TV News LIES

Monday, Feb 08th

Last update05:20:13 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...


The World’s Favorite New Tax Haven Is the United States

US tax haven Last September, at a law firm overlooking San Francisco Bay, Andrew Penney, a managing director at...

Tax-dodging by superrich driving global inequality, Oxfam says

Oxfam: Super Rich tax dodging cauing global inequalityTax dodging by the super-rich is one of the main drivers of global income inequality and...

SHELL: We'll cut 10,000 jobs

Shell to cut ten thousand jobsShell will cut 10,000 jobs in its merger with BG Group, and sell $30 billion (£21...

Obama unveils wage insurance plan to spur job seekers

Obama insurance planU.S. President on Saturday laid out a plan to help support the income of workers who...
 
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!