New Wall Street bonus numbers reveal how these payouts have far outpaced the rise in the federal minimum wage — and how this in turn has contributed to race and gender inequality.
The rapid expansion of the Wall Street bonus pool over the past few decades has contributed to race and gender inequality. Since 1985, the nominal value of the average Wall Street bonus has jumped 890 percent.
Through our weekly feature, we’ve been honored to lift up dozens of inspiring leaders in the fight for a more equitable country and world.
Voters in many states, including some red ones, approved proposals that will reduce our economic divide.
Learning the lessons from this year’s progressive ballot initiative victories — and lessons from the first Gilded Age — will help us move forward and overcome our great divides.
In an otherwise dismal election, minimum wage ballot initiatives were a bright spot.
Voters in many states will have the opportunity to weigh in on a variety of inequality-related issues, from taxing the wealthy to price-gouging on drugs.
Rising progressive star Ben Chin, the political director of the feisty Maine People’s Alliance, has some important lessons to share with activists working for a more equal America.
In the nation’s capital, restaurant employees have been left out of a newly cut City Council $15 minimum wage deal. They’re now continuing the fight for one fair wage for all workers.
The case for raising the minimum wage in Indiana is clear and compelling, despite state and federal inaction. In not one county in Indiana can a single adult get by on a minimum wage of $7.25.
We could raise wages for millions of workers to $15 an hour, using the bonus money from Wall Street, and still have plenty of money left over. In 2015, Wall Street bonuses averaged over $146,000.
The financial industry’s 2014 bonuses doubled the combined earnings of all Americans who work full-time at the federal minimum wage, shows a just-released Institute for Policy Studies report.
Each week, millions of dollars are stolen from American families. The perpetrators act with impunity. There are no arrests, few convictions, and meaningless fines. What is this crime wave sweeping the nation? Wage theft. Some communities are now banding together to put an end to it.
Back when I studied economics, we “proved” in class that a minimum wage causes unemployment. But that proof depends on assuming a perfectly competitive market. Big low-wage employers like Wal-Mart have substantial market power; they can deliberately under-staff operations to force down wages. In that case, a minimum wage increase can actually create jobs–if it can be enforced.
It was the perfect “natural experiment:” in April 1992, New Jersey’s minimum-wage was scheduled to rise from $4.25 an hour to $5.05, while neighboring Pennsylvania’s minimum wage remained unchanged.
Call it vote-buying if you want, but when a government effectively buys the votes of 80 or 90 percent of the population, I call that government of the people, by the people, for the people.
We have at least twenty years to rebuild the Social Security trust fund. If we raise minimum wages now, we can start rebuilding the fund now.
For the past forty years American men’s incomes have stagnated, but women’s wages have risen. Unfortunately, the years of catch-up are now over. We need policies to raise wages for everyone.
If America could eliminate most serious poverty in the United States in the 1960s, surely we could do the same today.
Can you imagine Americans of 1968 settling for a minimum wage standard of living that had been set based on 1924 standards? What about 1880 standards? At some point we should expect low-wage workers to start living better than they used to.
Inflation has been steadily eroding the value of the U.S. minimum wage over recent decades. But inflation only explains part of the story why the minimum wage has become such an inadequate guarantor of low-wage decency and justice in the United States today.