The Ed Show | March 04, 2013
>>> welcome back to "the ed show." well, the numbers are in, and i guess you could say it's a golden age for corporations. corporate profits hit record highs, record highs in the second half of 2012 . today the dow closed at its highest level this year. in the meantime, millions of americans are stranded and still out of work. "the ed show's" vulture chart, i love it. it of course illustrates the exploding income inequality in america over the last 30 years. this chart doesn't look too different. it shows how america's corporations have racked up historic profits while labor income remains very sluggish. so as you can see, corporate profits were on the rise as far back as 20 they took a hit with the rest of the economy during recession. but since the recovery, corporate profits, where have they gone? well, they have boomed, big-time. now the share of national income going to corporations is at its highest level since 1950 . and the amount going to individuals is near its lowest since 1966 . there are several ways to explain this lopsided recovery. well, technology, yeah. technology is up. corporations do more with fewer workers. multinational corporations have done what? well, they have outsourced for cheaper labor. they don't want to pay anybody. and the recession caused the corporations to slash payrolls and keep wages stagnant. at the same time, worker productivity went through the roof. americans are afraid to slack off because it's hard to find another job. so employees are doing more work for less money. this has kept employment down while lifting corporate profits through the roof. the bottom line in all of this, instead of investing these profits back into the economy and hiring more americans and paying their workers to do more, corporations are just sitting on the cash, enjoying the profits at the top, concentrating the wealth. corporations are choosing profits over the american worker.
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