And That’s Not Counting Idle Resources

From Steve Benen at Washington Monthly comes this info from the NY Times

These four graphs

From the NY Times’ Floyd Norris

IN the eight decades before the recent recession, there was never a period when as much as 9 percent of American gross domestic product went to companies in the form of after-tax profits. Now the figure is over 10 percent.

During the same period, there never was a quarter when wage and salary income amounted to less than 45 percent of the economy. Now the figure is below 44 percent.

For companies, these are boom times. For workers, the opposite is true.

The bottom two graphs are self-explanatory.

So, we see wages, both in inflation adjusted terms and as a percent of GDP falling and that is not even considering the effect of the idle resources, I’m sorry, that’s the 9 plus percent of unemployed, has as a drag on the economy.

The economic news goes from bad to worse to worser.

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