The US House of Representatives recently passed a bill to strengthen shareholder oversight of top executive pay. More than 50 Republicans joined the majority. The law’s prospects in the Senate (where a similar bill was immediately introduced by Barack Obama) are uncertain, but that Republican backing in the House was telling in itself. The narrow issue of top executive pay, tucked inside the broader issue of rising inequality of incomes, appears to be gaining some unaccustomed political traction.
As a rule the US takes a tolerant view of inequality. What counts, most Americans believe, is opportunity and merit. There must always be plenty of the first and then, if you have the second, you reap fabulous rewards.
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