By Derek Thompson, The Atlantic
21 October 11
Derek Thompson, in The Atlantic, writes about American wages in 2010 based on payroll taxes reported to the Social Security Administration. David Cay Johnston picks out the most important takeaways, including:
1) Half of all workers made less than $26,364, the median wage in 2010. That means the typical wage is at its lowest level since 1999, after adjusting for inflation.
2) The number of millionaires increased by about 20 percent. [NOTE: According to economist Robert Reich: there are over 3.2 million millionaires in America and over 400 billionaires]
3) The size of the missing workforce is 10 million. The number of working people fell by 5.2 million since 2007. But that's not the entire job deficit, because, based on population growth estimates, 4.5 million more would have joined the workforce between 2007 and 2011. Add it up, and you get a 10-million-worker gap.
The Atlantic article links to another site, Pay Scale Index, which provides the following information updated as of October 6, 2011.
Here is the same chart for our friends in Canada: