The Social Security Administration released data on U.S. wages and payroll in 2010 this week, and the news isn't good for most of the working class or middle class.
The 3-decade shift of income to the economic elite
Though the average wage of a single earner stood at $39,959.30 per year, that number was skewed by those at the very top of the survey - the 93,725 earners who took home more than $1 million annually. That top sliver - a fraction of a fraction of the top 1 percent - collectively took home $224.6 billion, or about $2.4 million per top earner. (Ed. note - over a quarter of total W2-type wage income, that figure does not include income from sources such as capital gains.)
Saturday, October 22, 2011
Reported at NASDAQ: