Corporate Profits Were the Highest on Record Last Quarter

[DearAbby]

The nation’s workers may be struggling, but American companies just had their best quarter ever.

American businesses earned profits at an annual rate of $1.66 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or non-inflation-adjusted terms.

Corporate profits have been going gangbusters for a while. Since their cyclical low in the fourth quarter of 2008, profits have grown for seven consecutive quarters, at some of the fastest rates in history.

This breakneck pace can be partly attributed to strong productivity growth — which means companies have been able to make more with less — as well as the fact that some of the profits of American companies come from abroad. Economic conditions in the United States may still be sluggish, but many emerging markets like India and China are expanding rapidly.

Tuesday’s Commerce Department report also showed that the nation’s output grew at a slightly faster pace than originally estimated last quarter. Its growth rate, of 2.5 percent a year in inflation-adjusted terms, is higher than the initial estimate of 2 percent. The economy grew at 1.7 percent annual rate in the second quarter.

More:
http://www.nytimes.com/2010/11/24/business/economy/24econ.html?_r=2&partner=rss&emc=rss

[katnapped]

1. Only proves they need MORE TAX CUTS!!!!! n/t

[gratuitous]

2. Worker productivity higher, wages stagnant, record profits

Workers, as they have been since 1980, are working harder, more efficiently and creating wealth at unprecedented levels. Wages, however, have not even kept pace with inflation, let alone reflected this rise in wealth created. But a few people at the top are making fabulous fortunes, so we have to make sure they're all comfortable and stuff, so let's not tax them an extra three cents on the dollar. Cut social security benefits instead.

Who thinks up this shit, and why are they the only ones who get to talk about it on the teevee?

[Winterblues]

3. Elect a Democrat as President and Corporate Profits SOAR

Somehow I doubt anyone else will make this connection...If Corporations do well it has to be because of Reagan...Has to be...

[ladjf]

4. Tax those greedy sons-of-bitches. It will pay off the deficit among

other things. nt

[DearAbby]

5. America starves as executive pay rockets:

50MILLION people go hungry while Wall Street fatcats take home millions

A record one in six American families went hungry last year because they did not have enough food, a shock survey has revealed.

Some 17.4million U.S. households - 50 million people - were classified as ‘food insecure’ which meant they regularly skipped meals even if they wanted to eat.

Others went for entire days without eating and handed round smaller portion sizes to make their meagre offerings suffice.

The news comes as it is revealed that top U.S. executives saw their pay and bonuses shoot up last year in the face of the worst recession for 80 years.

The highest paid bosses received an average of $1.6million (£1million) as a bonus on top of their basic remuneration, an increase of 11 per cent.

Salaries rose by just 3 per cent but that still meant the typical executive took home $7.2million (£4.4million).


Read more: http://www.dailymail.co.uk/news/article-1330254/50MILLION-Americans-starve-Wall-Street-executive-pay-rockets.html#ixzz167vIPM9Q