As the minimum wage has remained stagnant at $7.25 an hour for over a decade, Wall Street bonuses have grown 1,217% since 1985.
According to the study, the minimum wage would be $44.12 per hour if the pace of minimum wage grew at the same pace as Wall Street bonuses. While the cost of living has increased by 20%, the price of housing and health care have increased even faster. According to a July study from the National Low Income Housing Coalition, today’s workers must earn almost $20 an hour to afford a modest one-bedroom apartment. Low-wage workers were impacted the most by the COVID-19 pandemic, resulting in a recession and double-digit unemployment, while Wall Street salaries and bonuses soared.