Just the BONUS MONEY – not counting the base salary – of Wall Street financiers in 2014
is twice the amount
of ALL the money earned by ALL Americans earning the minimum wage
So don’t raise the minimum wage because THAT’S inflationary!
Oops – not to worry, Charles and David Koch, of Koch Industries, have pledged $900,000,000 to help conservative causes in 2016 election cycle, to ensure that we will have politicians who will vote down any “inflationary” increase of the minimum wage of $7.25/hour (no benefits).
In case you are wondering, it would take a person earning the minimum wage 124,137,931 hours to earn the bucks the Koch brothers have pledged for politics in 2016.
Nicolas Kristof, New York Times, Sunday May 3, 2015, Sunday Review page 11.
Matea Gold, Washington Post, January 25, 2015 )
JPMorgan reviewed data on 2.5 million of its customers who maintained an active checking account every month between October 2012 and December 2014.
The bank also drew one shocking conclusion. It found that there’s a pretty weak correlation between income and spending. For every 1 percent increase in earnings, individuals boost their spending by just 0.1 percent.
(Source: Bloomberg, Victoria Stilwell, May 19 1915. “Here’s How Much Money You Should Save Based on Your Income.”)