Corporations make record profits

Published on Tuesday, November 23, 2010 by Firedoglake.com

Corporations Show Largest Profits in History Amidst Jobs Crisis

by David Dayen

According to revised statistics, the US economy grew at a faster rate than first expected, up to 2.5%. Earlier growth in Q3 2010 was estimated at 2%. But the entire problem with looking at this topline number is reflected in these three paragraphs:

But the most recent increase in GDP still isn’t strong enough to make a dent in the country’s high unemployment rate, stuck at 9.6% in recent months. Analysts say GDP growth of at least 3% is needed to bring down the jobless figure, but many don’t expect the economy to perform that well in the fourth quarter or early next year.

That’s right. Despite record unemployment, and no hope for reductions clearly in sight, corporations have experienced all-time record profits , the highest since the Commerce Department started tracking the figure 60 years ago. They’ve learned to produce as many or more goods without workers.

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