'For more than a dozen years now, Wall Street and corporate lobbyists have blocked both financial executive pay restrictions and a federal minimum wage increase.'
After a historic 22 percent spike in 2021, the average annual bonus for New York City-based securities industry employees fell 26 percent in 2022, according to just-releaseddata. But the rate of increase in average Wall Street bonuses since the 2008 crash is still far higher than wage increases for ordinary workers, according to Institute for Policy Studies analysis of comptroller and BLS data.
The 2022 average Wall Street bonus of $176,700 is up 28.9 percent in real terms since 2008 . That’s more than twice as high as the 13.6 percent real average wage growth rate during this period for all private sector workers. The gap is even wider between Wall Street bonuses and wages in the manufacturing and construction industries. Real average wages have increased only 4.6 percent in manufacturing and 11.5 percent in construction.Wall Street pay v. the minimum wage
Since 1985, the first year the comptroller reported bonus data, the average Wall Street bonus has increased 1,165 percent, from to $176,700 in 2022 . If the minimum wage had increased at that rate, it would be worth $42.37 today, instead of $7.25.
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