Business profits in New York State have grown much faster than wages since 2001
December 1, 2015 |
December 1, 2015. In a new analysis, the Fiscal Policy Institute finds that business profits per worker in New York State increased by 61% from 2001-13, while labor compensation per worker has risen by only 34%, and the typical worker received wage increases of 25-29%, much less than inflation.
James Parrott, the Institute’s Deputy Director and Chief Economist stated: “These data confirm once again that most workers in New York have not been sharing in the fruits of the state’s economic growth over the past decade-and-a-half. An effective antidote to this disturbing disparity would be a sustained increase in the state’s minimum wage such as that proposed by Governor Andrew Cuomo.”
Business profits in New York State have grown much faster than wages since 2001
December 1, 2015 |
December 1, 2015. In a new analysis, the Fiscal Policy Institute finds that business profits per worker in New York State increased by 61% from 2001-13, while labor compensation per worker has risen by only 34%, and the typical worker received wage increases of 25-29%, much less than inflation.
James Parrott, the Institute’s Deputy Director and Chief Economist stated: “These data confirm once again that most workers in New York have not been sharing in the fruits of the state’s economic growth over the past decade-and-a-half. An effective antidote to this disturbing disparity would be a sustained increase in the state’s minimum wage such as that proposed by Governor Andrew Cuomo.”