The average bonus for Wall Street employees has increased by a whopping 1,743 percent since 1985. If minimum wage had increased at the same rate, it would be $61.75 an hour.
of New York State Comptroller data, the Institute for Policy Studies found that the average bonus for Wall Street employees rose to $257,500 in 2021 – or roughly five times the average salary for U.S. workers. This is an increase of 20 percent from 2020; meanwhile, the average American only saw wage raises of 2 percent in 2021, which is far less than the inflation rate of 7 percent.
These bonuses represent a huge increase over previous decades; the average bonus for Wall Street employees has increased by a whopping 1,743 percent since 1985, when the average bonus was $13,970. If minimum wage had kept up with Wall Street bonuses, it would be $61.75 an hour, or 8.5 times higher than the current minimum wage of $7.25.
“Millions of low-wage essential workers are struggling to make ends meet while taking care of our country’s basic human needs. Meanwhile, Wall Streeters are getting massively rewarded for high-risk behaviors that endanger the entire economy,” report author Sarah Anderson told. “Fourteen years after the financial crash, we still have no meaningful controls on the reckless Wall Street bonus culture.
, regulators have failed to enact such guidelines — even though they were supposed to be put in place by 2011. “Regulators were supposed to implement this new rule within nine months of the law’s passage but have dragged their feet — despite widespread recognition that these bonuses encouraged the high-risk behaviors that led to the 2008 financial crisis, costing millions of Americans their homes and livelihoods,” Anderson wrote.
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