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.