by L.B. Woodgate

Created on: February 15, 2011   Last Updated: September 22, 2011

Perhaps working Americans need to join with the millions still unemployed and create their own Tahrir Square at the corporate entrances of record profiting Fortune 500 companies.

The notion struck me recently that many of us have been pressing the wrong people to create jobs.  Congress really doesn’t work for the people any more, or so it seems.  Most legislation, especially that presented by conservatives, is always aimed at improving Big Businesses’ financial leverage with the belief that fewer restraints on their ability to produce profits will create jobs and sustain and energize a healthy economy.  It’s called trickle down economics and has been presented by every Republican administration and GOP congress for decades as the only solution to our economic woes.

Deregulation, healthy tax cuts for corporations and federal subsidies have been generously laid on the corporate powers in this country by conservative politicos excessively since the end of WWII.  The notion that this has somehow made everyone’s life better was clearly debunked following the collapse of our economy in 2008.  Following the failure of large financial institutions and then their rise again with the aid of federal bailout money, Wall Street is now posting large profits for corporate America; profits so large they have actually set records.

According to a Commerce Department report late last year “American businesses earned profits at an annual rate of $1.659 trillion in the third quarter.   That is the highest figure recorded since the government began keeping track over 60 years ago.”  According to  a piece in the NY Times last year, these profits are in large part the result of productivity rates that are on pace with levels prior to the economy tanking in 2008 but with fewer workers.(Corporate Profits Were the Highest on Record Last Quarter, by Catherine Rampall, NY Times, 11/23/10)

In other words, the banks were failing and credit markets were drying up, businesses had to lay people off.  However, when credit started flowing again as a part of the tax payer bail outs, the crisis was over for most businesses but it wasn’t for the American worker.  The jobs didn’t come back when the credit crunch ended.

Naturally there is a lull in job recovery when economies are trying to get their footing after spiraling downwards for many months.  There is also some understandable reservation

• 1
• 2
• 3
• Next Page >>