The National Republic Bank of Chicago, Chicago, Illinois, failed tonight, costing the FDIC $111.6 million, a fairly big one by recent standards.
The bank was an Indian-American-owned bank, specializing in the hotel and motel lending business.
Friday, October 24, 2014
The rising share of US workers not making the average wage 1990-2013
The raw average of net compensation for Social Security purposes has risen 113% since 1990, from $20,172 in 1990 to $43,041 in 2013.
The share of workers not earning as much as the raw average of net compensation has risen 6% over the period, from 63% of workers in 1990 to 66.9% in 2013.
In 1990 there were 127.5 million wage earners, 63% of whom made less than $20,172. If 63% of workers in 2013 didn't make as much as the average wage of $43,041 instead of the actual 66.9%, they would have numbered 98.1 million in 2013. Instead they numbered 104.2 million.
Thursday, October 23, 2014
The workforce recession is "over": Social Security wage earners finally surpass the 2007 peak in 2013
The wage statistics report for 2013 from Social Security came out today and shows that the number of workers for Social Security purposes has finally in 2013 exceeded the level first reached in 2007, after bottoming out in 2010. The level in 2013 is not up by much since 2007, but 200,000 workers is 200,000 workers. Unfortunately, however, the population level is up far more than that over the period . . . by 15 million net. And more people regrettably are also making less than the raw average shown. Between 2007 and 2013 these have increased from 66.6% of workers to 66.9%.
2007: 155.57 million workers/net compensation $6.03 trillion = $38,760 per worker
2008: 155.43 million workers/net compensation $6.16 trillion = $39,631 per worker
2009: 150.91 million workers/net compensation $5.89 trillion = $39,029 per worker
2010: 150.39 million workers/net compensation $6.00 trillion = $39,896 per worker
2011: 151.38 million workers/net compensation $6.23 trillion = $41,154 per worker
2012: 153.63 million workers/net compensation $6.52 trillion = $42,439 per worker
2013: 155.77 million workers/net compensation $6.70 trillion = $43,012 per worker
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