It has been the golden age for corporate profits, especially among multinational giants that are also benefiting from faster growth in emerging economies like China and India. Even with record profits and corporate expansion in global markets none of the profits are being shared here at home. There has been no increase in job growth for American workers. Until America puts its workers back to work our economic recovery will be at a standstill.
As a percentage of national income, corporate profits stood at 14.2 percent in the third quarter of 2012, the largest share at any time since 1950, while the portion of income that went to employees was 61.7 percent, near its lowest point since 1966. Corporate incomes have risen at an annualized rate of 20.1 percent since the end of 2008.
Even with profits which have never been so high before many corporations are cutting jobs by the thousands, corporations are demanding more and more productivity from their employees and in turn make more profit. sadly they reward this productivity by cutting more and more jobs. There is nothing more rewarding as to be a hard worker and then losing your job for your efforts.
When companies do increase their number of employees it is usually overseas where they can exploit the workforce, by paying poor wages, working them long hours, no insurance, pensions etc. All for more profits for the greedy corporations.
As Christmas season is upon us please try and not fall into the corporate swindle, limit the cost and number of gifts that you purchase. Try to buy made in America whenever you can. It is worth paying a little more for an item if it keeps someone in America working. Remember the people that cannot afford Christmas because their job was replaced by cheap labor overseas.
Hopefully in the New Year we all can put pressure on our elected officials to make changes in our laws to protect American labor. Demand that America brings back the tariff, reward companies that keep American workers working and punish those corporations that do not. Stop the FREE tax breaks and start making GE for example pay their fair share of taxes when this company pays $0 in taxes. If we can change some of the laws and get people back to work, our economy will recover. The middleclass is what drives our economy, they are the buying power in America and the corporations are the drain on our economy, our pocket books and our children's future. Think about it and do what you can to help change the future so it will be bright for all Americans.
Merry Christmas To All,
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