Sometimes, it’s the little things that just add up and fill me with rage. Like this report on bank employees.
Almost a third of the country’s half-million bank tellers rely on some form of public assistance to get by, according to a report due out Wednesday.
Researchers say taxpayers are doling out nearly $900 million a year to supplement the wages of bank tellers, which amounts to a public subsidy for multibillion-dollar banks. The workers collect $105 million in food stamps, $250 million through the earned income tax credit and $534 million by way of Medicaid and the Children’s Health Insurance Program, according to the University of California at Berkeley’s Labor Center.
We are all supplementing banks so that they can screw over their employees at the bottom, and throw more of their cash to the owners at the top. The plutocrats want it both ways: they want a complete absence of regulation so they can continue to plunder profits, and they want poor, desperate people to do their labor for a pittance, with government aid. You might argue that banks have faced all kinds of problems lately, so maybe they’re lean from top to bottom, but we know that’s not true.
Profits at the nation’s banks topped $141.3 billion last year, with the median chief executive pay hovering around $552,000, according to SNL Financial. In contrast, the U.S. Bureau of Labor Statistics pegs the median annual income of a bank teller at $24,100, or $11.59 an hour.
This cannot continue, and I’m getting too old to want to live through a revolution.