Proving the 99% right

[ProSense]

Proving the 99% right

By Steve Benen

When it comes to the circumstances that help drive the Occupy protests, Floyd Norris shines a light on a dynamic that speaks volumes. To put it simply, this just won’t do.

In the eight decades before the recent recession, there was never a period when as much as 9 percent of American gross domestic product went to companies in the form of after-tax profits. Now the figure is over 10 percent.

During the same period, there never was a quarter when wage and salary income amounted to less than 45 percent of the economy. Now the figure is below 44 percent.

For companies, these are boom times. For workers, the opposite is true.

To help drive the point home, the NYT ran a series of accompanying charts, including these two:



There’s just no way to spin this. We’re looking at an era in which, at least as a share of the larger economy, after-tax corporate profits have soared to levels unseen since we began keeping track, whole after-tax incomes have fallen to levels unseen in generations.

The previous record for corporate profits as a share of GDP was 8.98% — set in 1929. Last year, it was over 9.5%. This year, it’s over 10%.

It’s a Gilded Age that we’re apparently not supposed to talk about.

more

Mary Kay Henry: Why SEIU Is Thankful For Occupy Wall Street

[ProSense]

1. No comment?

Too many facts?

[Fumesucker]

2. Wet water is wet?

That incomes haven't risen is obvious to most of the 99%, the part about corporate profits rising is quite well known here on DU at least.

[ProSense]

5. OK,

"That incomes haven't risen is obvious to most of the 99%, the part about corporate profits rising is quite well known here on DU at least."

...but most of the stuff posted is known by most people. Of course, there is the stuff that's inaccurate that passes as fact too. So I'm sure there are a lot of knowledgeable people here, but some things need to/should be and is reiterated over and over.

[Bonobo]

3. Most of us here in GD anyway already know this very well.

But that may because there's less of an echo in here.

[malaise]

4. K & R

for truth

[TBF]

6. I posted about the worldwide effect last night -

you may wish to have this graphic for your files. It shows not only how the 99% are correct, but also that capital is attacking world-wide. Just staggering - here's the money quote: A mere 0.5% of the world's population owns an eye-popping 38.5% of its total wealth. That is even starker than the top 1% here controlling 40% of the wealth. This is what Obama is up against, and what we are up against:

[ProSense]

7. Thanks. n/t

[Zorra]

8. K&R!