Recent profit reports tell a clear story. For giant corporations, the recession is over. They are making money hand over fist, while Main Street stagnates. They are sitting on $trillions, but they refuse to hire. If there were something I could do to help, I would. Most people would, including the Republican rank and file. But corporations are NOT people. They are machines with a single purpose: individual profit without individual responsibility. Still, the Republican leadership insists that they must not pay their fair share.
Strong second-quarter earnings from McDonald’s, General Electric and Caterpillar on Friday are just the latest proof that booming profits have allowed Corporate America to leave the Great Recession far behind… But millions of ordinary Americans are stranded in a labor market that looks like it’s still in recession. Unemployment is stuck at 9.2 percent, two years into what economists call a recovery. Job growth has been slow and wages stagnant.
"I’ve never seen labor markets this weak in 35 years of research," says Andrew Sum, director of the Center for Labor Market Studies at Northeastern University.
Wages and salaries accounted for just 1 percent of economic growth in the first 18 months after economists declared that the recession had ended in June 2009, according to Sum and other Northeastern researchers.
In the same period after the 2001 recession, wages and salaries accounted for 15 percent. They were 50 percent after the 1991-92 recession and 25 percent after the 1981-82 recession.
Corporate profits, by contrast, accounted for an unprecedented 88 percent of economic growth during those first 18 months. That’s compared with 53 percent after the 2001 recession, nothing after the 1991-92 recession and 28 percent after the 1981-82 recession…
Inserted from <Common Dreams>
Look at the pie chart. I know it’s right, because I made it. The tiny sliver and the small green wedge represent the share of our national wealth that over half of us (60%) own. The bottom 40% own 0.2% (that’s 1/5 of 1%) of the wealth. Republicans want to balance the budget on the backs of that bottom 40%, who can not afford to pay for it, when we all know damn well who can.
15 Responses to “Who Can Afford to Pay?”
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…………. ” But corporations are NOT people. They are machines with a single purpose: individual profit without individual responsibility ” ~~ The Republicans say “cutting taxes, creates jobs!” What do they think we are? fools? (yes) 👿
Yes
This disparity will not end as long as the RepublicanTs and Tea-Baggers possess any power at all.
That is why I say that before we drain the Democratic swamp, which needs it badly, we need to get rid of the vicious Republican alligators.
I’m on board with that! Getting rid of the alligators. Meanwhile, can’t we euthanize the “Blue Dogs” and get a more obedient breed of Democrat? 💡
Two points, TomCat.
One, the US wealth distribution is even more skewed towards the top now than it was in 2004.
Two, the fact that US corporations as sitting on top of huge piles of money and not creating jobs is proof that tax cuts to the wealthy do NOT produce jobs.
I agree and have made both points before myself. But you did inspire me to check yesterday and 2004 is the last year where I could find the raw uninterpreted numbers.
I’ll wait to see what their 3rd Q looks like. I’ve been reading that consumer spending is drastically off.
Thanks Blue. Sadly that will be good for Republicans.
They continue to block and and all efforts to allow a meaningful recovery— A damm fool can see that continuing to cut taxes and add benefits at the top , will not produce jobs at the middle or bottom– It just makes the wealthy more so—- while Corporations continue to “outsource” jobs-= outsource– that is send American jobs to other countries–I bet everyone here knows people whose job has been shipped out– outsourced !
I do.
Tax cuts for the rich produces only one thing: richer rich people.
If Repubicans & Faux News endlessly like to claim that the “Rich” are the real “Jobs Creators” – and one can easily prove that the Rich just keep Getting Richer … then WHERE THE HELL ARE ALL THE DAMN JOBS?
China
According to the repuglicons, only the middle-class and poor can afford to pay.
Welcome LK 🙂
That is indeed the Republican lie.