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New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy

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  • Those Americans earning more than $50 million increased their income from an average of $91.2 million in 2008 to almost $519 million. That's nearly $10 million in weekly pay!These 74 people made as much as the 19 million lowest-paid people in America, who constitute one in every eight workers."
  • September Jobs Report Reveals America’s Emerging Third World Economy

Huffington Post

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Mike Thompson

One out of every 34 Americans who earned wages in 2008 earned absolutely nothing -- not one cent -- in 2009.

The stunning figure was released earlier this month (Oct) by the Social Security Administration, but apparently went unreported until it appeared today on Tax.com in a column by Pulitzer Prize-winning tax reporter David Cay Johnston.

It's not just every 34th earner whose financial situation has been upended by the financial crisis. Average wages, median wages, and total wages have all declined -- except at the very top, where they leaped dramatically, increasing five-fold.

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Related:

September Jobs Report Reveals America’s Emerging Third World Economy, Paul Craig Roberts, Information Clearing House

  • September Jobs: American Worker Displacement At Record High
  • New Figures Detail Depth Of Unemployment Misery, Lower Earnings For All But Super Wealthy