So funny. Ireland's economy and government collapses, states continue to face budget deficits, home sales plunge, unemployment remains persistently high, and...what's this?
Corporate Profits Hit All Time High:
American businesses earned profits at an annual rate of $1.66 trillion in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or non-inflation-adjusted terms.
Corporate profits have been going gangbusters for a while. Since their cyclical low in the fourth quarter of 2008, profits have grown for seven consecutive quarters, at some of the fastest rates in history.
Still, most economists say the current growth rate is far too slow to recover the considerable ground lost during the recession.
“The economy is not growing fast enough to reduce significantly the unemployment rate or to prevent a slide into deflation,” Paul Dales, a United States economist for Capital Economics, wrote in a note to clients. “This is unlikely to change in 2011 or 2012.”
Snicker. Paul, it's unlikely to change ever. As I've been writing for well over two years now, the entire point of a recession is to discipline the labor force and boost corporate profits. And both have been achieved splendidly the past few years.
Happy Holidays. Remember to pump some more of your hard earned money (if you have any) into those Big Corporations on Friday, because heaven knows they need it.
Or, in a serious alternative, support Small Business Saturday. Keep your money in your community, and away from any corporation representing on Wall Street. No chains, no big box retailers, no department stores, no online behemoths.
You'd be surprised...it's really not that hard to do.