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Trickle-Up Economics

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The number of Americans making $50 million or more was 74 in 2009. The average wage in this category increased from $91.2 million in 2008 to an astonishing $518.8 million in 2009. That is nearly $10 million in weekly pay.

You read that right: in the Great Recession year of 2009 (officially just the first half of the year), the average pay of the very highest-income Americans was more than five times their average wages and bonuses in 2008.

This group's total compensation was 3.2 times larger in 2009 than in 2008, which was 0.6% of total pay. These 74 people made as much as the 19 million lowest-paid people in America, who constitute one in every eight workers.

http://www.tax.com/taxcom/taxblog.nsf/Permalink/UBEN-8AGMUZ?OpenDocument

Filed under: Capitalism Economy Reaganomics Recession USA
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