 |
According to the report "The ‘Jobless and Wageless Recovery’ From the Great Recession of 2007-2009", by Andrew Sum, Ishwar Khatiwada, Joseph McLaughlin, and Sheila Palma, 88% of the income increase nationwide during 6 quarters since the depression went to corporations and not to wages. In 7 quarters, the number is even higher to 92%. During the period of time, the wages hardly changed.
The recovery process from the last recession is a slow one, where the number of employments was sluggish. Seven months after the recession, less number of people were employed. The hourly wages (-0.2%), weekly earnings (0.7%) and median earnings (1%) hardly changed during the period.
While the recovery is sluggish in terms of employments and wages, the corporate profits went up by $465 billion or up 39%. The stocks surged by 46% (DJA) and 44% (SP50).
In all, the real national income up by $528 billion, 88% went to corporate profits.
Today, there will be a vice presidential debate between Rep. Paul Ryan and VP Joe Biden. Let us hope the debate will bring us to solutions to the nation's jobs and debts problems.
