The federal minimum wage in the United States has not increased since 2009. It was set at $7.25 an hour that year and will remain so in 2022. Bonuses on Wall Street, on the other hand, have steadily increased. And now one report from Inequality.org shows that if the state minimum wage were increased by the rate of bonuses dealers receive, the starting wage for Americans would be set at $61.75.
In 2021, the average Wall Street bonus was a whopping $257,500 — that’s on top of their annual salary. according to on bonus data from the New York State Comptroller. But in 1985, the average Wall Street bonus was “only” $13,970 (not adjusted for inflation). That means bonuses on Wall Street have increased by 1,743% over the past 36 years.
But the comparison gets even more depressing. The average Wall Street bonus of $257,500 in 2021 was a 20% year-over-year increase, well above the 7% annual inflation rate. But average weekly earnings for U.S. workers grew just 2% between 2020 and 2021, meaning the average worker’s income lost purchasing power.
Those numbers show two failures by the government, according to Inequality.org: a failure to raise the state minimum wage for 13 straight years, and a failure to implement provisions of the 2010 Dodd-Frank Act that prohibit financial institutions from rewarding their merchants for entering into them of risks deemed inappropriate.
https://www.fastcompany.com/90734724/the-minimum-wage-would-be-61-75-an-hour-if-it-rose-at-the-same-pace-as-wall-street-bonuses?partner=feedburner&utm_source=feedburner&utm_medium=feed&utm_campaign=feedburner+fastcompany&utm_content=feedburner The minimum wage would be $61.75 an hour if it increased at the same rate a