Stephen C. Webster
The Raw Story
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 a New York Times analysis, Q3 2010 saw the largest corporate profits in recorded US history, at $1.66 trillion.
The official unemployment rate from the Department of Labor Statistics was nine percent at time of this writing, but another statistic provided by the government, which includes underemployed persons, sat at 17.5 percent in October.
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