Sunday, May 03, 2015

Income Inequality - WOW edition

Here's the "blow your mind" fact for today.
The eruptions in Baltimore have been tied, in complex ways, to frustrations at American inequality, and a new measure of the economic gaps arrived earlier this year:
It turns out that the Wall Street bonus pool in 2014 was roughly twice the total annual earnings of all Americans working full time at the federal minimum wage. Link
The bonus pool, NOT the entire salaries, of a small group of people working in one industry in one city in America, was bigger than the ENTIRE salaries of every single American working full time at minimum wage. And this industry makes its money by pushing around other people's money, rich people making money for other rich people, as opposed to all the waitresses, busboys, retail staff, garbage collectors, security guards and minimum wage jobs that we all interact with every single day. You know, the people who do all the hard work.

If you can't see why this is a problem, then maybe you should study a little bit more before having an opinion on economic policy.

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