TV News LIES

Monday, May 04th

Last update06:55:18 AM GMT

You are here News Economy 50% of All US Workers Made Less than $26,000 in 2010

50% of All US Workers Made Less than $26,000 in 2010

E-mail Print PDF

American wages Today we get our first look at American wages in 2010 based on payroll taxes reported to the Social Security Administration. David Cay Johnston picks out the most important takeaways, including:

1) Half of all workers made less than $26,364, the median wage in 2010. That means the typical wage is at its lowest level since 1999, after adjusting for inflation.

2) The number of millionaires increased by about 20 percent.

3) The size of the missing workforce is 10 million. The number of working people fell by 5.2 million since 2007. But that's not the entire job deficit, because, based on population growth estimates, 4.5 million more would have joined the workforce between 2007 and 2011. Add it up, and you get a 10-million-worker gap.

What you see in the graph above is that median pay took a nosedive after 2007, effectively wiping out all gains made in the previous eight years. The macro explanation is that the economy shrunk, and middle class jobs disappeared and were replaced with (or outlasted by) lower-paying positions that companies kept on.

More...


Most Recent Related Stories...


I am a cook in the US Senate but I still need food stamps to feed my children

Bertrand OlotaraBertrand Olotara has two college degrees, works two jobs and is on public assistance.The 44-year-old divorced...

Fight for $15 goes global: Workers set to launch worldwide protest

fast food workers set to go world wideOn Wednesday morning, the fast-food labor campaign known as Fight for $15 will stage what organizers...

Deutsche Bank to plead guilty to wire fraud, pay $2.5B in fines

Deutsche BankDeutsche Bank will pay U.S. and British authorities $2.5 billion and its London subsidiary will plead...

How Wall Street captured Washington’s effort to rein in banks

Wall StreetIn the aftermath of the 2008 financial crisis, Keith Higgins was certain: Banks weren’t to blame.Higgins,...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!