Corporate profits for US corporations hit record highs in the third quarter.
blue =wages red=profits This chart and more found here
Whew! I kind of wish I hadn’t even seen that chart. Huffington Post reports that special year end bonuses for many companies are in the works ahead of expected 2013 tax increases and of course the S&P 500 has more than doubled since the bottom of the recession.
And how about everybody else?
Average hourly pay, when adjusted for inflation, has fallen 0.7 percent over the past year, according to the Labor Department. And the unemployment rate in October was 7.9 percent — it was at a low of 4.4 percent in May 2007 before the recession.
All this reminds me of an old cartoon from WWII that I saw in a book. It shows a bemedaled general viewing a gorgeous sunrise (or perhaps sunset) and remarking to his aide.”Wonderful sunrise Lieutenant, do the troops have one too?”