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Related: About this forumWall Street bonuses exceed all minimum wage pay in 2013
03/13/2014
Wall Street bonuses exceed all minimum wage pay:
The total amount of bonuses paid to Wall Street workers was $11 billion more than the total amount made by all full time minimum wage workers in 2013.
Link to the video clip here
http://www.msnbc.com/all-in/watch/wall-street-bonuses-exceed-all-minimum-wage-pay-194566211783
I think this is the original story here:
http://otherwords.org/wall-street-bonuses-vs-minimum-wage/
truedelphi
(32,324 posts)Those bonuses.
Unlike the rest of us parasites.
enough
(13,264 posts)Hoyt
(54,770 posts)elehhhhna
(32,076 posts)snot
(10,540 posts)New figures show that . . . . {t}he $26.7 billion Wall Streeters pocketed {in 2013} in bonuses would cover the cost of more than doubling the paychecks for all of the 1,085,000 Americans who work full-time at the current federal minimum wage of $7.25 per hour.
And boosting their pay in that way would give our economy much more bang for the buck. Thats because low-wage workers tend to spend nearly every dollar they make to meet their basic needs. The wealthy can afford to squirrel away a much greater share of their earnings.
When low-wage workers spend their money at the grocery store or on utility bills, this cash ripples through the economy. According to my new report, every extra dollar going into the pockets of low-wage workers adds about $1.21 to the national economy. Every extra dollar a high-income American makes, by contrast, only adds about 39 cents to the gross domestic product (GDP).
* * * * *
If the $26.7 billion Wall Streeters pulled in on their bonuses last year had instead gone to minimum wage workers, our economy would be expected to grow by about $32.3 billion more than triple the $10.4 billion boost expected from the Wall Street bonuses.
{Emphasis supplied.}
mostlyconfused
(211 posts)That money "would cover the cost of more than doubling the paychecks for all of the 1,085,000 Americans who work full-time at the current federal minimum wage of $7.25 per hour". If we just raise the minimum wage, it comes out of the pockets or profits of small businesses predominantly, or they cut jobs because they cannot afford the increase. It doesn't do a thing to the Wall Streeters.
How do we get the money from the Wall Streeters and give it to the small business owners so they can afford to pay the increase without just cutting jobs or raising prices?