The Wage Gap
| by Daniel J. M. Galpin | September 06, 2007
Is there really a wage gap? The rich don't seem to think so. Congress must agree, they haven't raised the minimum wage in about ten years and when asked why, it's been reported that the poor don't need more, they don't spend it right anyway. According to the Milwaukee Sentinel Journal prior to the recent minimum wage hike. There must be a double standard because when asked why congress was getting their automatic COLA (Cost Of Living Adjustment), it was stated they needed it to keep up with the cost of living. So, wait a minute, the wealthy need a raise and the rest don't?
The average wage earner in America earns $29,544, the average CEO earns 10.8 million and the top 20 hedge fund manager's averaged 657.5 million a year. “There's no wage gap there” - did you miss the sarcasm? The CEO earns $29,589 a day, everyday, 365 days a year; they earn in one day what the average wage earner makes in one year! “I still cannot see the problem” - sarcasm again for those that may with to misquote me. The hedge fund manager makes what the average American wage in just 24 minutes and continues to make it every minute of every day 365 days a year. Americans aren't paid every minute of every day 365 days a year. If you compare the average American with the the hedge fund manager for working days only, the worker makes $117.00 and the hedge fund manager makes 2,609,127.00. That's only a difference of 2.6 million dollars a day! Frankly, no human being on the face of this earth is or ever will be worth 2.6 million a day. It's a joke and a misuse of funds entrusted to someone for investing or any other reason. Need I say more?
As if that's not enough, the below chart shows the cost of six items from 1962 to present using a factor ratio consistent with each item bringing them to about today's prices. Additionally the chart shows what minimum wage is and what it should be using the same factor ratio as used on the other items. Not only does the chart show a ridiculous wage gap, but it shows even the poorest are poorer now compared to 1962.
SEE CHART AT: http://www.dangalpinforp … ge55.html. I was not able to paste it here. If you have trouble with this link, goto my site home page, then to the article section.
Additionally, compare the minimum wage actual with what it should be. The next charts shows the income of Americans divided into 5 brackets. The poorest 20% to the richest 20%. Each selection shows the top pay for the relative group except the richest 20%, which shows the least pay for that group. I assume this was done by the source to show relevance to each group. I obtained this information and the above information on the Internet. Keep in mind the average income for an American wage earner is $29,544 as of 2006 and the median household income is $48,200 (adjusted for inflation) per the USA Today. For those that do not know, median income means half of the households of the nation earn less then $48,200 and half earns more.
SEE CHART AT: http://www.dangalpinforp … ge55.html. I was not able to paste it here. If you have trouble with this link, goto my site home page, then to the article section.
The chart only goes to 2005. Nearly 50% of America is in lower middle class or poor per the USA Todays report. Actually, since in 1962 household income normally came from one wage earner not two as in 1998 and 2005, the news paper's report of $48,200 (2006) should be cut in half to represent equally with 1962 wages. Thus, over 50% of American wage earners are earning wages in the lowest 20% of the economic scale at $24,100 a year. I am not surprised. I can feel it when I compare my paycheck to my bills, don't you?
Additionally, I thought it would be interesting to compare the 1962 wages using the same factor as chart one. Look at the results. I added the year 2005 in this third chart to be able to compare that year with the same in both charts two and three above.
SEE CHART AT: http://www.dangalpinforp … ge55.html. I was not able to paste it here. If you have trouble with this link, goto my site home page, then to the article section.
It's even worse for the poor and lower middle class, more fall into lowest category: The Poor. The average American wager earner makes $29,544 only $181 more than the poorest 20% of the country. Remember in 1962 most households lived on the income from one wage earner. The middle class is about $8,000 ahead in 2005, but it takes 2 not 1 person earning the income to do it. Both the upper middle class and rich are ahead of the game in two ways: most of the time they still only have one wage earner per household and secondly, they made over $103,000 and $184,500 respectively back in 2005 and according to chart three, they only needed about $84,000 and $132,000 respectively in 2005. They earned more in 2005 (chart two) than should have by 2007 (chart three). Again, are you surprised? I wasn't. We feel it all the time when we go to shopping whether for gas, food, clothes or whatever, yet the media continues to tell us otherwise. They insist it's American's fault due to our lack of savings and consistent spending.
Pay me between $103,000 and $184,500 and I'll gladly pay 35% in tax and still manage to save a minimum of 20% of my income, guaranteed. For simplicity, take the lesser of the two and no tax write-offs: $103,000 - $36,050 (tax at 35%) - $20,600 (20% savings) = $46,350 net take home pay..
Is the wage gap real? Definitely, without question. Purchasing power dictates a good economy not the price of the Dow. In fact, it's the rich having squeezed the rest of us that is going to cause the Dow to fall even more then it already has, unless of course the government keeps bailing the market out to cover it's own misconduct of not protecting Americans from a threat greater than foreign terrorist: Corporate greed and political power.
As purchasing power declines, so has the American dream and American livelihood. All due to corporate greed and political power. It's time to send Washington DC and Corporate leaders a message! They have raped and pillaged the people long enough!
JUST SAY NO to
DECORATES and REPUBLICANS
VOTE
INDEPENDENT
Dan Galpin for President!
You don't have to vote for me, but vote Independent!
http://www.dangalpinforp … galpin.com
The average wage earner in America earns $29,544, the average CEO earns 10.8 million and the top 20 hedge fund manager's averaged 657.5 million a year. “There's no wage gap there” - did you miss the sarcasm? The CEO earns $29,589 a day, everyday, 365 days a year; they earn in one day what the average wage earner makes in one year! “I still cannot see the problem” - sarcasm again for those that may with to misquote me. The hedge fund manager makes what the average American wage in just 24 minutes and continues to make it every minute of every day 365 days a year. Americans aren't paid every minute of every day 365 days a year. If you compare the average American with the the hedge fund manager for working days only, the worker makes $117.00 and the hedge fund manager makes 2,609,127.00. That's only a difference of 2.6 million dollars a day! Frankly, no human being on the face of this earth is or ever will be worth 2.6 million a day. It's a joke and a misuse of funds entrusted to someone for investing or any other reason. Need I say more?
As if that's not enough, the below chart shows the cost of six items from 1962 to present using a factor ratio consistent with each item bringing them to about today's prices. Additionally the chart shows what minimum wage is and what it should be using the same factor ratio as used on the other items. Not only does the chart show a ridiculous wage gap, but it shows even the poorest are poorer now compared to 1962.
SEE CHART AT: http://www.dangalpinforp … ge55.html. I was not able to paste it here. If you have trouble with this link, goto my site home page, then to the article section.
Additionally, compare the minimum wage actual with what it should be. The next charts shows the income of Americans divided into 5 brackets. The poorest 20% to the richest 20%. Each selection shows the top pay for the relative group except the richest 20%, which shows the least pay for that group. I assume this was done by the source to show relevance to each group. I obtained this information and the above information on the Internet. Keep in mind the average income for an American wage earner is $29,544 as of 2006 and the median household income is $48,200 (adjusted for inflation) per the USA Today. For those that do not know, median income means half of the households of the nation earn less then $48,200 and half earns more.
SEE CHART AT: http://www.dangalpinforp … ge55.html. I was not able to paste it here. If you have trouble with this link, goto my site home page, then to the article section.
The chart only goes to 2005. Nearly 50% of America is in lower middle class or poor per the USA Todays report. Actually, since in 1962 household income normally came from one wage earner not two as in 1998 and 2005, the news paper's report of $48,200 (2006) should be cut in half to represent equally with 1962 wages. Thus, over 50% of American wage earners are earning wages in the lowest 20% of the economic scale at $24,100 a year. I am not surprised. I can feel it when I compare my paycheck to my bills, don't you?
Additionally, I thought it would be interesting to compare the 1962 wages using the same factor as chart one. Look at the results. I added the year 2005 in this third chart to be able to compare that year with the same in both charts two and three above.
SEE CHART AT: http://www.dangalpinforp … ge55.html. I was not able to paste it here. If you have trouble with this link, goto my site home page, then to the article section.
It's even worse for the poor and lower middle class, more fall into lowest category: The Poor. The average American wager earner makes $29,544 only $181 more than the poorest 20% of the country. Remember in 1962 most households lived on the income from one wage earner. The middle class is about $8,000 ahead in 2005, but it takes 2 not 1 person earning the income to do it. Both the upper middle class and rich are ahead of the game in two ways: most of the time they still only have one wage earner per household and secondly, they made over $103,000 and $184,500 respectively back in 2005 and according to chart three, they only needed about $84,000 and $132,000 respectively in 2005. They earned more in 2005 (chart two) than should have by 2007 (chart three). Again, are you surprised? I wasn't. We feel it all the time when we go to shopping whether for gas, food, clothes or whatever, yet the media continues to tell us otherwise. They insist it's American's fault due to our lack of savings and consistent spending.
Pay me between $103,000 and $184,500 and I'll gladly pay 35% in tax and still manage to save a minimum of 20% of my income, guaranteed. For simplicity, take the lesser of the two and no tax write-offs: $103,000 - $36,050 (tax at 35%) - $20,600 (20% savings) = $46,350 net take home pay..
Is the wage gap real? Definitely, without question. Purchasing power dictates a good economy not the price of the Dow. In fact, it's the rich having squeezed the rest of us that is going to cause the Dow to fall even more then it already has, unless of course the government keeps bailing the market out to cover it's own misconduct of not protecting Americans from a threat greater than foreign terrorist: Corporate greed and political power.
As purchasing power declines, so has the American dream and American livelihood. All due to corporate greed and political power. It's time to send Washington DC and Corporate leaders a message! They have raped and pillaged the people long enough!
JUST SAY NO to
DECORATES and REPUBLICANS
VOTE
INDEPENDENT
Dan Galpin for President!
You don't have to vote for me, but vote Independent!
http://www.dangalpinforp … galpin.com
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