The banksters are absolutely rolling around in their record high bonuses once again, while The People are getting the shaft for their much more substantial contributions to society - which is also stifling the ability of our nation’s economy to grow. As expected, the only thing “trickling down” is piss! And as the photo shows, this is also an excellent reminder that it’s the proletariats who truly have the economic power firmly in hand.
“It was a banner year for Wall Street bonuses in 2013, a Reuters March 12th article reports:
'Wall Street's average cash bonus swelled last year to its highest since the financial crisis and the third largest on record, New York State's budget watchdog said on Wednesday.
The cash bonus pool jumped 15 percent to $26.7 billion in 2013, pushing the average cash bonus was $164,530, according to the New York state comptroller’s annual estimate based on personal income tax trends.’
The uptick in bonuses reflects statistical evidence that 95 percent of revenue and asset gains in the economy since the bust of 2008 have gone to the top one percent.”
“Wall Street banks handed out $26.7 billion in bonuses to their 165,200 employees last year. That amount would be enough to more than double the pay for all 1,085,000 Americans who work full-time at the current federal minimum wage of $7.25 per hour.”
“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).
And these pennies add up.
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.”
A study by the Economic Policy Institute (#EPI), on the economic boost our nation’s economy would enjoy if we raised the minimum wage (by only $3): http://www.epi.org/publication/bp357-federal-minimum-wage-increase/
This article demonstrates the parasitic nature of the #FinancialSector (#WallSt) and why The People should be the ones receiving the bonuses (HINT: we work harder and produce more wealth!): http://neweconomicperspectives.org/2014/03/financial-sector-greatest-parasite-human-history.html
“There is one issue whose role I think is overlooked in the mainstream media: the role the financial sector plays in exacerbating income inequality. In fact, I believe the financial sector is one of the prime causes, and at its current point is perhaps the greatest parasite in human history. It is sucking wealth from the productive sectors of the economy at an unprecedented rate.
Before we go any further, I want to define the term ‘income inequality.’ When I use that term, I am referring to the fact that, on average, the incomes and standard of living of American workers is not keeping pace with productivity. I’m also using the term, in part, to explain why workers and executives in some parts of the economy are overpaid in relation to the benefits they provide. What I am not doing is making a blanket statement that money should be taken away from successful, hardworking people and given or ‘redistributed’ to the lazy.
The Role of the Financial Sector
In economics, the financial sector is typically lumped in with the insurance sector and real estate (the financial portion of the real estate sector, not construction) sector. Together, the sectors are often abbreviated and called the #FIRE sector. In this article I will talk mainly about the finance portion of the FIRE sector since it is by far the largest, most visible, and most corrupt.”
For more info on last year’s obscene bonuses see: http://www.zerohedge.com/news/2014-03-12/wall-street-bonuses-soar-15-highest-2007
#PRUradio’s same post on Facebook (it’s also the url on this blog):
#WealthInequality #EconomicStimulus #MinimumWage