Think Progress has posted this stomach-turning chart: The red line indicated corporate profits and the blue is the average wage of Americans. As you can see the profits have been sky rocketing to record levels, while wages continue to plummet. CNN Money puts it into words here: In the third quarter, corporate earnings were $1.75 […]
This just makes me sick: JOLIET, Ill. — When it comes to dealing with labor unions, Caterpillar has long taken a stance as tough as the bulldozers and backhoes that have burnished its global reputation. Be it two-tier wage scales or higher worker contributions for health insurance, the company has been a leader in devising […]
Many in our country feel that everything should be privatized, from road repairs to our military. Somehow they feel that corporations, which exist solely to make money, are a cheaper route than the government, which of course isn’t in the profit business. It’s one of the most infuriating and mind boggling ideas out there, and […]
The fed has released their triennial report on American wealth and it’s not good: The recent recession wiped out nearly two decades of Americans’ wealth, according to government data released Monday, with middle-class families bearing the brunt of the decline. The Federal Reserve said the median net worth of families plunged by 39 percent in […]
One big contributor to the housing crash in 2008 was speculation. One of the biggest drivers of oil prices is price speculation. Now President Obama wants to do something about it: President Barack Obama announced Tuesday that he has asked Attorney General Eric Holder to “reconstitute” a task force examining oil and gas speculation. But […]
Some good news on the jobs front: The United States economy gained momentum in January, adding 243,000 jobs, the second straight month of better-than-expected gains. The unemployment rate fell to 8.3 percent, giving a cause for optimism as the economy shapes up as the central issue in the presidential election. The Labor Department’s monthly snapshot […]
Let’s hope this keeps up: The news is all good for the jobs market so far in 2012: Separate reports Thursday showed a surge in private-sector job creation, a sharp drop in weekly unemployment claims and planned layoffs at their lowest level in six months. Though the December data flowing in is sensitive to seasonal […]
This just caught my eye: Sears Holdings Corp. plans to close between 100 and 120 Sears and Kmart stores after poor sales during the holidays, the most crucial time of year for retailers. The closings are the latest and most visible in a long series of moves to try to fix a retailer that has […]
Home ownership is a significant indicator of the health of our economy. One key indicator of how that segment is doing comes from new home construction. November’s numbers actually look pretty good at first glance, jumping to 9.3%, but there is something buried inside that is also troubling: But building permits, a gauge of future […]
This story at the New York Times has me ready to kick kittens: The share of income received by the top 1 percent — that potent symbol of inequality — dropped to 17 percent in 2009 from 23 percent in 2007, according to federal tax data. Within the group, average income fell to $957,000 in […]