A new report
shows 90 percent of the 50 largest companies that employ poor workers (can you say "Wal-mart" and "McDonald's"?) made money last year. Lots of it. And despite the sluggish economy.
Why are we not surprised?
The report, written by the National Employment Law Project
, draws several infuriating conclusions:
Two-thirds of low-wage workers are employed by large corporations with more than 100 employees;
The average weekly paycheck fell by 1.7% in the final quarter of last year;
The minimum wage, which hasn't risen in three years, is now worth 30% less than it was in 1968;
Pay for the average CEO at the top low-wage employers was $9.4 million last year.
The 50 biggest companies returned $174.8 billion to their shareholders over the past five fiscal years, often thousands of dollars per employee per year.
A slide show at The Huffington Post lists 10 states where wages have fallen in the past two decades. Leading the pack is Ohio, where wages fell $.86 between 2000 and 2010, and $1.15 from 1990 to 2000. Watch it here.