The Guilded Age we’re not supposed to talk about
Income redistribution and class warfare — we haz it. Two Americas. Steve Benen discusses a NYTimes article:
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.
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.
[…] Republicans look at these conditions and, with a straight face, insist that more must be done to intensify these circumstances, and blame President Obama for creating an uncooperative climate for corporations.
Read it all…
Look at the personal wage and salary income vs. corporate profits charts above during the ’90s (Clinton) as compared to the 00′s (Bush). I guess we can ‘fix’ things with more tax cuts for the rich. Right? But the Occupy protesters are the crazy ones…