Friday, November 26, 2010

Corporate Profits Soar, Unemployment Soars

Corporate America Has Best Quarter in U.S. History, as Unemployment Soars

The Tea Party right-wing claims Obama is anti-business, socialist, etc.  despite the fact that Obama's pro-corporate policies, including bailing out failing banks, tax cuts, etc., has allowed corporate profits to soar, while unemployment continues to soar and wages are stagnant:

Even amid the most turbulent economic conditions since the Great Depression, US corporate profits are at an all time high, according to a Tuesday report [PDF link] by the US Bureau of Economic Analysis.
At the same time, America's poor and middle classes are under siege, with a mostly stagnant job market that has shown only marginal signs of improvement.
In spite of meager growth in some sectors, the real unemployment rate remains high, at approximately 1 in 5 Americans.
Yet for seven fiscal quarters running -- since President Obama's election -- American corporate profits have shown strong growth.
According to New York Times analysis, Q3 2010 saw the largest corporate profits in recorded US history, at $1.66 trillion

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