georgephillip
Diamond Member
- Dec 27, 2009
- 43,773
- 5,206
"The unemployment crisis has been a godsend for America's superrich, who own the vast majority of financial assets - stocks, bonds, currency and commodities...
"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.
"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:
"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.
"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.
"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"
"Out of work Americans deserve more than unemployment checks - they deserve dividends.
"The rich would never have recovered without them."
Why the Rich Love High Unemployment | Truthout
"America's labor market depression propels asset price appreciation. In the last two years, US corporate profits and share prices rose at the fastest pace in history - and the fastest in the G-7.
"Considering the source of profits, the soaring stock market appears less a beacon of prosperity than a reliable proxy for America's new misery index. Mark Whitehouse of The Wall Street Journal describes Obama's hamster wheel recovery:
"'From mid-2009 through the end of 2010, output per hour at U.S. nonfarm businesses rose 5.2% as companies found ways to squeeze more from their existing workers.
"'But the lion's share of that gain went to shareholders in the form of record profits, rather than to workers in the form of raises.
"'Hourly wages, adjusted for inflation, rose only 0.3%, according to the Labor Department. In other words, companies shared only 6% of productivity gains with their workers. That compares to 58% since records began in 1947.'"
"Out of work Americans deserve more than unemployment checks - they deserve dividends.
"The rich would never have recovered without them."
Why the Rich Love High Unemployment | Truthout