Wages for the 1% just reached their highest level ever

[workinclasszero]

By QUENTIN FOTTRELL PERSONAL FINANCE EDITOR Published: Oct 18, 2018 3:24 p.m. ET

Salaries for the 1% grew nearly four times the rate of those in the bottom 90% of earners

The 1% has never had it so good.

The average wage for the 1% of income earners hit $719,000 per year in 2017, up 3.7% on the year, exceeding their peak of $716,000 per year just before the Great Recession, according to a report released Thursday by the Economic Policy Institute, a progressive, nonprofit think tank, citing data from the Social Security Administration. The average wage for the top 0.1% reached $2.7 million in 2017, the second-highest level ever, just 4% below their level in 2007. However, wages for the 0.1% rose 8% on the year in 2017.

Income inequality has soared in the U.S. over the last five decades, despite increases in worker productivity, the report said. “Incomes for most Americans have been stagnant for four decades,” according to a separate report released earlier this year by the staff of Keith Ellison, a Democratic congressman for Minnesota. “Instead, this increase in income inequality was almost entirely driven by soaring compensation levels for the top 1% of income earners.”

For most U.S. workers, real wages have barely budged in decades, the Pew Research Center said in August. “On the face of it, these should be heady times for American workers. U.S. unemployment is as low as it’s been in nearly two decades,” the Washington, D.C.-based think tank said. “In fact, despite some ups and downs over the past several decades, today’s real average wage — after accounting for inflation — has about the same purchasing power it did 40 years ago.”

https://www.marketwatch.com/story/wages-for-the-1-just-reached-their-highest-level-ever-2018-10-18

[tymorial]

1. I havent had a raise in 3 years

[Hermit-The-Prog]

2. feel that trickle?

That's the GOP pissing on 99% of America.

[workinclasszero]

7. Yeah but those poor 1%ers really needed Dumps tax cut those poor babies! 😡🤬😡🤬😡🤬

Have no fear, the GOP will pay for them when they destroy Social Security, Medicare and Medicaid!

[SWBTATTReg]

3. Totally disgusting. Especially considering that they (repugs, business leaders, etc.) have ...

all bitched and moaned about the multiple attempts to raise even the minimum wage rates to a more life sustaining level, which would benefit tons of folks. No excuses should be ever accepted in arguing against raising the minimum wage rates, what excuse could one possibly have in doing so? Business(es) have never had it so good, w/ one of the highest stock market valuations ever, low interest rates, etc. However, these guys fail to realize that if you don't pay your workers enough money, how are they going to buy your appliances, cars, and other items? Wages as they said in the OP haven't changed in 40 years. 40 YEARS!

[delisen]

4. Heidi and Ted Cruz are probably in the 1% -they can't even afford a

second home. Ted must be the Goldman Sachs Senator - or at least one of them.

[Yo_Mama_Been_Loggin]

5. Winning baby!

[TomSlick]

6. A small nit to pick.

The 1% don't have wages, they have income. Their income comes from the work of wage earners.