The Daily Background

MarketWatch:

Profits surge to 40-year high
U.S. corporate profits have increased 21.3% in the past year and now account for the largest share of national income in 40 years, the Commerce Department said Thursday.

[…]
Meanwhile, the share of national income going to wage and salary workers has fallen to 56.9%. Except for a brief period in 1997, that’s the lowest share for labor income since 1966.

Heckuva job, Bushie. The rich (corporations, and higher-ups) keep getting richer, and working people keep getting less. The income gap is widening. Plus, minimum wage hasn’t gone up in almost a decade. Meanwhile, inflation and the cost of living only goes up. Wonderful. MarketWatch continues:

Profits have been so high because almost all of the benefits from productivity improvements are flowing to the owners of capital rather than to the workers.

While profits are up 21.3% in the past year, labor compensation is up just 5.5%. After adjusting for inflation, population growth and taxes, real disposable per capita incomes are up just 0.5% in the past year.

Disgusting. Full article.

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