Wednesday, July 8, 2015

Jeb Bush: "People need to work longer hours."

Dubya's dumber brother.

"My aspiration for the country and I believe we can achieve it, is 4 percent growth as far as the eye can see. Which means we have to be a lot more productive, workforce participation has to rise from its all-time modern lows. It means that people need to work longer hours and, through their productivity, gain more income for their families. That's the only way we're going to get out of this rut that we're in."
How many more hours? Let's put this in perspective.

The Jeb Bush household's declared income in 2013 was $7.3 million.

The median U.S. household income in 2013 was $52,250.

The median hourly wage for May 2013 was estimated by the BLS at $16.87 and hour.

If the median income household earned a median hourly wage, they would need to work a total of 2942 hours a year, assuming 155 hours a year (5%) vacation and holiday pay.

The Bush household had 140 times as much income in 2013 as the median U.S. household.

To earn as much income as the Bush household, the median household would have to work an additional 8,600 hours -- night and day for a whole year -- each week.