Year of Record Profits Continue for Economic Elites

North American media continues to report the wholesale plunder of American society by powerful corporate elites. With little in the way of public systems to stop them do we expect anything else?

I know how to help: we should give more tax breaks to corporations and the wealthy, cut funding to education and eliminate working class negotiating rights. I bet that will help bridge the gap in power and influence between the hyper-rich and the rest of us.

From Slate.com:

On Friday the federal government released the latest chapter of a year-old economic mystery: If you're a corporation, the economy is great. If you're a worker, the economy is still pretty horrible. According to the Bureau of Economic Analysis, real corporate profits neared an all-time high in the last three months of 2010, with companies raking in an annualized $1.68 trillion in pre-tax operating profits. (After tax, that comes to $1.25 trillion, about equal to the GDP of India.) The Federal Reserve estimates that companies are sitting on about $1.9 trillion. At the same time, unemployment remains at 8.9 percent, and job growth is still anemic.

Read More Here   [ h/t Jodi Dean ]