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Even Harvard Business Grads Recognize Unsustainable Nature of Rampant US Inequality
Survey shows Harvard Business School finds alums concerned that depressed wages and conditions could hurt their own business interests
Sep 08, 2014
Compared to the average American, most graduates of Harvard Business School are shielded from the economic inequalities that have escalated since the 2008 financial collapse. But a survey (PDF) of 1,947 alums of this elite institution, released Monday, finds that they are nervous about the growing divide between rich and poor, which they say is "unsustainable" and, ultimately, could damage their own business interests.
Designed by Harvard Business School faculty, the latest of this annual survey was conducted between 2013 and 2014 by research firm Abt SRBI. The study, entitled "An Economy Doing Half Its Job," finds that 47 percent of respondents say they expect the next three years will see the decline of U.S. companies in the global market-place, and therefore the depression of wages and benefits. Thirty-three percent of respondents predict the opposite. This marks a slight improvement from 2012, when 58 percent of HBS alumnis predicted a fall in U.S. competitiveness.
However, the report notes that "respondents were much more hopeful about the future competitive success of America's firms than they were about the future pay of America's workers." Furthermore, graduates working in small business had a far more pessimistic view of the business environment than the average respondent. The report delivers a warning to the affluent: "in the long run, American business will suffer from an inadequate workforce, a population of depleted consumers, and large blocs of anti-business voters."
Clayton Browne notes in Value Walk:
For a socially progressive person seeking to reverse the growing inequality that is tearing our great nation apart, this Harvard inequality survey is particularly troubling, as the vast majority of Harvard Business school alums replying to this survey are the very people who are currently getting filthy rich at the the expense of the middle class and the poor. In other words, a reasonable meta-reading of this survey is that the rich fat cats and corporate barons are quite consciously aware of their ability to exploit a broken system and intend to continue to do so as long as they possibly can.
For most of America, the crisis is already here.
Pew Poll findings released last week show that 56 percent of Americans say their family's incomes are falling behind the cost of living -- a percentage on par with levels during the 2008 financial crisis. Forty-five percent of respondents say that, over the past year, they have experienced at least one severe financial hardship, such as loss of a job or inability to pay for medical expenses. A stunning 79 percent of respondents say the current and future economic outlook in the United States is poor or fair.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
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Sarah Lazare
Sarah Lazare is the editor of Workday Magazine and a contributing editor for In These Times. She is a former Staff Writer at Common Dreams. She comes from a background in independent journalism for publications including The Intercept, The Nation, and Tom Dispatch.
Compared to the average American, most graduates of Harvard Business School are shielded from the economic inequalities that have escalated since the 2008 financial collapse. But a survey (PDF) of 1,947 alums of this elite institution, released Monday, finds that they are nervous about the growing divide between rich and poor, which they say is "unsustainable" and, ultimately, could damage their own business interests.
Designed by Harvard Business School faculty, the latest of this annual survey was conducted between 2013 and 2014 by research firm Abt SRBI. The study, entitled "An Economy Doing Half Its Job," finds that 47 percent of respondents say they expect the next three years will see the decline of U.S. companies in the global market-place, and therefore the depression of wages and benefits. Thirty-three percent of respondents predict the opposite. This marks a slight improvement from 2012, when 58 percent of HBS alumnis predicted a fall in U.S. competitiveness.
However, the report notes that "respondents were much more hopeful about the future competitive success of America's firms than they were about the future pay of America's workers." Furthermore, graduates working in small business had a far more pessimistic view of the business environment than the average respondent. The report delivers a warning to the affluent: "in the long run, American business will suffer from an inadequate workforce, a population of depleted consumers, and large blocs of anti-business voters."
Clayton Browne notes in Value Walk:
For a socially progressive person seeking to reverse the growing inequality that is tearing our great nation apart, this Harvard inequality survey is particularly troubling, as the vast majority of Harvard Business school alums replying to this survey are the very people who are currently getting filthy rich at the the expense of the middle class and the poor. In other words, a reasonable meta-reading of this survey is that the rich fat cats and corporate barons are quite consciously aware of their ability to exploit a broken system and intend to continue to do so as long as they possibly can.
For most of America, the crisis is already here.
Pew Poll findings released last week show that 56 percent of Americans say their family's incomes are falling behind the cost of living -- a percentage on par with levels during the 2008 financial crisis. Forty-five percent of respondents say that, over the past year, they have experienced at least one severe financial hardship, such as loss of a job or inability to pay for medical expenses. A stunning 79 percent of respondents say the current and future economic outlook in the United States is poor or fair.
Sarah Lazare
Sarah Lazare is the editor of Workday Magazine and a contributing editor for In These Times. She is a former Staff Writer at Common Dreams. She comes from a background in independent journalism for publications including The Intercept, The Nation, and Tom Dispatch.
Compared to the average American, most graduates of Harvard Business School are shielded from the economic inequalities that have escalated since the 2008 financial collapse. But a survey (PDF) of 1,947 alums of this elite institution, released Monday, finds that they are nervous about the growing divide between rich and poor, which they say is "unsustainable" and, ultimately, could damage their own business interests.
Designed by Harvard Business School faculty, the latest of this annual survey was conducted between 2013 and 2014 by research firm Abt SRBI. The study, entitled "An Economy Doing Half Its Job," finds that 47 percent of respondents say they expect the next three years will see the decline of U.S. companies in the global market-place, and therefore the depression of wages and benefits. Thirty-three percent of respondents predict the opposite. This marks a slight improvement from 2012, when 58 percent of HBS alumnis predicted a fall in U.S. competitiveness.
However, the report notes that "respondents were much more hopeful about the future competitive success of America's firms than they were about the future pay of America's workers." Furthermore, graduates working in small business had a far more pessimistic view of the business environment than the average respondent. The report delivers a warning to the affluent: "in the long run, American business will suffer from an inadequate workforce, a population of depleted consumers, and large blocs of anti-business voters."
Clayton Browne notes in Value Walk:
For a socially progressive person seeking to reverse the growing inequality that is tearing our great nation apart, this Harvard inequality survey is particularly troubling, as the vast majority of Harvard Business school alums replying to this survey are the very people who are currently getting filthy rich at the the expense of the middle class and the poor. In other words, a reasonable meta-reading of this survey is that the rich fat cats and corporate barons are quite consciously aware of their ability to exploit a broken system and intend to continue to do so as long as they possibly can.
For most of America, the crisis is already here.
Pew Poll findings released last week show that 56 percent of Americans say their family's incomes are falling behind the cost of living -- a percentage on par with levels during the 2008 financial crisis. Forty-five percent of respondents say that, over the past year, they have experienced at least one severe financial hardship, such as loss of a job or inability to pay for medical expenses. A stunning 79 percent of respondents say the current and future economic outlook in the United States is poor or fair.
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