In spite of tens of thousands of pages of employment law? How's that happen?
Rs blew up the economy which has made people desperate. Its a crying shame what your party did to this country.......and worse, that you continue to shill for them.
Corporate profits hit all-time high as wages drop to record low
At $1.75 trillion, U.S. corporate profits hit an all-time high in the third quarter, accounting for 11.1 percent of the country’s GDP.
The profit jump, revealed by revised GDP numbers from the U.S. Department of Commerce for the period from July-September 2012, marks an 18.6 percent increase from the same time last year.
Meanwhile, wages for workers hit an all-time low in the third quarter, falling to 43.5 percent of GDP.
While still a huge portion of economic activity, CNN Money points out that until 1975, wages accounted for at least half of GDP. In 2001, worker wages made up 49 percent of U.S. GDP.
Robert Brusca, economist with FAO Research in New York, told CNN Money that the relationship between profits and labor costs is naturally antagonistic:
"That's how it works. If one gets bigger, the other gets smaller."
Click here to read more about the new GDP numbers on CNN Money.
Lauren Hepler covers economic development, sports, and hospitality for the Silicon Valley Business Journal. She can be reached at 408.299.1820
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