The Salaries of all Public School Teachers in New York City, Paid to One Man.

Paul Buchheit
April 26, 2008

The United States has the highest inequality rate in the developed world. 28 million Americans -- almost 1 in 10 -- are using food stamps. The average worker has seen virtually no real increase in wages since 1970.

Some hedge fund managers made over a billion dollars last year. Hedge fund manager John Paulson, who made a clever bet against subprime mortgages, made close to $4 billion.

How much is 4 billion dollars? If you work as a sales clerk in a retail store, you'd have to work 200,000 YEARS to make 4 billion dollars. If you have a steady $50,000 a year job as a laborer and work for 50 years, in all that time you'd make as much as the hedge fund manager gets in one hour at the office.

4 billion dollars would pay a year's salary for ALL the public school teachers in New York City.

Yet this money goes to one individual.

Report typos and corrections to: feedback@alternet.org.

Enjoy this piece?

… then let us make a small request. AlterNet’s journalists work tirelessly to counter the traditional corporate media narrative. We’re here seven days a week, 365 days a year. And we’re proud to say that we’ve been bringing you the real, unfiltered news for 20 years—longer than any other progressive news site on the Internet.

It’s through the generosity of our supporters that we’re able to share with you all the underreported news you need to know. Independent journalism is increasingly imperiled; ads alone can’t pay our bills. AlterNet counts on readers like you to support our coverage. Did you enjoy content from David Cay Johnston, Common Dreams, Raw Story and Robert Reich? Opinion from Salon and Jim Hightower? Analysis by The Conversation? Then join the hundreds of readers who have supported AlterNet this year.

Every reader contribution, whatever the amount, makes a tremendous difference. Help ensure AlterNet remains independent long into the future. Support progressive journalism with a one-time contribution to AlterNet, or click here to become a subscriber. Thank you. Click here to donate by check.

DonateDonate by credit card

@2021 - AlterNet Media Inc. All Rights Reserved.

Don't Sit on the Sidelines of History. Join Alternet All Access and Go Ad-Free. Support Honest Journalism.

Subscribe Annually

$95 / year — Just $7.91/month

Subscribe Monthly

$1 trial

I want to Support More

$14.99 per month