Monday, March 15, 2004

The Wecovery: Say, what about my bottom line? 

As always, the numbers tell the story:

While Washington has showered tax cuts on U.S. businesses to spur them to grow, executives have not created new jobs or shared their increased prosperity with workers. Instead, the tax benefits largely have fattened companies' bottom lines. The growing disparity between corporate and worker fortunes requires a re-examination of strategies for stimulating the economy.

Corporate profits are up 30% since the end of the 2001 recession, according to the Commerce Department (news - web sites). And dividends paid by the Standard & Poor's 500 companies have increased 19% in the past two years. By contrast, 2.3 million jobs have disappeared since 2001. And weekly earnings for the average worker in 2003 rose just half of one percent in two years, after adjusting for inflation, the Labor Department (news - web sites) reports.

Uh, maybe that's why corporate profits were up? Out of my pocket into theirs?

Those were not the results corporate lobbyists promised in 2003 when they won $148 billion in pro-business tax cuts over five years.
(via USA Today)


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