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Check out the chart below, compiled by the Labor Department, and posted this week by conservative writer David Frum. It shows that the decline began with the brief recession that followed 9/11 in 2001. But it continued even as the economy picked up again, and got even worse once the Great Recession hit. In the weak recovery since then, workers' share of income just kept on falling.
Why are workers taking home such a reduced share of the pie? Opinions differ, but many experts think that the trend has to do with a number of factors, including a decline in the bargaining power of labor, and increased competition from foreign workers.
Similarly, over the last year or so, U.S. companies have made record profits, while unemployment has stayed high and wages have barely risen. The chart jibes with other data, which show that since the 1980s, income for the richest 1 percent of Americans has exploded, while hardly budging at all for everyone else.
Still, there's little sense that either Obama administration or Congress plan to do much about this growing inequality. Indeed, any serious action to boost the economy and cut unemployment now seems to be off the table.
Corporate profits after tax (unadjusted) reached a new record high in the first quarter of 2011 of almost $1.5 trillion. After adjustments for inventory and depreciation, after-tax corporate profits in the first quarter dipped slightly from the all-time high in the last quarter of 2010, but remained above the pre-recession peak levels of 2006 for the second consecutive month, both in nominal and real terms (see chart above). It was the seventh consecutive quarterly increase in real profits from their year-earlier level following ten straight quarters of annual declines starting in 2007, and suggests that corporate profitability has completed recovered from the effects of the 2007-2009 recession. Read more: www.benzinga.com...
I've been unemployed now for three months, Haven't recieved one interview. Could be I'm to old, who knows. I invested well prior to my retirement and have my own life insurance and medical. I'm not looking to make big bucks. I just want to be productive.
While I understand the need for unions, in some cases. I do not like in the least the current union leadership which eventually breaks companies. They have become what they once fought against.
Seems to me that those graphs represent corporate outsourcing. Call most US companies and you'll be talking to an Indian you can barely understand. Jobs outsourced, less workers, more corporate profits, of course those are the graphs you would expect.