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$740bn pay gap threat to US recovery

Jonathan Smucker felt so strongly that something was wrong at the heart of the American system that he left the small business he runs in Rhode Island and set off for New York City to take part in the Occupy Wall Street protest.

“Like a lot of Americans, I’m pretty ticked off. It’s not that there are rich people, it’s that the people with a lot of money over the past few decades have rigged the system so that there’s not a fair chance for anyone any more,” he said at the protests last week.

“We are the 99 per cent” – the slogan of Occupy Wall Street – is a reference to the rising wealth of the top 1 per cent of US income distribution. But an equally valid slogan might be: “We get 58 per cent.”

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