"Stock Market Climbs To New Highs, But Workers Aren’t Seeing Much Benefit"
The stock market climbed to new heights today, clearing 14,200 for the first time in its history. The previous high of 14,164 was reached on October 9, 2007, in the days before the financial crisis. In this year alone, the stock market is up 7.8 percent.
But while stocks are achieving new highs, precious little benefit is trickling down to workers. This chart shows workers’ wages as a percentage of the economy, which are hovering near record lows:
As Quartz’s Matt Phillips put it, “in many ways Americans are still sucking wind after the gut punch they suffered in 2008.” In fact, the richest 1 percent of Americans have captured 121 percent of the income gains achieved during the current recovery, meaning everyone else has actually lost ground in terms of income since the economy bottomed out.