Amid growing discontent over surging economic inequality in the U.S.—and the Trump administration's elevation of unelected billionaire Elon Musk to the upper reaches of the federal government—the New York state comptroller's report on rising Wall Street bonuses was met with condemnation on Wednesday.
"Something is very broken and this is why people are so disenchanted," wrote one commenter on an article about the report at The Washington Post. "There is no American dream. Just fat cats getting fatter."
Another added that "the inequity of taxation on wealth in this country is shameful."
New York Comptroller Thomas DiNapoli lauded Wall Street's "very strong performance" in 2024 as he announced the average bonus paid to employees in the securities industry reached $244,700 last year—up 31.5% from 2023—as Wall Street's profits skyrocketed by 90%. The bonus pool reached a record $47.5 billion.
But as researcher Rob Galbraith pointed out on social media, the record-breaking take-home pay of Wall Street executives was 3.5 times the median household income for a family in Erie County, New York—leaving doubt that many workers in the state will immediately join in celebrating what DiNapoli said was "good news for New York's economy and our fiscal position" due to the bonuses' impacts on tax revenue.
"Tens of thousands of NYC families are about to lose their childcare unless we come up with another $1 billion in the state budget," said state Rep. Zohran Mamdani (D-36), who is running to be mayor of New York City, in response to the announcement.
The average bonus for Wall Street employees was about four times the salary of the median full-time U.S. worker's earnings for 2024, which came to about $62,000 or $1,200 per week.
DiNapoli's estimate was released a week after voters at a town hall in a Republican district in Nebraska shouted, "Tax the rich!" at Rep. Mike Flood (R-Neb.) when he expressed support for Musk's slashing of public spending and claimed such cuts are necessary to balance the budget.
In recent weeks, Sen. Bernie Sanders (I-Vt.) and Rep. Alexandria Ocasio-Cortez (D-N.Y.) have drawn crowds of tens of thousands of people to hear them speak on their Fighting Oligarchy tour—leading the congresswoman to proclaim, "What is happening right now is different."
"We need to be taxing the rich on the floor of the Congress," said Ocasio-Cortez in Arizona last week, drawing loud applause. "We need to be establishing guaranteed healthcare on the floor of the Congress. We need to be passing a living wage on the floor of the Congress."
However, Congress is currently controlled by Republicans working to cut federal programs that serve working people to pay for tax cuts benefiting rich individuals and corporations.
