
In New York, the Wrong Workers Get the Biggest Pay Bumps
Last year’s Wall Street bonus pool was large enough to raise New York City’s minimum wage to $21.25 — with $24 billion left over.
Last year’s Wall Street bonus pool was large enough to raise New York City’s minimum wage to $21.25 — with $24 billion left over.
Since 2008, the average Wall Street bonus has climbed by more than 75 percent, compared to just a 54 percent increase in average earnings of all private sector workers and a 42 percent rise in manufacturing wages. If the minimum wage had increased as much as Wall Street bonuses since 1985, it would be worth $42.37 today.
Administration proposal would restrict insider trades, and impose a tax on stock buybacks that largely benefit the fat cats.
If the minimum wage had increased as much as Wall Street bonuses since 1985, it would be worth $61.75 today.
The culture that led to the 2008 financial crisis continues to flourish.
The financial industry’s 2015 bonuses were double the combined earnings of all Americans who work full-time at the federal minimum wage.
Wall Street bonuses totaled $25 billion in 2015 —double the combined annual earnings of all American full-time minimum wage workers.