If the minimum wage had increased as much as Wall Street bonuses since 1985, it would be worth $61.75 today.
By Sarah Anderson, Inequality.org
While inflation has wiped away wage gains for most U.S. workers, just-released data reveal that Wall Street employees are enjoying their biggest bonus bonanza since the 2008 crash.
The Inflation Divide
The average annual bonus for New York City-based securities industry employees rose 20 percent to $257,500 in 2021, far above the 7 percent annual inflation rate. By contrast, typical American workers lost earnings power in 2021. Average weekly earnings for all U.S. private sector employees rose by only 2 percent between January 2021 and January 2022, according to the Bureau of Labor Statistics.
Unlike hourly wage data, average weekly earnings reflect the fact that many Americans had to cut back on work hours last year, largely due to Covid-related illness, lack of child care, and other family care pressures. The average weekly hours worked by U.S. private sector employees dropped from 35.0 to 34.5 between 2020 and 2021.
Recent Posts
Leading Papers Call For Destroying Iran To Save It
Take Action Now The opinion pages of the New York Times and Washington Post are offering facile humanitarian arguments for the US to escalate its…
Despite Marco Rubio’s Warnings, This is the Time to Go to Cuba in Solidarity Against the Latest U.S. Aggressions
Take Action Now When visiting Cuba, one can see quickly the terrible effects of the almost seven decades of the U.S. economic blockade of Cuba.By…
“Hands Off Cuba!”: Left Groups in Europe Mobilize Against U.S. Aggression
Take Action Now Hundreds demonstrated in Belgium in solidarity with Cuba as further mobilizations against US imperialism are planned across Europe.……
Democrats Propose Minor Reforms for ICE — and Record Funding
Take Action Now Congressional Democratic leaders are asking ICE to agree to reforms, promising to vote for $11 billion in funding for the agency if…