The most infuriating income inequality chart ever.
This story from Mother Jones is trending online this week. Read it and get mad. It’s ok because that’s what everyone else is doing:
This statistic provides a pretty compelling snapshot of the severity of our income gap: In 2014, Wall Street’s bonus pool was roughly double the combined earnings of all Americans working full-time jobs at minimum wage.
That sobering tidbit came from a new Institute for Policy Studies report by Sarah Anderson, who looked at new figures from the New York State Comptroller and the Bureau of Labor Statistics. The average bonus for one of New York City’s 167,800 employees in the securities industry came out to $172,860—on top of an average salary of nearly $200,000. On the other side of the equation were about one million people working full time at the federal minimum wage of $7.25.
And here’s a chart of the earnings of very minimum wage worker in America stacked up against just the bonuses of Wall Street bankers:
Regular readers at ProgressNowNM.org already know that raising the minimum wage in New Mexico would be a big economic booster. From the Center for American Progress:
Why raising the minimum wage is the right choice for New Mexico
• 104,000: Number of people in New Mexico who would be directly affected by increasing the federal minimum wage to $10.10
• 43,000: Number of people in New Mexico who would be indirectly affected by increasing the federal minimum wage
• Increasing the federal minimum wage would have a total wage increase of $201,561,000 for New Mexico
• Increasing the federal minimum wage New Mexico helps women; 56.5 percent of the workers benefitting from a minimum-wage increase are women
• 87,000 children would see their parents’ wages rise because of an increase in the minimum wage.
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Read the full story at Mother Jones. It’s worth getting riled up about.