A recent study by Equilar, a firm that tracks executive pay, discovered that executives in S&P’s top 500 increased by 28 percent. These top paid executives include John G. Stumpf of Wells Fargo, Lloyd Blankfein of Goldman Sachs and Jeffery Immelt of General Electric.
While American executives have experienced a dramatic increase in their salaries, rank and file employees have seen a mere 1 percent increase in their weekly wages, after accounting for rising prices. According to the Huffington Post, the average American worker is doing no better now than they did in 1980. The lower wages take extra cash out of the pockets of the average American.
The stagnation of worker’s wages can be attributed to the increasing number of women and immigrants entering the workforce, which drives wages down.
Stagnant wages can put a person in a serious bind as they struggle to make ends meet. Sometimes these individuals go deep into debt just trying to survive by relying on credit cards and loans. This may cause many to consult a bankruptcy attorney to relive their burgeoning debt.
Businesses also suffer when the majority of the population has just enough to survive. Numerous businesses have sought protection from their debts by hiring a bankruptcy lawyer, and many of them cite dwindling business because of the slow economy on their reason for filing. Any business or individuals who are underwater can retain a bankruptcy attorney to give them a fresh financial star.
