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economist David Cay Johnston wrote a great article over at Al Jazeera America
where he breaks down some brand new data on the economy from the Social Security
Administration
some other findings are stunning
well actually what I should say is that were used this stunning numbers I guess
they're not studying anymore because we've grown such a pig skin to all this
bad news
I get this the median wage so
half for the workers make more than this hair for the workers make less than this
came to 27519 dollars last year
so that down
overall for 2011 if you measure in 2012 dollars the median wage
is down four dollars from 2011 2 years later we lost ground
but think about that fifty percent
the american public on the american workers actually to be more specific
make less than 27519 dollars a year
that is obeys moli low
not to mention as we were before the median wage
above the middle class has dropped by
four thousand dollars since the year 2000 so we've progressed
thirteen years and we've lost ground economically
the middle class has they've lost four thousand dollars
now %uh according to this peace quote
while most workers are having a tough time the Social Security Administration
data
reveal a dramatically different story at the top of the job market
the number of workers making five million dollars or more
grew almost 27 percent to
8,000 982 workers up from seven thousand an 82 workers in 2011
so let's pause there again
the overall data for the you know American majority fifty percent make
less than 27519 dollars
at the same time that's happened Inc there's about 8900 82 workers
not even ten thousand I'll people making five million dollars or more
and remember there's what is it about $310 million Americans
315 thereabouts so only ten thousand of them are really
you know that well-off economically and people wonder why we get upset about
income inequality the lowest margin 50 per cent mich was in about twenty eight
thousand dollars
and there's little elite group that's makeover by million dollars and that
little group is growing over at the bus stop for
total wages earned by these highly paid workers
grew 40 percent which is 13 times the
overall increase in compensation for workers so
decoding Matt what that means is the rich are getting richer
and the middle class and the poor are getting poorer
even higher up the ladder the number of workers making more than fifty million
dollars stored even more
from 93 people in 2011 to a new record a 166 people in 2012
average pay at the stratospheric level
grew almost 20 percent from 81.4 million dollars in 2011
to ninety seven point five million dollars
last year so yet again let me break this down for you
during the economic recovery in which by the way the middle class and the poor
aren't experiencing a recovery at all you know we getting all the money now
we're getting richer and actually getting back on their feet the rich
the rich are getting richer and they're also corporate profits or quote
another big winner in recent data is corporate profits
thanks to action is taken by the Bush and Obama administrations since 2007
including the bailouts for Wall Street and the auto industry since 2000
corporate pre-tax profits adjusted for inflation
have more than doubled reaching record levels
so the economy is in shambles and we're just struggling to get by here all the
new jobs that are being created
are private sector low-wage jobs right in the services industry
so we're struggling out here but corporate profits since the year 2000
have doubled
so the product in many the middle class and the poor
and the average American worker has been steadily rising
where all that money is going to the Reg and going to corporate profits
you're not seeing an increase just they are so you're busting your as in you're
not getting any the benefits
so overall since the year 2000 to gain a 121 percent in corporate profits
now remember the way capitalism is supposed to work
a rising tide lifts all boats and when somebody does bad
everybody knows better so what we've had is up an economy that was crashed by
the subprime mortgage crisis and speculation on wall street and all these
big financial institutions in the investment banks right
and have a paint a series price now I have it
in fact from the year 2000 till here today again they gained a hundred and
twenty-one percent
but how can that be when they made bad decisions they made bad business
decisions and the bankrupted their companies
but they're making more money how was that show because as they explain we
rushed in 2008 and 2009
and even this tremendous bailout it was our hard earned dollars are taxpayer
dollars
which we got through our labor we r kneel down at the altar wall street
handed over to them and say here take a blank blank check
and oh by the way go right ahead now buy some new corporate jets as Citigroup did
remodel your officers to the tune of millions give the multi-million dollar
bonuses to the same
*** that crashed the economy and their companies
so get this this means that the growth in corporate profits
is seventeen times the increase in total wages
so yet again middle class and poor no increase whatsoever
we have flat-lined we are stagnating and even losing ground
the rich and corporations they are are making out like the robber barons and
the banksters that they are