Attacking inequality means both raising wages at the bottom and doing away with outsized compensation at the top.

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By Peter Dreier and Donald Cohen July 18, This post originally appeared at The Nation. Dimon knows something about pay increases. The banking industry is known for its extravagant pay scales, especially for top executives and managers. The pay boost will undoubtedly make a difference in the lives of retail bank workers. Over years ago, J.

But in the s corporate boards began removing the compensation straitjacket. The gap between his pay and that of tellers and other front-line bank employees is an even wider chasm.

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The Great Recession laid bare the massive gap between the fortunes of the wealthy and the rest of America, sparking movements and campaigns that have changed American politics. Campaigns by workers at Walmart, fast-food chains and other large corporations have pressured a number of major companies to raise wages.

Earlier this week, Starbucks Corporation announced that, beginning in October, employees in its 7, company-operated stores will receive an increase in base pay of 5 percent or more, depending on geographic region.

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A growing list of cities and counties including Seattle, Los Angeles, San Francisco, Kansas City, Birmingham, St. Public opinion has shifted. Beginning next year — thanks to a new Securities and Exchange Commission regulation mandated by the Dodd-Frank bank reform law — publicly traded companies will be required to disclose the ratio of CEO pay to median worker pay, which will surely focus even greater attention on the widening gulf between the super-rich and other Americans.

We are pleased to see JP Morgan has joined our fight to raise the minimum wage for banks. Chase can do better and so can all big banks.

A serious attack on inequality requires two things — increasing wages at the bottom and reducing outsized compensation at the top. His latest book is The Greatest Americans of the 20th Century: A Social Justice Hall of Fame Nation Books, Follow him on Twitter: Donald Cohen is the executive director of In the Public Interest, a national resource and policy center on privatization and responsible contracting.

His opinion pieces and articles have appeared in The New York Times , Reuters, the Los Angeles Times and more.

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Please send an email to info moyersmedia. Find out more about BillMoyers. Contact Us Terms of Service Privacy Policy. Latest Stories TV Archive Rikers Film Newsletter. By Peter Dreier and Donald Cohen July 18, It Takes Jamie Dimon Three Hours to [ Donald Cohen Donald Cohen is the executive director of In the Public Interest, a national resource and policy center on privatization and responsible contracting.

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