Tag Archive for Unemployment

Corporate Profits Reach Highest Percentage of GDP On Record as Total Wages Fall to Record Low

What’s good for corporations is not always good for the country, its people, or the capitalist system we allegedly defend; it’s time we make the distinctions. A little more than two years after the 2008 financial crisis, corporate profits were hitting record highs and our gross domestic product was growing again.

Today, our nation’s fiscal health depends more on increased consumption than on the production of goods and services. But average real wages for most workers have stagnated or fallen over the last thirty-five years, and good jobs are disappearing. Just look at the Commerce Department’s latest GDP report, which shows corporate profits have hit their highest percentage of GDP on record at the same time as total wages have fallen to a record low. Without employment or income, what’s the key to our economic recovery?

The Commerce Department's latest GDP report shows corporate profits have hit their highest percentage of GDP on record at the same time as total wages have fallen to a record low

From CNNMoney

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Last week’s jobs report brings up an issue worth reiterating.

In light of last week’s jobs report, it’s worth repeating that the U.S. took a great misstep in its response to the financial crisis by not using stimulus money to reinvest in America. Handouts to big business are not the same as rebuilding the American economy.

Public investments in our schools, transportation infrastructure, energy grid, and advanced technologies would create a platform for entrepreneurs and domestic businesses to grow and prosper and so much more. These are measures that will produce huge returns for all Americans. Have we become so enthralled by political dramas that we’re ignoring what’s really at stake?

From The Huffington Post

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Why corporate loyalty has gone global, suppressing political support for game-changing public investment in our nation and citizens

There’s a reason why government spending on renewable energy, infrastructure, and critical R&D is needed for domestic economic growth now more than ever. The private sector, driven by short-term profits and easily marketable products, will rarely invest in/develop transformative products until the government creates initial demand (US government bought most microchips, sustaining infant industry, until a market was created) or establishes the platform for such innovation (building a new energy grid to transport renewables, buying enough natural gas/electric vehicles to justify a private investment in refueling stations, etc.).

In his latest post for The New York Times’ Campaign Stops blog, Thomas B. Edsall ’blames’ technology for stagnant job growth (increased productivity, robotics, etc.), but that’s just one contributing factor. In Patriot Acts, I discuss why corporate loyalty has gone global, suppressing political support for game-changing public investment in our nation and our citizens.  The actions needed to spur large-scale, long-term job creation in 21st century America will only occur in partnership with the government (read: the People).

From The New York Times Campaign Stops

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