Corporate profits’ share of pie most in 60 years

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%.

articles.marketwatch.com...

Well the first thing we should do to remedy this situation is cut spending on social programs that help the poor and middle class. They've been living high on the hog off the wealthy for far too long. Let's get it to the point where they have 100 percent of the pie.

reply to post by David9176


They are saving money. It's what everyone should be doing. There's no point in spending if the US Government can't keep it's currency value up. They are better off moving the money elsewhere instead of wasting it.

Common sense and too be expected. That's why Ford is Ford, and GM failed.

reply to post by badconduct


Ah, but they are moving money - into offshore accounts.
This is just more sad news on top of misery.
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? C'mon, that's just a wild conspiracy theory.

reply to post by Asktheanimals

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?

The best way to fix it? Huge tax cuts for the wealthy and corporations....and tax hikes for the poor!

It will bring economic paradise! We'll all be rich then!

right now, with the Corporate profits being sky high

it is the ideal time for Congress to increase the insurance that Corporate Pension Plans are completely funded at 140% of the required set aside money


And that the federal Pension Benefit Guaranty Corp. which is currently some ~ $26 Billion in the RED
for taking over many failed Corporations retirement benefit programs...be reinvested into the Black by taxing the beans out of the excessive Corporate Profits...taxes/fees/Benefit Guaranty premiums & upping the amount Corps pay into unemployment for their deliberately laid-off workforces (forced into social need networks)



now, we are not speaking of the top corporate elites/CEOs and such --- it seems their Pensions are sanctrosanct from getting cut...but the workers who create the profits are the ones to suffer pension reductions from what was promised.



Again --- replenish the funding for the bankrupt 'Pension Benefit Guarantee Corp'. a Federal Agency, by taxing the profits of the windfall monies the Corporations are now making hand-over-fist...despite pink-slipping +11 million American workers