briefings, ApriIIO and 13 , 2012 ; PBGC databook, 2010 , http://www.pbgc.gov/res/data-books.html. い 6 ] U. S. Bureau ofLabor Statistics. 、 'National Compensation Survey: EmpIoyee Benefits in the United States, March 20 Ⅱ , " accessed January 引 , 2012 , http://bls.gov/ncs/ebs/benefits/2011/ ownership/private/tabIe01 a. htm; Hacker, G 尾 R なん S ん加 , 14. [17]Since 2000 , there have been waves ofcorporate bankruptcies in the airline, steel; automotive, energy, and financialindustries. PBGC background briefing, press spokesman, December 8 , 2010 ; PBGC databook, table S-5, reported 4340 corporate pension plans terminated and more than 90 percent 0fthe time, PBGC officials said, bankruptcy was the vehicle for companies' dumping their pension plans. Speicher, email, Apri114, 20m. [18]Jamie Sprayregen, interview excerpt, from F ド 0 〃〃ⅲ e , "Can You Afford to Retire? ” い 9 】 Excerpt of interview of Elizabeth Warren for the ん・ 0 〃〃ⅲ program "Can You Afford to Reti re?," February 6 , 2006 , http://www.pbs.org/ frontline. [ 20 ] G 代 g Davidowitch, interview excerpt from Frontline, "Can You Afford to Retire? ” [ 21 ]Excerpt of interview of Hugh Ray for the FrontIine program "Can You Afford t0 Retire?," February 28 , 2006 , http://www.pbs.org/frontline. [22]Ibid. [23]Ibid. [ 24 】 Wong , "Airline Shock Waves. '' [25]Sprayregen, interview, "Can You Afford to Reti 代 ? ” [26]Pension Benefit Guaranty Corporation background briefing, December 8 , 2010. [271Excerpt ofinterview ofBradIey BeIt for the Fro 〃〃ⅲに program 、℃ an You Afford to Retire? " February IO, 2006. [28]Jamie Sprayregen, interview excerpt from FrontIine program 、℃ an You Afford to Retire? ” 【 29 ] G 厄 nn Tilton, testimony responding to Sen. Ron 、 Myden, Senate Finance Committee hearing, June 7 , 2005. http://finance.senate.gov/hearings/ hearing/downIoad/?id=d028276c-611f-447e-a266- f3blcd6a62c6. [301Robin Gilinger, interview, August 5 , 2010. [31]GiIinger, interview, August 5 , 2010. [32]Excerpt ofinterview ofRobin GiIinger for the F ド 0 〃市〃ビ program 、℃ an You Afford tO Retire? " March 15 , 2006 , http://www.pbs.org/frontline. [33]GiIinger, interview, August 5 , 2010. 卩 4 】 0 ' Ne Ⅲ , interview, July 20 , 2010. [3511bid. 第 12 章 401 ( k ) の罠 [1]Teresa GhiIarducci, interview, December 22 , 2010. [21Eric Schurenberg, 、、 The 401 ( k ) Has FaiIed. Admit lt," 〃 4 加〃 g 〃尸 0 July 14 , 2009. 卩 lTed Benna, quoted in Jeremy OIshan , 、、、 Father' ofthe 401(k)'s Tough Love, ”Ⅲ & / S 襯 al ・ / Mo 〃 , November 22 , 20 Ⅱ , http: 〃blogs.smartmoney.com/ [ 4 ] Excerpt of interview of DavidWray, president, Profit Sharing/401(k) CounciI ofAmerica for the FrontIine program 、℃ an You Afford t0 Retire? ' ' February 17 , 2006 , http://www.pbs.org/frontline. [5]Hearings on 、、 The President's 1978 Tax Reduction and Reform Proposals, ” House 、 Mays and Means Committee, March 17 and 20 , and April 3 -4 , 1978 , US. Government Printing Office, Washington, DC, 1978 , 5617-5628 and 5668-5677. [ 6 ]"A Conversation with Carr011 Savage, ” ECFC ビ w ゞた″夜・ , EmpIoyers CounciI on FIexibIe 294

com. [11]Steven Greenhouse and Reed Abelson, 、、 Wa ト Mart Cuts Some HeaIth Care Benefits, ” 7 ' んビ New 石川ぃ , October 20 , 20 Ⅱ . [12]Excerpt ofinterview ofJon Lehman for the Fro 〃市″に program 、、 ls Wal-Mart Good for America?, ” July , 2004. http://www.pbs.org/ frontline. /frontl ine. [131MichaeI Barbaro, 、、 Wal-Mart Says Mo 代 than HalfIts Workers Have lts Health lnsurance, ” T んビ New 石襯い , January 23 , 2008. [141Greenhouse and Abelson, 。、 Wal-Mart Cuts. '' い 5 ] John Matthews, Costco senior vice president for human resources and riSk management, interview with Owen Smith, January 26 , 20 に ; James Flanigan, 、℃ ostco Sees VaIue in Higher Pay," ん 0 4 〃 g にん、石〃肥を February 15, 2004 ; Ann Zimmerman, "Costco's Dilemma: Be Kind to lts Workers, 0 「 Wall Street?" The 朝〃 & 尾 、 / 0 Ⅲ・〃記 , March 26 , 2004. [161"CEO lnterview: Costco's Jim Sinegal, ” E のな Co 川〃 at リ , November 1 , 2008 , www.fastcompany. com/magazine/130/thinking-outside-the-big-box. html. い刀 R. J. Hottovy, "Morningstar's 20 Ⅱ CEO ofthe Year Redefined RetaiI, ” M の・〃ⅲ g 、′・ , January 4 , 2012. [18]Ibid. い 9 】 Brooks Hamilton, interview, December 8 , 2010. Hamilton, a corporate pension consultant, based his calculations on Labor l)epartment figures. [ 20 ] Jeffrey lmmelt, GE Annual Outlook lnvestors Meeting, transcript, December 14 , 2010 , http:// WWW. ge.com/ [21]Ellen E. SchuI レ , 犬 e ⅲ℃襯ビ厩〃éなた〃 bw Co 川 - 〃 4 ⅲい plundet ・ P 加 0 襯ビルビ Eggs 可・ . イ川の・たロれ初・ (New York: Portf01i0/Penguin, 20 Ⅱ ) , 9. [2211bid. , 3-25. [23]Hacker, G 尾 R なん S ん第 , ix-x. [24]MetropoIitan Life, 、、 The MetLife Study ofthe American Dream, ” January 25 , 2007. [25]Ibid. [26]Ibid. [27]Ibid. MetLife's nationwide survey found 68 percent said they had not achieved the American Dream; 48 percent ofbaby boomers and older (over forty-two) said they did not expect t0 achieve the American Dream. See 引 so "The 2009 MetLife Study of the American Dream. ' [28]American Bankruptcy lnstitute, Annual Business and Non-Business Filings by Year ( 1980- 2009 ) , http://www.abiworld.org/ [29]Warren and Tyagi, Two - 加 co 〃肥ル 4 〃 , 6. 卩 OlBoard of Governors of the Federal Reserve System, Federal Reserve Statistical ReIease Z. 1 , FIow 可下″〃ホ」 C00 ″〃な可、に U ⅲイ & い , table L,IOO, September 16 , 2011 , http://www. federalreserve. gov; Federal Reserve Statistical Release G 」 9 , Co ″川の・ Credit, October 7 , 20 Ⅱ , http: 〃 www.federalreserve.gov. [31]Pam Scholl, interview, December 29 , 2011. [32]Robert Lawless, testimony before U. S. Senate Committee on Judiciary, December 4 , 2008 , http://www.judiciary.senate.gov/pdf/08- 12-04LawIessTestimony. pdf. Also see FederaI Reserve Statistical Release G.19 , Co ″川夜・ C 尾浦な and Federal Reserve Statistical Release Z. 1. [33]Warren and Tyagi, Two - 加 co 〃肥乃・ 4 〃 , 127. 卩 4]LawIess, interview, November 3 , 2010. [35]Ibid. [36]Excerpt ofinterview ofShailesh Mehta for the Fro 〃市〃に program "The Card Game," November 24 , 2009. http://www.pbs.org/frontline./frontline. [37]Warren and Tyagi, 石 0- 加 co 〃肥ロ〃 , 1 引 , 139-140. [38]Ibid. , 130. [39]LawIess, interview, November 3 , 2010. [ 40 ] Bankruptcy Data Proj ect, Harvard University, accessed February 24 , 20 Ⅱ , http://bdp.law. harvard.edu/ For 2009 , the figure was し 950 , 492 ; and for 2 田 0 , it was 2 , 094 , 623. [41]Robert M. Lawless, Angela K. Littwin, Katherine M. Porter, et al., "Did Bankruptcy Reform FaiI? An Empirical Study 0fConsumer Debtors, ” .4 川夜・たロ〃召ⅸロ ) , んロ w ノ 0 ″閉記 82 (October 15 , 2008 ). [42]Ibid. 第 8 章新富裕層 [11Joseph E. StigIitz, 、、 lnequality: Ofthe 1 % , by the 1 % , for the 1 % ' リⅲ Fair, May 20 Ⅱ . 卩 ] Michael Abramowi レ and Lori Montgomery, 、、 Bush Addresses lncome lnequality, ” 7 ' ん e ル 'a - ⅲ g 〃 PO 訂 , February 1 , 2007. [3]Robert Frank, 犬んな他広 .4 ノ 0 Ⅲ・〃り , T ん・ 0 ″ g ん の 4 川夜・たの料ル記 B00 襯のビカⅳい可、〃肥 New 犬たん (New York: Crown Publishing Group, 2007 ) , 3. 301

Up for High-Stakes Tax Cut Fight," T んビ New 石′〃い , February 24 , 200L [10]Estimate, JOint Committee on Taxation, 、℃ ongress Cuts DeaI on Taxes," CQAlmanac 20 似 (Washington, DC: Congressional Quarterly, 2002 ) , http://www.cqpress.com/ [11]MicheIe Davis, memo, February 27 , 2001 , in Ron Suskind, The 乃加 e ツェの , 記り ,. ・ Ge01 ・ ge 召んⅢん〃 0 ″ , の e Ed ″ ca 行 0 〃可アåt 〃 O'Neill (New York: Simon & Schuster, 2004 ) , 0. い 21"Key Goals Face Early Obstacles," 7 ' / 肥朝朝 - ⅲ g 〃 Po 新 February 27 , 2001. [13]"Public Buys Bush's Tax-Cut Plan, but Details Magnify Differences, ” The 2 ″ & 尾 . / 0 〃 , March 8 , 200L [ 14 ド Poll Analysis: Bush in Honeymoon period,' 0 4 〃 gel い石″にゞ , March 8 , 200L [ 15 ] Richard W. Stevenson, 、、 ltching to Rebu ild the Tax Law," T んにに w ) 初・ん石川ぃ , November 24 , 2002. い 6]Jeffrey Birnbaum, "The Man in the Middle, ” CNNMoney.com/ Aprill, 2002 , http://money. cnn.com/ い 71Jensen, Salant, and Forsythe, 、、 Bush Rel ies on Corporate Lobbyists. '' [181"Bush Pushes Huge Tax Cut in U. S. Congress Debut," Da 〃 Mo 翔加 g News, February 28 , 2001. [19]"Union Campaigns to Thwart Tax Cut Plan," ″ån DaiIy ル初・ / ApriI 8 , 200L [20]Marc Lacey, 、、 Bush Deploys Charm on Daschle in Pushing Tax Cut," 7 ' んにルに w 石川い , March 10 , 200L [21]Jensen, SaIant, and Forsythe, 、、 Bush Relies on C orporate L0bbyists. ” [221The Center for Responsive Politics reported business interests pouring $ 333 million intO the 2009-10 election campaign cycle. By the center's calculations,just one 0fDirk Van Dongen's six groups, the Business Roundtable, and its 208 corporate members and their executives and families contributed $ 142 , 955 , 958 to that campaign cycle. Email April 炻 , 2 田 2. See 引 so "Business-Labor-Ide010gy Split ⅲ PAC & lndividual Donations tO Candidates and Parties," Center for Responsive Politics, based on FederaI Election Commission data, March 27 , 20 Ⅱ . [23]Jensen, Salant, and Forsythe, 。、 Bush Relies on Corporate Lobbyi sts. ' ' [24]Benjamin I. page and Robert Y. Shapiro, 7 ' ん e 襯〃記 P ″わ〃 c. ・ Fifty ロハツ・ e 〃ホⅲ月川のゾ - cans' Po 〃 q P 生ル尾〃 c (Chicago: University of Chicago Press, 1992 ) , 166 , 287. 卩5] 、、 Bush pushes Huge Tax Cut. '' [261Richard W. Stevenson, 、℃ ongress passes Tax Cut, with Rebates This Summer," 7 ' んにルビ w 物 石襯い , May 27 , 200L [271John McCain statement on final tax reconciliation bill, press release, May 26 , 2001 http://mccain.senate.gov. [28]"The Bush Tax Cuts Costs Two and a Half Times as Much as the House Democrats ' HeaIth Care Proposal," Citizens for Tax Justice, September 8 , 2009 , http://www.ctj.org/ [29]Jacob S. Hacker and paul Pierson, 、、 Abandoning the Middle: The Bush Tax Cuts and the Limits of Democratic Control," P 夜・ s. ビ ct ⅳビ、 0 〃 PO 〃行 0 、 3 , no. 1 (March 2005 ) : 33-53. [30]Nace, Gangs ツし 4 襯のロコ 48-49. [31]Based on Federal Election Commission data, the Center for Responsive Politics reported total business donations tO the 2009- IO campaign cycle as 新 , 362 , 777362 compared with $ 96 , 824 , 239 for labor, w ith soft-money contributions from individuals representing business interests Of $ 971 , 645 , 729 versus $ 9 , 906 , 072 forlabor, and $ 332 , 951 693 in contributions from business PACs compared with $ 69 , 073 , 927 from labor PACs. 、、 Business-Labor-IdeoIogy Split in PAC & lndividual Donations tO Candidates and Parties,' Center for Responsive Politics, based on Federal EIection Commission data, March 27 , 20 Ⅱ , http:// www.opensecrets.org/overview/blio.php. [32]Lobbying Database," Center for Responsive Politics, opensecrets.org/ based on data from Senate Office of Public Records, January 引 , 20 Ⅱ . Business groups spent $ 5.998 billion in those two years compared with $ 91.7 mi llion by labor groups. That pattern is fairly typicalin recent years. Even though the media generally treat business and labor as roughly equal "special interests," business interests heavily outspent labor interests on lobbying from 1998 through 20m by roughly a 60- to - I ratio ( $ 28.6 billion to $ 492 million). See http://www.opensecrets.org/ lobby/i ndex. php. [33]Ibid. ; see also Drutman, 7 ' んに召″、ⅲ肥可、 , 4 川の元ムカ 0 わⅲ g , online doctoral thesis, 3-6. [34]Drutman, 召″、ⅲ肥可ツ襯・ / ca , Ⅱ 7. [35]Jonathan Peterson, 、 'Lawmakers Debate Bill 19 8

Ⅲんの・ 0 〃〃の・ tu ⅲり , ? 犬なⅲ g 加 e la 〃 Sc ん 00 な , and C' ん / ビ〃 ' なん C ん c (New York: Russell Sage Foundation, 20 Ⅱ ) ; 、、 P00 「 Dropping Further Behind Rich ⅲ School," The ルに w 石川い , February 川 , 2012. [20]Martha J. BaiIey and Susan M. Dynarski, "Gains and Gaps: Changing lnequality in U. S. CoIIege Entry and Completion,"Working Paper 17633 , NationaI Bureau ofEconomic Research, December 20 Ⅱ , http://www.nber.org/ [21]Study by Sabino Kornrich, Center for Advanced Studies, Juan March lnstitute, Madrid, and Frank F. Furstenberg, University of Pennsylvania, cited in 、、 Poor Dropping Further Behind Rich ⅲ School, ” The ルビ w 石川 , February 10 , 2 田 2. [ 22 ] W Ⅲ Hutton, 、、 Log Cabin to White House? Not Any More, ” T んビ 0 房夜・ら ApriI 28 , 2002 , http://www.observer.co.uk.com/ent/ story / 0 , 6903 , 706484 , 00. html. [ 23 ] Bhashkar Mazumder, 、 'Fortunate Sons: New Estimates oflntergenerational Mobility in the United States Using SociaI Security Earnings Data, ” for Federal Reserve Bank ofChicago, July 6 , 2004 , published in The Review 可五 co 〃 0 川液、 の & 襯ⅳ i い 87 , no. 2 ( 2005 ) : 235-55. [24]Janny Scott and David Leonhardt, 、℃ lass ⅲ America: Shadowy Lines That StiII Divide," T んビ ル w ) わⅸ石襯い , May 15 , 2005. [25]Lawrence Mishel, Joshua Bivens, and Heidi Shierho レ , 励ビ & ビッ・Ⅲ 0 ⅲ g 」川元ロ , 2 似 2 / 2 似 3 (lthaca, NY: Cornell University Press, 2 田 2 ) , figure 4U, "HourIy Compensation for Production/Non- Supervisory Workers and TotaI Economy Productivity, 1948-20 Ⅱ " ・ Mishel, emails, March 29 and April 9 , 2012. 卩 6 ]lbid. The contrast is sharper when comparing productivity growth and hourly wages only in the private sector. Over this periOd, private sector productivity grew by 92.6 percent while the average hourly wage rose by only 4.2 percent. This difference is dampened when figures cover the overall economy, because that data includes government workers, Whose productivity iS assumed not tO grow while their salaries rise. [27]Census Bureau, 、、 lncome, Poverty, and Health lnsurance Coverage in the United States: 2 田 0 , ' September 20 Ⅱ . [28]Phillips, ル 2 記 andDemocracy, 112 , 163. [29]Aviva Aron-Dine and lsaac Shapiro, 、、 Share 0f NationaIIncome Going toWages and Salaries at Record Low in 2006 , " Center on Budget and PoIicy Priorities, March 29 , 2007 , http://www. cbpp.org/ [30]Study by EmmanueI Saez, University of California at Berkeley, cited in 、、 lt 's the lnequality, Stupid," MO 励夜・ノ 0 〃 e 、 , March-ApriI 20 Ⅱ , http://www.motherjones.com/ [311During recession, the share ofthe top 1 percent fell, but w ith recovery that share has been moving back up toward previous highs. Emmanuel Saez, 、、 Striking lt Richer: The Ev01ution ofTop lncomes in the United States, ” 0 w の M ロ ga ゴ〃 e , Stanford Center for the Study of Poverty and lnequality (Winter 2008 ) , and updated version Of same paper t0 include estimates for 2009 and 2010 , March 7 , 2012 , http: 〃elsa.berkeley.edu/—saez/ saez-UStopincomes-2010. pdf. AIso see Thomas Piketty and EmmanueI Saez, "lncome lnequality in the United States, 1913-1998 , updated, ” table A-3, 、、 Top FractiIes lncome Shares (lncluding CapitaI Gains) in the United States," http://elsa. berkeley.edu/—saez/TabFig2010. [32]Catherine RampeIl, 、、 ln Job Market Shift, Some Workers Are Left Behind, ” T, んにルビ w 施石川 , May 12 , 20m ; Louis Uchitelle, 、、 Unions Yield on Wage ScaIes to Preserve Jobs," 7 ' / にルビ w 石襯 , November 19 , 2010 ; "Still On the Job, but at Halfthe Pay," T んビルビ w ) 初・ん Times, October 13 , 2009. [33]Lance Morrow, 、、 The Tempting ofAmerica,' 石″ June 24 , 2001. 卩 4 ] 、、 EmpIoyment Arrangements: lmproved Outreach Could Help Ensure Proper Worker Classi fication," General Accounting Office report, JuIy 2006 , http://www.gao.gov. [351Bureau ofLabor Statistics (BLS), E 川がの , 襯 e 加 & ル at 〃一イの℃ん 73 , Table A-I. April 5 , 2013. http ://www.bls.gov/news.release/pdf/empsit.pdf. [36]Steven Greenhouse, "TechnoIogy: Temp ・ Workers at Microsoft Win Lawsuit," T んビルの材 行川ぃ , December 13 , 2000 ; Mike Blain, 、 Supreme Court Refuses t0 Hear Appeal 0f Microsoft 、 Permatemp' SettIement, ”ル、ん花 c ん Ⅳの” , November 13 , 2002 , http://archive. washtech.org/ [37]Ibid. 卩 8 ] U. S. Bureau ofLabor Statistics, 、 'Employment Situation, September 20 Ⅱ . ” 304

原注 Critics, ” 7 ' ん e ル 'a 〃 & 尾可″ロ / , August 4 , 1988. [32]Krugman, Co c 〃“可・ロ LiberaI, 142-45. [33]Reich, & 甲夜℃ロ月″記な襯 , 108. [34]Krugman, "For Richer. " [351James D. WestphaI, "CoIIaboration in the B oardroom: B and Performance Consequences ofCEO-Board SOCial Ties," 図 c ロ〃Ⅳ可・ Manage 〃肥〃 / ノ 0 ″翔記 42 , no. 1 ( 1999 ) : 7-24 ; update interview, October 13 , 20 Ⅱ . [36]Paul Volcker, testimony to Joint Economic Committee, May 14 , 2008 , http://www.gpo.gov/ fdsys/pkg ℃ HRG-110shrg44539/pdf/CHRG- 110Shrg44539. pdf. 卩 7 lJay Lorsch and Rakesh Khurana, 、 'The pay Problem," 〃ål ・ vat ・ dM ロ g ロゴ″巳 May-June 20m. 卩 8 ]Edward S. Woolard, Jr. , quoted in Charles Elson, moderator, "What's Wrong with Executive Compensation?" Harvard お〃、朝〃 e & ゞ犬ビリ池 W 81 , no. 1 ( 2003 ) : 69-77. 卩 910rganisation for Economic Co-operation and DeveIopment, 、 'An Overview of Growi ng lncome lnequalities ⅲ OECD Countries: Main Findings," in 、、 DividedWe Stand: Why lnequality Keeps Rising,". 4 〃 0 ”池 w 可℃川 w ⅲ g 加 00 〃肥 加 e 〃行ⅲ OECD CO 〃〃作 & ・ Main F ⅲ〃 g を accessed December 6 , 2011 , http://www.oecd.org/ dataoecd/40/12 / 49170449. pdf. [40]Jessica Silver Greenberg and Nelson D. Schwartz , 、℃ itigroup's Chief Rebuffed on Pay by SharehoIders," The ルに w ) 初・ん石襯い , April , 2012. [ 41 ]Edsall, New Po / ⅲい可 7 〃 e la 〃 151-54. [421Jeffrey Rosen, 、、 Supreme Court, lnc. ," T んⅣビ w 石い g ロゴ〃 e , March , 2008 ; Adam Liptak, 、、 Justices Offer Receptive Ear to Business lnterests, ” 7 ' / ルビ w 施石″にゞ , December 円 , 2010. [ 43 ] 、、 The Scariest S. O. B. on Wall Street, ” FOI ・ tune 4 , no. 11 (December 9 , 1996 ). [44]Ibid. [ 45 ] Roach, interview, transcript, ,Sto ・ viving 〃肥 召 0 ″ 0 川カⅲ巳 第 6 章新貧困層 [1]SawhiII, 、、 Overview," in lsaacs, Sawhill, and Haskins, G に″加 g , 4 ん e ロ 4 4 , 7. [2]Joseph E. Stiglitz, 〃肥 c ビッ 7 〃 e la 〃 (New York: 、 V.W. Norton, 2012 ) , xviii, xxii. 卩] 、、 Retiring Rep. Obey Not Going Out with a Whimper, ”〃肥朝ⅲ g / 0 ″ Po 新 November 30 , 305 20m. [4]Pam Scholl, interview, November 7 , 2 田 0. [5]Roy Wunsch, interviews, October 27 and November 7 , 2010. [6]Mike Hughes, interview, June 23 , 20m. [7]Ibid. , June 28 , 2010. [8]Pam Scholl, interview, June 23 , 2010. [ 9 ] U. S. Bureau ofLabor Statistics, 、、 The EmpIoyment Situation, December 2001 , ” January 7 , 2002 , http://www.bls.gov; U. S. Bureau ofLabor Stati stics, "The EmpIoyment Situation, September 20 Ⅱ , ' ' October 7 , 20u , http://www.bls.gov. BLS figures show 132.2 million nonfarmjobs in 2001 vs. 131.3 million in September 201L [10]Census Bureau, 、 'lncome, Poverty, and Health lnsurance Coverage in the United States: 2010 " ・ 、 lncome Slides to 1996 Levels," 7 ' んをル〃尾可 ノ 0 ″” za / , September4, 20 Ⅱ . [ll]lsaacs, "Economic MobiIity ofBlack and White FamiIies," ⅲ lsaacs, Sawhill, and Haskins, Get- tingAhead, 7 ト 80. い 2 ] Census Bureau, 、、 lncome, Poverty, and Health lnsurance Coverage in the United States: 2 田 0. ' い3] 、、 Soaring Poverty Casts SpotIight on 、 Lost Decade,' ' ' The New 7 切肥 s , September , 20 Ⅱ . い 4 ] E. S. Browning, 、、 Oldest Baby Boomers Face Jobs Bust," The 〃 & 尾 . / 0 ″閉記 , December 19 , 20 Ⅱ . [1511saacs, 、、 Economic Mobility ofFamilies Across Generations," in lsaacs, Sawhill, and Haskins, Getting. 4 んに ad , 円 . [1611saacs, 、、 lnternational Comparisons Of Economic Mobility, ” in lsaacs, Sawhill, and Haskins, G ビ″ⅲ g 」 44 37-44. い刀 Sawhill, "Trends in lntergenerational MobiIity,' in lsaacs, Sawhill, and Haskins, G に″ⅲ g 」んにロ d , 9 , italics added; Thomas DeLeire and Leonard M. LOP00 , 、、 FamiIy Structure and the Economic MobiIity 0fChildren," Pew Charitable Trusts, April 2 田 0 , http://www.economicmobility.org/ Jason DeParle, "Harder for Americans to Rise from Economy's Lower Rungs," T んにルに w 乃襯い , January 5 , 20 に . [1811saacs, 、、 Economic MobiIity ofFamilies Across Generations," in lsaacs, Sawhill, and Haskins, Getting ・ 4んe住d, 19. [19]Sean F. Reardon, 、 'The Widening Academic Achievement G 叩 Between the Rich and the Poor: New Evidence and Possible ExpIanations," in

ジョブズの不正行為 オプション・ゲームには、もっと邪悪な欠陥があった。アップル、ユナイテッド ・ヘルス・グル プ、シリコンパレーのシンポル・テクノロジーズ、マーキュリー ・インタラクテイプといった新興企 業を含めた数百の大企業で、付与されたストックオプションをが操作し、株主を欺いていたの これらの企業のは、自社株が上がらず簡単に儲けられなくなると、取締役会を説得して不正 行為をやらせた。取締役会は、 oæo へのストックオプション付与日を、じっさいの付与日よりも行 使価格、すなわち買値が低い日付にさかのばって変更した。そうすれば、株が下落し、株主が損をし ても、や経営陣はかなりの利益が得られる。たとえば、当初のオプションが発行されたときに 五〇ドルたった株価が四〇ドルに下がると、は、一株が三〇ドルたった以前の日付をオプショ ン付与日として取締役会に指定させた。そのとたんに、 o=.20 はオプションを現金化すると一株当た 一〇ドルの利益が得られるようになる。一〇〇万株のオプションなら、一〇〇〇万ドルの儲けにな る。はこうやって、株主が損をしているあいたも稼いでいた。当然ながら、これは成功報酬と いう概念そのものを打ち砕いた さらに、一般の納税者もオプションの不正で損をしていた。一部の 0=-2 0 がオプションの権利行使 日を偽って報告していたことに、が気づい。株価をじっさいの買値よりも高かったように見 せかけて、利益にかかる税金を減らそうとしたのた。 168

Princeton, NJ: Princeton Un iversity Press , 2008 ). [20]WiIIiam Greider, Ⅲん 0 Ⅲ襯花〃〃 P 0 がに The B ビなのⅥ / 可、 .4 襯夜・た an D ビ川 00m0 , (New York: Simon & Schuster, 1992 ) , 20. [21]John McCain, CNN AllPolitics, June 30 , 1999. 卩2] 、、 Lobbying Database," Center for Responsive Politics, based on data from the Senate Office of PubIic Records, January 引 , 2011 , http://www. opensecrets.org/.lobby/index.php; Lee Jared Drutman, 7 ' ん e B わ肥可、 .4 川夜・た 4 ム 0 わⅲ g , online doctoralthesis (Berkeley: University of CaIifornia at Berkeley, Fall 2010 ) , 5 , 140-141 , http://www.leedrutman.com/ [231"Lobbying Database": With this database, the Center for Responsive Politics covers lobbying expenditures from 1998 through 20 Ⅱ for thirteen sectors—Labor; 。、 ldeology," or single-i ssue lobbying; 、 'Other"; and ten business-related categories (listed in descending order oftheir lobbying expenditures): HeaIth; Miscellaneous Business; Finance/lnsurance/Real Estate; Communications/Electronics; Energy/Natural Resources; Transportation; Agribusiness; Defense; Construction; and Lawyers&Lobbyists. That database shows business lobbying expenditures from 1998 through 20m of $ 28 , 562 , 488 , 910 , compared with $ 492 , 244 , 499 for 信 bor. ln all, business group s accounted for 85. 引 percent of the totallobbying expenditures and labor for L48 percent for those twelve years. [24]Drutman, thesis, 117. [25]William H. Branson, Herbert Giersch, and Peter G. Peterson, "Trends in United States lnternational Trade and lnvestment Since 、 Morld War Ⅱ , " in 〃に襯夜・た 4 ″ Eco 〃 0 ″Ⅳ加ルのハ / - 行 0 〃 , ed. Martin FeIdstein (Chicago: University Of Chicago Press, 198 のヨ 83 -84. [26]CharIes S. Maier, .4 襯 0 〃 g E 襯〃かい . ・ , 4 川群ツ ca 〃 覊ビ〃 d ロ〃イ / な尾施 ce 、” 0 な (Cambridge, MA: Harvard University Press, 2006 ) , 255. [27]David Leonhardt, 。、 The German Example," T んビ ルビ w ) の欣乃襯 , June 8 , 2011 ; Steven Rattner, "The Secrets ofGermany's Economic Success: What Europe's Manufacturing Powerhouse Can Teach America," Foreign イ〃 90 , no. 4 (July- August 20 Ⅱ ) ; LesIie H. GeIb, 、、 What Germany's Economy Can Teach US, ” DaiIy 召ビの / , June 5 , 2011 , http://www.thedailybeast.com/ Kevin Phillips, ル 2 記の D ビ〃 wcracy. ・ , 4 Po / ⅲ c 記〃な - ね可、巳 4 襯夜・た〃犬たん (New York: Broadway Books, 2003 ) , 163. [28]The U. S. trade deficits totaled $ 6 trillion from 2000 through 2010. Germany's trade surplus totaled $ 2 trillion. "U. S. Trade in Goods and Services, BaIance ofPayment Basis, 1960-20 Ⅱ , ' U. S. Census Bureau, Foreign Trade Division, March 9 , 20 に , http://www.census.gov/foreign- trade/statistics/hi storical/gands. pdf; German Office ofFederal Statistics, 、 'Foreign Trade Data: OveraII DeveIopment in Foreign Trade Since 1950 , " Statistisches Bundesamt, DeutschIand, February 21 , 2 田 2 , http://www. destatis. deDocument2. [ 29 ]Leonhardt, 、、 German ExampIe"; Robert B. Reich, "The Limping Middle Class, ” T んビ New ⅸ乃襯い , Sunday Review, September 4 , 201L 卩 0 Ⅱ n U. S. nonfarm payroll of 131.6 million, the Bureau ofLabor Statistics listed Ⅱ .8 million in manufacturing in September 2011 : "The EmpIoyment Situation, September 20 Ⅱ , ” October 7 , 20 Ⅱ , http://www.bls.gov. For German figures, see U. S. Bureau ofLabor Statistics, 方″のⅱ 0 〃ロ / .4 可 d ねし & Co 〃 c 罕な , ノ 0 Co 〃厩いノ 970- 2 似 0 , table 2-8 , 、、 Percentage ofEmployment in Manufacturing," March 30 , 20 Ⅱ , 23 , http://www. bls. gov/fls/flscomparelf/lfcompendium. pdf. [31]MarcusWaIker, "ls Germany Turning into the Strong Silent Type? ” T んビ朝〃 & 尾 et. / 0 ″翔記 , JuIy 27 , 20 Ⅱ ; Gelb, 。、 What Germany's Economy Can Teach Obama. 卩 2]Neither ordinary Americans nor experts agree on what constitutes the U. S. middle class. ln opinion polls, close t0 half0fAmericans, from people wh0 make $ 45 , 000 a year to those who make $ 200 , 000 , call themselves middle class. The U. S. Census Bureau reports the median household income—right in the middle—was $ 49 , 445 in 2010 and that 80 percent ofall U. S. families had household incomes below $IOO 065. TypicaIly, economists divide the current U. S. population 0f 引 2 million into income quintiles, or fifths. ln its income analysis, the Congressional Budget Office uses four groupings: the bottom fifth; the three middle fifths; the top fifth, and the top 1 percent—corresponding tO lower-income, middle-income, and upper-income groupings, plus the super-rich. At the high end, income analysts such as Emmanuel Saez 0f the University Of CaIifornia at Berkeley separate the top 10 percent 310

、こ。「以たような 雇された人たちに出くわした。。ハムとおなじく、彼らも依然として定職を探してしナ 人たちが二〇〇人いて。全員がおなじ仕事の試験を受けているんです。私がまっさきに受けたのは、 チリコシー市の水道メーター検針係の試験です。二〇〇九年六月でした。時給一四ドルで、応募者は 二五〇人でした。結局、一人も雇われませんでした。内部で補充されて。 一年後、また失業中たったバムは、なにをしたらよいのか、どこを頼ったらよいのかがわからない 「ほんとうに恐ろしいことです」と、。ハムは私にいった。「一年も失業している のが悪夢たといった。 なんて、夢にも思いませんでした。もう沈んでしまいそうです」。不安と眠れぬ夜を何度も過ごした とわかる、神経質な笑い声を上げた。「クレジットカードと失業手当で、かろうじてやりくりしてい ます。貯金はもう底をついて、生きていくので精いつばい : : : 怖くてたまりません」。 ミドルクラスの落ちこぼれ ハム・ショ 1 ルとマイク・ヒューズは、アメリカの新しい現象、新貧困層の実例た。彼らはいわば、 アメリカンドリームとはまったく逆に低所得層へと滑り落ちるミ 「ミドルクラスの落ちこばれ」 ドルクラスのアメリカ人、人生後半で後退した人々た。わずか六年間で、二人はアメリカのミドルク 困ラスの中位、全所得層の中位二〇。ハーセントから、下位二〇パーセントかそれよりわずか上へと転落 新した。そして彼らの物語は、アメリカ社会にびろく見られる傾向を反映している。 章 私たちの国は、まさに過去七〇年間で最悪の一〇年を経験している。二〇一一年末は一〇年前より * 9 ・ 第も雇用が少なく、典型的なミドルクラス世帯の収入は一九九〇年代後半よりも減った。しかし、物語 * 8 113

America, December 17 , 2 田 0 , http://www.psca. org ・ [32]"Retirement Plans Make Comeback, with Limits," 励に朝″ & 尾可 . / 0 〃” 1a / , June 14 , 20 Ⅱ . [33]John BogIe, interview, December 12 , 2 田 0. [341John Bogle, testimony, House Committee on Education and Labor, February 24 , 2009 , http://johncbogle.com/wordpress/wp-content/ upIoads/2009/03/statement2009. pdf ; Hamilton, interview, December 8 , 2010. [3511bid. [36]Ibid. [37]VanDerhei, email, July 20 , 2 田 0. 卩 8]Eschtruth, email, December 15, 20m. [391Rich Kidner, interview, July に , 2010. [40]Ibid. [41]DaIIas Salisbury, interview excerpt from Front- ル肥 , 、℃ an You Afford to Retire? ' ' November 9 , 2005. [ 42 ] Brooks Ham ilton, interview excerpt from F ド 0 〃〃加に , "Can You Afford to Retire? ” [43]Andrea Coombes, 、、 U. S. Retirement lncome Deficit: $ 6.6 Trillion," Ⅲ & / ・んん September 15 , 2010, http://www.marketwatch. com. [44]Anthony Webb, interview, January 20 , 20 Ⅱ . [451The Pension Benefit Guaranty Corporation gave an estimate 0f $ 504 billion. P ⅵ 0 〃方いⅢ・ - ance Data 召 00 ん 2009 14 (Summer 2010 ) : table S -49 , http://www.pbgc.gov・ [461Peter Whoriskey, "Economists: State, Local Pension Funds Understate ShortfaII by $ 1.5 Trillion 町 Mo 代 , ' ' The ル ra 訪ⅲ g / 0 〃 Po 評 , March 3 , 20 Ⅱ . 7 ] Bog 厄 , interview, December に , 20m. [481Benna, in OIshan, 、 'Father ofthe 401(k)'s Tough l_,ove. ' [ 49 lThomas C. Scott, 、、 The Risk-Averse Future, ”ⅲ "Room for Debate, ” T んにルに w Yo 石襯ぃ , online running commentary on the news, March 25 , 2009 , http://www.nytimes.com/roomfordebate. [50]Press release, 、、 54th AnnuaI Survey ofProfit Sharing and 401 ( k ) PIans. " [511Schurenberg, 、、 The 401(k) Has Failed. '' [ 52 ] 、、从 / orking in Retirement ls the New Normal for MiddIe Class Americans, Wells Fargo Retirement Survey Finds," Business Wire, December 8 , 20m , http://www.businesswire.com/ [53]Maria Heidkamp, Nicole Corre, and Carl E. Van Horn, "The 、 New Unemployables,' lssue BriefNo. 25 (Chestnut Hill, MA: Sloan Center on Aging & Work at Boston COIIege, November 2 田 0 ). [54]KeIIy Greene and Anne Tergesen, 、、 More Elderly Find They Can't Afford Not to Work, ” 7 ' んビ 'a 〃 & 尾ノ 0 ″閉記 , January 2 し 20 に . [55]Excerpt ofinterview ofTeresa Ghilarducci, for the F 川〃市〃ビ program 、℃ an You Afford to Retire? ' ' February に , 2006 , http://www.pbs.org/ frontline. [561Excerpt ofinterview ofAnna Sullivan for the F 川〃市〃 e program "Can You Afford to Retire? ” February 13 , 2006 , http://www.pbs.org/frontline. [57]Karen Friedman, interview, December 6 , 2 田 0. [58]MunneII, interview, December 8 , 20m. [ 59 ] Bog 厄 , testimony, February 24 , 2009. [601Teresa Ghilarducci, testimony, House Education and Labor Committee, October 7 , 2008 ; Jacob F. Kirkegaard, 、、 Stop Rewarding the Wealthy," Peterson lnstitute for lnternational Economics, in 、、 Room for Debate," 7 ' んビ New ) ' 0 石川い , online commentary, March 25 , 2009 , http: 〃 www.nytimes.com/roomfordebate. 第 13 章住宅強盗 い ] President George W. Bush, remarks on home ownership, Atlanta, GA, June 17 , 2002 , http:// georgewbush-wh itehouse. arch ives. gov. [2]EIiseo Guardado, interview, October 3 , 2010. [31Kathryn Keller, interview, August 9 , 2010. 国 ] B 代 Heller, interview, August 4 , 2010. [ 5 ] Bre Hel ler, email to Florida Attorney General's Office, October 22 , 2008. [6]HeIIer, interview, August 4 , 20m. [7]CoreLogic reported that Ⅱ .2 million homes, 24 percent ofresidential properties with mortgages, were ⅲ negative equity on March 引 , 2010 ; CoreLogic, 、、 Re 引 Estate News and Trends : New CoreLogic Data Shows Decline in Negative Equity, ” media alert, May 10, 20m , www. corelogic.com/about-us/researchtrends/asset upIoad_file155 1435. pdf. [ 8 lHel ler, interview, August 4 , 2010. [9]Robin Updike, 、、、 Friend ofthe Family' 、 Mashington MutuaI New TV Ads Focus on 'The LittIe Guy,' " SeattIe 石襯い , September 3 , 1991. [ 10 ル ee Lannoye, interviews, August 27 , 2010 , and September 27 , 2010. Sen. CarI Levin, summarizing the investigation ofWashington Mutual by the S enate Permanent lnvestigations 191