Millionaires Going in a Different Direction Than Middle Class
Anyone whose interest has been piqued by Occupy Wall Street and similar protests, here’s another reason to support their cause.
On Wednesday, the government released data from 2010 paychecks. This includes numbers from payroll taxes that have been reported to the Social Security Administration. They paint a disturbing picture.
The data showed that in 2010, there were fewer jobs and they paid less. One exception is people making more than $1 million annually. This increased by 20 percent from 2009.
Looking at the median paycheck (half making more and the other half less), it declined 1.2 percent in 2010 to $26,364. This number comes to $507 a week, a level when adjusting for inflation, has not been seen since 1999.
And one number that can’t be ignored is Americans with work:
This declined in 2010, by more than 500,000 from 2009, to under 150.4 million. Since 2007, this number has dropped by 5.2 million. Or, 3.3 percent of people with a job in 2007 (one in every 33) did not earn a dollar in 2010. Now add in the 4.5 million people from population growth who would typically join the workforce during this three-year period and there’s 10 million workers without an earned dollar last year.
That’s an environment for social unrest and protest.