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.
Hellbound and Down 