Billionaire Class Enjoys 15X the Wage Growth of American Working Class
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The billionaire class — the country’s top 0.01 percent of earners — have enjoyed more than 15 times as much wage growth as America’s working and middle class since 1979, new wage data reveals.
Between 1979 and 2017, the wages of the bottom 90 percent — the country’s working and lower middle class — have grown by only about 22 percent, Economic Policy Institute (EPI) researchers find.
Compare that small wage increase over nearly four decades to the booming wage growth of America’s top one percent, who have seen their wages grow more than 155 percent during the same period.
Breitbart TV
The top 0.01 percent — the country’s billionaire class — saw their wages grow by more than 343 percent in the last four decades, more than 15 times the wage growth of the bottom 90 percent of Americans.
In 1979, America’s working class was earning on average about $29,600 a year. Fast forward to 2017, and the same bottom 90 percent of Americans are earning only about $6,600 more annually.
The almost four decades of wage stagnation among the country’s working and middle class comes as the national immigration policy has allowed for the admission of more than 1.5 million mostly low-skilled immigrants every year.
(Public Citizen)
In the last decade, alone, the U.S. admitted ten million legal immigrants, forcing American workers to compete against a growing population of low-wage workers. Meanwhile, employers are able to reduce wages and drive up their profit margins thanks to the annual low-skilled immigration scheme.
The Washington, DC-imposed mass immigration policy is a boon to corporate executives, Wall Street, big business, and multinational conglomerates as every one percent increase in the immigrant composition of an occupation’s labor force reduces Americans’ hourly wages by 0.4 percent. Every one percent increase in the immigrant workforce reduces Americans’ overall wages by 0.8 percent.
Mass immigration has come at the expense of America’s working and middle class, which has suffered from poor job growth, stagnant wages, and increased public costs to offset the importation of millions of low-skilled foreign nationals.
Four million young Americans enter the workforce every year, but their job opportunities are further diminished as the U.S. imports roughly two new foreign workers for every four American workers who enter the workforce. Even though researchers say 30 percent of the workforce could lose their jobs due to automation by 2030, the U.S. has not stopped importing more than a million foreign nationals every year.
For blue-collar American workers, mass immigration has not only kept wages down but in many cases decreased wages, as Breitbart News reported. Meanwhile, the U.S. continues importing more foreign nationals with whom working-class Americans are forced to compete. In 2016, the U.S. brought in about 1.8 million mostly low-skilled immigrants.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.
GENERAL MOTORS DUMPS
THOUSANDS OF WORKERS AND CLOSES PLANTS
- Stockholders celebrate!
"It
identifies socialism with proposals for mild social reform such as
“Medicare for all,” raised and increasingly abandoned by a section of the
Democratic Party. It cites Milton Friedman and Margaret Thatcher to
promote the virtues of “economic freedom,” i.e., the unrestrained
operation of the capitalist market, and to denounce all social reforms,
business regulations, tax increases or anything else that impinges on
the oligarchy’s self-enrichment."
“The
yearly income of a typical US household dropped by a massive 12 percent,
or $6,400, in the six years between 2007 and 2013. This is just one of the
findings of the 2013 Federal Reserve Survey of Consumer Finances released
Thursday, which documentsa sharp decline in working class living standards and
a further concentration of wealth in the hands of the rich and the
super-rich.”
"The American phenomenon of record stock values fueling
an ever greater concentration of wealth at the very top of
society, while the economy is starved of productive investment,
the social infrastructure crumbles, and working class
living standards are driven down by entrenched
unemployment, wage-cutting and government austerity policies, is part of
a broader global process."
"A
defining expression of this crisis is the dominance of financial speculation
and parasitism, to the point where a narrow international financial aristocracy
plunders society’s resources in order to further enrich itself."
But not everything is great for all Californians, with Breitbart
News reporting that
Silicon Valley has the highest
income
inequality in the nation and the U.S. News
& World Report naming California as the worst state for “quality of
life,” due to the
high cost of living.
BANKSTERS AND BILLIONAIRES
PREPARE FOR THE WORST.
REVOLUTION IS IN LOOMING AND
WILL MARCH RIGHT DOWN WALL STREET FIRST.
"A series of recent polls in the US and Europe have shown a sharp
growth of popular disgust with capitalism and support for socialism. In May of
2017, in a survey conducted by the Union of European Broadcasters of people
aged 18 to 35, more than half said they would participate in a “large-scale
uprising.” Nine out of 10 agreed with the statement, “Banks and money rule the
world.”
*
"The
ruling class was particularly terrified by the teachers’ walkouts earlier
this year because the biggest strikes were organized by rank-and-file
educators in a rebellion against the unions, reflecting the weakening grip
of the pro-corporate organizations that have suppressed the class struggle
for decades."
*
“The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.”
“The yearly income of a typical US household dropped by a massive 12 percent, or $6,400, in the six years between 2007 and 2013. This is just one of the findings of the 2013 Federal Reserve Survey of Consumer Finances released Thursday, which documents a sharp decline in working class living standards and a further concentration of wealth in the hands of the rich and the super-rich.”
*
"The American
phenomenon of record stock values fueling an ever greater concentration of
wealth at the very top of society, while the economy is starved of
productive investment, the social infrastructure crumbles, and working class
living standards are driven down by entrenched unemployment, wage-cutting
and government austerity policies, is part of a broader global
process."
*
"A defining expression of this crisis is the dominance of financial speculation and parasitism, to the point where a narrow international financial aristocracy plunders society’s resources in order to further enrich itself."
"A defining expression of this crisis is the dominance of financial speculation and parasitism, to the point where a narrow international financial aristocracy plunders society’s resources in order to further enrich itself."
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