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Home News Business

Wall Street Bonuses Grew 20% In One Year – Why Is The Federal Minimum Wage Still Lagging?

A report from Inequality.org shows that if the minimum wage had grown at the same pace as traders’ salaries, it would currently be set at $61.75 an hour.

Aayat AlibyAayat Ali
March 24, 2022
in Business
Reading Time: 1 min read
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Wall Street Bonuses Grew 20 In One Year

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In 2009, the federal minimum wage in the US was set at $7.25 an hour and has remained stagnant ever since. 

In the meantime, Wall Street’s pockets have only gotten bigger. A report from Inequality.org shows that if the minimum wage had grown at the same pace as traders’ salaries, it would currently be set at $61.75 an hour. 

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Last year, the average Wall Street bonus clocked in at $257,500 in addition to annual salaries according to data from the New York State Comptroller. To put it in perspective, in 1985, the average Wall Street bonus was $13,970 without inflation adjustments, meaning that bonuses have grown by 1,743% since this time.

Even more staggering, the 2021 average bonus for traders was a 20% increase from the year prior. Simultaneously, the average weekly earnings for most US workers grew by just 2%. 

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According to Inequality.org, these findings indicate the need for raising the minimum wage, as well as the need to implement provisions in the 2010 Dodd-Frank Act, which bars financial firms from rewarding traders for taking unwise risks. 

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Source: Fast Company
Tags: BusinessWorkforce
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Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

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