Wednesday, October 12, 2016
COTW: Corporations Richer, NOT People
Corporation profits reached an all time record high in the foruth quarter of 2014 of $1771.6 billion (St. Louis Fed) up from the record low of $14.4 billion in 1951. As the charts show below this bounty is mostly due to low taxation, although corporatists will argue increased productivity is due to automation and computerization Productivity has leveled off, and the increase is not reflected in the declining share of national wealth going to workers. So while the candidates engage in character assassination (is Donald really a creep?) and deceit (is Hillary a bigger liar than her husband?) economic conditions just get worst for the vast majority of us who must work to earn their daily bread. For the rentiers who play the Wall Street casino from the inside, conditions could not be better.