The new Survey of Consumer Finances shows an increase in family net worth between 2004 and 2007 — but estimates, based on stock and housing prices, that all of that gain and more has been wiped out since then. Adjusted for inflation, families are poorer now than they were in 2001.
2001? Try 1973.
While workers across America were losing jobs, homes and health insurance, Merrill Lynch paid nearly 700 employees more than $1 million each in bonuses last year, amounting to a $3.6 billion bonus bonanza while Merrill lost $27 billion.Workers have been sacrificing for years. Average worker paychecks are worth less now than in 1973, but CEOs and other rich Americans not only make much more, they pay less in taxes.
Average full-time workers made $41,198 in 1973 and $37,606 in 2008, adjusted for inflation.
CEOs made 45 times as much as workers in 1973 and more than 300 times as much as workers now. The top tax rate was 70 percent in 1973 and just 35 percent now
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