31 March 2021

Not Enough Bullets

Did you know that if the minimum rose as fast as Wall Street bonuses, it would be $44 an hour now?

I don't know about you, but it makes me want to find a way claw to it all back, because, to quote Billie Ray Valentine, "Billy Ray Valentine principle, "The best way you hurt rich people is by turning them into poor people." 

The chaos that the coronavirus pandemic unleashed on America's economy turned out to be a major boon for Wall Street traders, according to new data from the New York state comptroller's office.

Wall Street firms paid their New York City-based traders an average bonus of $184,000 last year, a 10% increase from 2019, New York's comptroller, Thomas DiNapoli, said in a press release Friday.

But those paydays have been skyrocketing for decades. Since 1985, Wall Street traders' bonuses have grown 1,217% — and that's just part of their overall pay, which was more than $406,000 on average in 2019, according to data from DiNapoli's office.

By comparison, the federal minimum wage has flatlined at $7.25 an hour — or $15,080 annually — for 12 consecutive years. When adjusted for inflation, it has actually decreased by 11% since 1985.

If the minimum wage had instead grown at the same rate as Wall Street bonuses, it would be $44.12 an hour today.

We really need to levy a tax on financial transactions, and place a limit on fees for tax advantaged accounts (IRAs, 401(K)s, etc) of less than 10 basis points.  (.1%)

These parasites have been doing nothing but extracting wealth from the rest of us for decades.


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