As Wages Dropped For Most Americans, Number Of People Making More Than $1 Million A Year Rose 20 Percent

[one...two...tree 2,762]

Each year, the Social Security Administrationputs out data collected from every single W-2 employment form, totaling the nation's salaries, bonuses, and other compensation added to. Last year's data, released yesterday, are "in a word, awful," as Reuters' David Cay Johnston writes.

The data show that there were fewer jobs last year for most Americans and those jobs that did exist paid less — wages were down to the lowest level in 11 years. Meanwhile, "the number of people making more than $1 million increased by 20 percent over 2009":

The median paycheck — half made more, half less — fell again in 2010

, down 1.2 percent to $26,364. That works out to $507 a week, the lowest level, after adjusting for inflation, since 1999.

The number of Americans with any work fell again last year

, down by more than a half million from 2009 to less than 150.4 million. [...]

The number of workers making $1 million or more rose to almost 94,000 from 78,000 in 2009

. However, that was still below some earlier years, including 2007, when more than 110,000 workers made more than $1 million each.

At the very top, the number of workers making more than $50 million rose in 2010 to 81, up from 72 the year before

. But average pay in this group declined $4.5 million to $79.6 million.

This is, of course, in line with lots of other data we have on income inequality. Median wages have been stagnant for years — with wage growth in the last decade worse than it was during the Great Depression — while executive compensation has gone updisproportionately. But the data are perhaps the most detailed look at 2010 and, as Johnston notes, "show why protests like Occupy Wall Street have so quickly gained momentum around the country."

By Alex Seitz-Wald | Sourced from Think Progress

Edited October 20, 2011 by DFH

[slim 1,525]

People are too greedy.

No, not the fat cat CEOs... the average employee.

[one...two...tree 2,762]

People are too greedy.

No, not the fat cat CEOs... the average employee.

Right. Wait until you can't make enough to keep a roof over your head and you'll be singing a different tune, Mr. Corporate Sellout.

[slim 1,525]

Right. Wait until you can't make enough to keep a roof over your head and you'll be singing a different tune, Mr. Corporate Sellout.

I'm not sure when that'll be because a roof is pretty cheap.

[Gary and Alla 3,694]

It should be pointed out that those are the people that do not depend on the government for pay increases

Good to see there are increased chances to earn more than a million per year!

So what kind of person do you have to be to NOT like the fact that there are more millionaires?

You want millionaires to pay taxes but you don;t want millionaires?

Edited October 21, 2011 by Gary and Alla

[one...two...tree 2,762]

I'm not sure when that'll be because a roof is pretty cheap.

[slim 1,525]

So much better to post dumb pictures than to actually engage in debate.

[one...two...tree 2,762]

So much better to post dumb pictures than to actually engage in debate.

Oh, the irony.

[dalegg 143]

You want millionaires to pay taxes but you don;t want millionaires?

You know you make a good point. If we actually did spread corporate wealth more evenly amongst the employees of companies, more dollars would be getting taxed at lower rates that just letting a few people have high salaries and taxing all of their excess income more.

[one...two...tree 2,762]

You know you make a good point. If we actually did spread corporate wealth more evenly amongst the employees of companies, more dollars would be getting taxed at lower rates that just letting a few people have high salaries and taxing all of their excess income more.

When all boats are lifted, less people have to rely on outside sources to stay afloat. Just think of all the families that now qualify for the EITC having their income levels raised to where they no longer qualify.

[Bad_Daddy 2,209]

It's amazing how this country has and is getting ####### raped by a few elite, yet there are slaves who want the rich to get richer and the middle class to be no more.

Edited October 21, 2011 by Why_Me

[one...two...tree 2,762]

It's amazing how this country has and is getting ####### raped by a few elite, yet there are slaves who want the rich to get richer and the middle class to be no more.

Thanks to Ayn Rand and her disciples like Milton Friedman. Rand never imagined corporations getting so big that if they failed, whole economies would crumble.

[Bad_Daddy 2,209]

Thanks to Ayn Rand and her disciples like Milton Friedman. Rand never imagined corporations getting so big that if they failed, whole economies would crumble.

We are in two wars atm because of corporations. The politicians sold us out a long time ago.

[Mr. Big Dog 10,747]

It's amazing how this country has and is getting ####### raped by a few elite, yet there are slaves who want the rich to get richer and the middle class to be no more.

The servants look at it this way: If there are more oligarchs, there will be more opportunity to serve them. More crumbs.

[mawilson 2,133]

When all boats are lifted, less people have to rely on outside sources to stay afloat. Just think of all the families that now qualify for the EITC having their income levels raised to where they no longer qualify.

If everyone's income was raised, the government would just raise the EITC threshold.