US workers get screwed as usual

April 25, 2023

If the federal minimum wage in the US had risen over the last forty years at the same rate as the average Wall Street bonus, it would be $42 an hour today, says a new report by the Institute for Policy Studies, using analysis data from the New York State Comptroller.

Average bonuses on Wall Street have risen by 1,165% since 1985, not adjusted for inflation. The average bonus paid to traders last year was $176,700, which is 75% higher than in 2008. Meanwhile the federal minimum wage, currently $7.25 an hour, has not moved since 2009.

So trebles all round for traders, while workers continue to grind away in poverty and do all the productive work of society.