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
The Wars Are Still Based on Lies
Take Action Now Major lies that have gone largely unquestioned include the lie that, despite so many horrible and unpopular wars, there may be a good…
Gaza: This is not a ceasefire. It is structural violence by another name.
Take Action Now Nine months into this so-called ceasefire, the wounds of war are not only unhealed — they are still being inflicted.By Doctors…
The Strongest El Niño in History Is Coming. Get Ready.
Take Action Now Donald Trump has no ideas, but America is ready for a U-turn on climate change.By Ryan Cooper, The American Prospect The news on…
How Hakeem Jeffries and J Street Teamed Up for Arming Genocide
Take Action Now Jeffries, a seven-term representative from New York City, has received upwards of $1.7 million from pro-Israel donors. He is now…