Let Them Eat Grapes Of Wrath

[kpete]

Let Them Eat Grapes Of Wrath

by digby


Total profits of U.S. corporations, as compiled by the Commerce Department’s Bureau of Economic Analysis, were at $1.50 trillion in the fourth quarter of 2007 and reached $1.59 trillion in the first quarter of 2010. Over that same period, the country lost 8.2 million jobs, or 5.9% of the job base. In other words, about one out of 20 jobs has simply disappeared. While job growth has resumed in recent months, the pace of job creation remains glacial, and as the chart shows, not nearly sufficient to recoup the losses suffered any time soon. Corporations have been able to restore their profitability in the midst of the worst economy in generations even though sales levels are still below those before the recession began. When employers are able to recover their profits many years before their employees can even hope to attain the income and employment levels they had prior to recession’s devastation, economic policy is clearly skewed in favor of corporations and not workers.



http://digbysblog.blogspot.com/2010/07/let-them-eat-grapes-of-wrath.html