Even amid the most turbulent economic conditions since the Great Depression, US corporate profits are at an all time high, according to a Tuesday report [PDF link] by the US Bureau of Economic Analysis.
At the same time, America’s poor and middle classes are under siege, with a mostly stagnant job market that has shown only marginal signs of improvement.
In spite of meager growth in some sectors, the real unemployment rate remains high, at approximately 1 in 5 Americans.
Yet for seven fiscal quarters running — since President Obama’s election — American corporate profits have shown strong growth.
According to a New York Times analysis, Q3 2010 saw the largest corporate profits in recorded US history, at $1.66 trillion.
The official unemployment rate from the Department of Labor Statistics was nine percent at time of this writing, but another statistic provided by the government, which includes underemployed persons, sat at 17.5 percent in October.
Outside measurements taken in July found that approximately 22 percent of US households had at least one member looking for full-time employment.
But for the wealthy, the best third quarter in history was driven mainly by consumer spending and steadily rising inflation. The Times noted that wages were also slightly up in Q3, which was seen as likely to boost consumer spending during the holidays.
A July report [PDF link] by the Center on Budget and Policy Priorities found that the income disparity between rich and poor in America is at its widest in over 80 years.
The top 1 percent of households in the US have seen a 281 percent rise in after-tax income since 1979, the center found. Meanwhile, the bottom fifth of American earners have seen only a 16 percent increase since 1979: a percentage which doesn’t account for value lost due to inflation.
According to inflation calculations by the Bureau of Labor Statistics, it would take $75,313.71 of today’s money to match the buying power of just $25,000 in 1979.
“The benefits of America’s economic growth since then have mostly gone to a wealthy minority, while the majority of workers have seen their earnings stagnate at best and decline at worst,” writer Chris Farrell noted recently, opining for Business Week. “The long-term trend is toward a small group of financiers, chief executives, professional athletes, entertainers, and other earnings titans pocketing much of the wealth generated by society.”
‘Same lies, but she gets to sit’: Sarah Sanders roasted for taking Fox News job weeks after resigning as top Trump flack
Former White House Press Secretary Sarah Huckabee Sanders, whose dishonesty was so infamous that it even earned a mention in special counsel Robert Mueller's report on Russian interference in the 2016 presidential election, is taking a job at Fox News.
According to journalist Yashar Ali, Sanders has been hired as a contributor and "she'll be making her debut September 6th on Fox & Friends."
NEWS: @SarahHuckabee is joining the Fox News Channel as a contributor.
‘Hypocritical’ Republicans busted for disappearing now that Trump has exploded the deficit
In a "Reality Check" segment on CNN on Thursday morning, contributor John Avlon called out GOP fiscal hawks who have suddenly disappeared from the public square now that a Republican president has exploded the national debt.
Introduced by host John Berman, who asked, "This morning new numbers from the Congressional Budget Office (CBO) confirm it: The national debt and deficit are much worse than thought. So where is the party of fiscal responsibility in times like these?" Avlon broke it down.
"While President Trump was busy proclaiming himself 'the chosen one,' you might have missed more bad news in the form of data," Avlon smirked. "Brand new CBO numbers shows the budget deficit is skyrocketing, projected to rise 25 percent over last year and heading to over $1 trillion next year. Tax revenues are $430 billion below where they were expected to be before the Trump tax cuts while spending in is in drunken sailor territory adding $1.7 trillion in the next decade."
Sarah Huckabee Sanders lands new gig as a Fox News contributor
Sarah Huckabee Sanders is the second former Trump White House press secretary to land a new gig in two days. Huckabee Sanders, who left the White House after saying she just woke up one day and decided that would be the day to quit, will join Fox News as a political contributor.
CNN senior media reporter Oliver Darcy was first to break the news:
Inbox: FOX News Signs Sarah Huckabee Sanders to Contributor Role