"It is reality that awakens possibilities, and nothing would be more perverse than to deny it. Even so, it will always be the same possibilities, either in sum or on the average, that go on repeating themselves until a man comes along who does not value the actuality over the idea. It is he who first gives the new possibilities their meaning, their directions, and he awakens them."
- Robert Musil, The Man Without Qualities
"The truth will set you free. But not until it is done with you."
- David Foster Wallace
50% of All Workers Made Less than $26,000 in 2010
Today we get our first look at American wages in 2010 based on payroll taxes reported to the Social Security Administration. David Cay Johnston picks out the most important takeaways, including:
1) Half of all workers made less than $26,364, the median wage in 2010. That’s the lowest level since 1999, after adjusting for inflation.2) The number of millionaires increased by about 20 percent.
3) The size of the missing workforce is 10 million. The number of working people fell by 5.2 million since 2007. But that’s not the entire job deficit, because, based on population growth estimates, 4.5 million more would have joined the workforce between 2007 and 2011. Add it up, and you get a 10-million-worker gap. Read more.
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