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Here’s the grim report that will surprise no one who’s been paying attention the past three years: The fat cats are fatter than we thought, and the incomes of regular folk are worse than we thought.
As part of its regular revisions to the national income accounts, the Commerce Department told us Friday that corporate profits in 2008, 2009 and 2010 were actually $343 billion higher than earlier estimated. And personal incomes of American families were $265 billion lower over those three years than previously estimated.
According to the latest data, profits of U.S. corporations are at record levels even as the U.S. economy gasps for air.
Profits have been totally divorced from the economic fortunes of the American people. That tells you all you need to know about why the stock market has recovered from the Great Recession, and why employment hasn’t. Corporate profits now account for the largest share of gross domestic product since 1950 — 12.6%. Wages and salaries account for the smallest share of GDP since 1955 — 54.9%.
More doctoring of figures to make things look rosier for the working people. I love that sign in the OP's avatar "Corporations, at least buy us dinner first" We've been getting screwed?