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PostPosted: Wed Jul 06, 2011 7:34 am 
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This is a really great article. It's nothing we haven't known all along, but even the Wall Street Journal has had to take note. Will the American people notice or care? Doubtful. Not as long as our main concerns are Weinergate and refusing to raise tax rates on upper income earners.

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In the first quarter of 2011, aggregate U.S. GDP -- the total value of all the goods and services produced in the United States -- was higher than the peak reached before the recession began in 2007. During the six quarters since the recession technically ended in the second quarter of 2009, real national income in the U.S. increased by $528 billion. But the vast majority of that income was captured as profit by corporations that failed to pass on their happy fortunes to their workers.

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Over this six quarter period, corporate profits captured 88% of the growth in real national income while aggregate wages and salaries accounted for only slightly more than 1% of the growth in real national income. The extraordinarily high share of national income (88%) received by corporate profits was by far the highest in the past five recoveries from national recessions ... In the first six quarters of recovery from the 1990-91 recession, corporate profits experienced no growth whatsoever, and they generated on average only 30 per cent of national income growth during the recoveries from the 1981-82 and 1973-75 recessions.


***

Wages are moribund, unemployment is stuck at 9 percent, and the corporate bottom line is doing just fine. You could be excused for thinking that if ever there was time to put the stake through supply-side economics, it would be now. Wall Street and big corporations are doing just fine, but absolutely nothing is trickling down. And yet Republicans are still pushing the same old song and dance, passionately holding the entire creditworthiness of the United States hostage in return for even lower taxes on corporations, adamantly refusing to countenance even the slightest revenue increase to help cushion the hard times for the Americans who are getting a raw deal out of the current recovery.

http://www.salon.com/technology/how_the ... ide_coffin

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PostPosted: Wed Jul 06, 2011 4:00 pm 
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Gosh you mean to say they are making money hand over fist w/o paying anyone anything! GEe golly wiz they'd never do that! (Laughs bitterly)

the worst part is you're right, nobody gives a crap.. even though it has affected them as well. :(

If wages went up reasonably most people who work could have a modest home a working car.. etc.. but nooo :S


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