Closing Thought–29Mar19

I recall my first job as a teenager…..65 cents an hour at McDonalds….and after a month or so it went up to 75 cents…..

I walk down that memory lane because of something I read the other day…..

It seems that if minimum wage had kept pace with Wall Street bonuses then the minimum would be over $30 an hour…..read the story and listen to the video……

Wall Street employees saw their typical annual bonus slip by 17 percent last year to $153,700, according to new data from the New York State Comptroller. But don’t feel sorry for the banking set just yet — even including down years like 2018, bankers’ bonuses have jumped by 1,000 percent since 1985.

By comparison, the federal minimum wage has increased about 116 percent during the same period, according to an analysis from the Institute for Policy Studies, a left-leaning research center that used the comptroller’s latest data. If the minimum wage had grown at the same pace as Wall Street bonuses, fast-food workers and other low-wage workers would earn a baseline wage of $33.51 an hour, the group said.

https://www.cbsnews.com/news/minimum-wage-would-be-33-today-if-it-grew-like-wall-street-bonuses-have/

If it had kept pace with the bonuses then the Middle Class would be in better shape than they are today.

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4 thoughts on “Closing Thought–29Mar19

  1. My wife works for minimum wage as a Doctor’s receptionist. That is currently £7.93. ($10.33)
    It’s a scandal, when one gallon of petrol costs almost that much.
    Best wishes, Pete.

    1. Minimum wage in Mississippi is at $8 an hour…you are right …it is a disgrace that people have to work for crappy wages……thanx to capitalism…..chuq

  2. There should be laws to prevent such large incomes.
    Higher taxes on the top rates would help greatly.
    Our country has been going in the wrong direction the last thirty or forty years.

    1. Warren and Bernie and AOC are calling for higher taxes on the top brackets…..I agree the direction needs changing and the Middle Class needs saving….chuq

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