Corporate profits are up, consumer income is down, and Orwellian talking points are soaring
July 15, 2011 (Al Jazeera) -- The Associated Press' Paul Wiseman had one of the snappier headlines last week: "The Economic Recovery Turns Two - Feel Better?"
"After previous recessions, people in all income groups tended to benefit," Wiseman wrote. "This time, ordinary Americans are struggling with job insecurity, too much debt, and pay raises that haven't kept up with prices at the grocery store and gas station. The economy's meager gains are going mostly to the wealthiest…A big chunk of the economy's gains has gone to investors in the form of higher corporate profits."
Wiseman quoted David Rosenberg, chief economist at Gluskin Sheff and Associates in Toronto: "The spoils have really gone to capital, to the shareholders."
Karl Marx, call your office.
