The federal minimal salary within the United States has now not risen since 2009. It was once set at $7.25 an hour that 12 months, and stays so nowadays in 2022. Wall Street bonuses, however, have risen often. And now a record from Inequality.org presentations that if the federal minimal salary price higher on the price of the bonuses investors get, the beginning salary for Americans can be set at $61.75.
In 2021, the common Wall Street bonus was once a staggering $257,500–that’s on best in their annual wage, in accordance to New York State Comptroller bonus information. But again in 1985, the common Wall Street bonus was once “just” $13,970 (non-inflation adjusted). That manner Wall Street bonuses have higher 1,743% during the last 36 years.
But the comparability will get much more miserable. The reasonable Wall Street bonus of $257,500 in 2021 was once a 20% build up from handiest the 12 months sooner than, which was once neatly above the 7% annual inflation price. But, the common weekly income for U.S employees handiest rose handiest 2% between 2020 and 2021, which means the common employee’s income misplaced purchasing energy.
These numbers display two failings by way of the federal government, in line with Inequality.org: the failure to lift the federal minimal salary for 13 years in a row and the failure to enforce provisions within the 2010 Dodd-Frank Act that restrict monetary establishments from rewarding their investors for taking dangers which can be deemed beside the point.