In today's NY Times, Nicholas Kristof
sympathizes with the Occupy Wall Street movement by citing various examples of income inequality including this one:
"As my New York Times colleague Catherine Rampell noted a few days ago ("Bankers' Salaries versus Everyone Else's
"), in 1981, the average salary in the securities industry in New York City was twice the average in other private sector jobs. At last count, in 2010, it was 5.5 times as much. (In case you want to gnash your teeth, the average is now $361,330.)"
Here's another factoid:
In 1988 (earliest year available from the USA Today Salaries Databases
), the average salary of a baseball player on the New York Yankees ($700,339
) was 28 times the average salary
in other private sector jobs in New York City (about $25,000
). By 2010, the average salary for the Yankees (if you want to gnash your teeth, the average was $8,253,000
) was 124 times
the average private sector salary in NYC ($66,120).
Where's the outrage about "excessive" salaries for Yankees players, which have increased relative to average New York City salaries much more than salaries for NYC bankers? What about an "Occupy Yankee Stadium" protest?