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Wall Street Bonus Pool Dwarfs Minimum Wage Earnings and Contributes to Racial and Gender Inequality


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Wall Street Bonus Pool Dwarfs Minimum Wage Earnings and Contributes to Racial and Gender Inequality

Institute for Policy Studies

Just-released figures from the New York State Comptroller show Wall Street banks handed out $23.9 billion in bonuses to their New York City-based employees last year. According to an Institute for Policy Studies analysis of these figures:


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The lowest paid 11 million American workers earn yearly $23.3 billion, the same amount as the 177,000 who -- in bonuses alone -- earned the same, $24 billion. The bonus, alone, was 62 times the average yearly earning of 11 million. What was the total earnings of the 177,000? Probably in the $300,000 average range. Of course the 11 million were part-time workers, but still 13.2 million workers are looking for full-time work, and 18.8 million are looking for work when the "have-dropped-out are counted. -- see the NJFAC.org data at their monthly employment analysis. The "cumulative" wage income of 14% of U.S. workers, or 22 million low paid employees, one in seven, was $46.6 billion, and that's about double the $23.9 billion in pay-bonuses to the 177,000 Wall Streeters. Here's the source: https://www.ssa.gov/cgi-bin/netcomp.cgi?year=2014 -- The bonus amount could create almost 600,000 full-time public jobs at $40,000 a year, or 800,000 at $30,000 a year, which is sort of realistic when one calculates the net cost of each job.