Who’s Talking About Corporate Profits?

by QUENTIN GEE

Around this time last year, both the New York Times and the Washington Post reported that annualized third quarter corporate profits broke records, bringing in an excess of $1.66 trillion, leading to outcries from liberal circles about corporate excess while American families were struggling. The data were released by the Commerce Department’s Bureau of Economic Analysis (BEA), which they do quarterly.

As we all know, the recent Occupy movements have made corporate profits in hard times a focal point for their outrage, and the 2010 BEA news release along with coverage from media outlets certainly played a role in bringing attention to the matter.

But there’s been no coverage of the 2011 BEA news release, which was put up on November 22. Why not? Is there something even more disturbing in there? Well, take a look. The numbers are right there in Table 11, the same table the New York Times cited in 2010. The 2011 annual rate of corporate profit is $1.98 trillion. To be fair, it’s not as big of an increase from last year, since the BEA corrected the 2010 profits to $1.83 trillion after all the numbers came in.

Let’s be clear on the numbers. Corporate profits are $1.98 trillion and there are 13.9 million unemployed people in the United States. That means that corporations are scheduled to profit at a rate of $142,000 per unemployed person. It looks like “job creators” could hire all unemployed people for a $45,000 per year salary and still have about $1.35 trillion to spare.

So now the inevitable questions arise. Who’s reporting on this issue? Is someone worried that the Occupy movements might get word and get even more outraged? Certainly such news is news-worthy. Given that, there are two possibilities here. One is that popular media outlets don’t want to rile up the Occupy movement any more than it currently is. The other is that they simply haven’t looked at the information closely due to incompetence, since they could surely sell more papers by making actually reporting on it.

Quentin Gee is a Graduate Student in Philosophy at UC Santa Barbara.

Like What You’ve Read? Support CounterPunch
August 27, 2015
Sam Husseini
Foreign Policy, Sanders-Style: Backing Saudi Intervention
Brad Evans – Henry A. Giroux
Self-Plagiarism and the Politics of Character Assassination: the Case of Zygmunt Bauman
Peter Lee
Making Sense of China’s Stock Market Meltdown
Paul Craig Roberts
Wall Street and the Matrix: Where is Neo When We Need Him?
Kerry Emanuel
The Real Lesson of Katrina: the Worst is Yet to Come
Dave Lindorff
Why Wall Street Reporting is a Joke
Pepe Escobar
Brave (Miserable) New Normal World
Ramzy Baroud
‘Islamic State’ Pretence and the Upcoming Wars in Libya
Paul Edwards
Capitalism Delenda Est
Norman Pollack
The Political Culture of Rape in America: Further Thoughts on the St. Paul’s School Case
Stephen Lendman
The Monied Interests That Run America
Pedro Aibéo
Democratizing Finance (With Bitcoin?)
Alfredo Acedo
Climate Change and Capitalism: Challenges of the COP21 Paris and Climate Movements
August 26, 2015
Paul Street
Overworked and Out of Time: a Democracy Issue
Sharmini Peries - Michael Hudson
Behind the Market Crash: the Smoke and Mirrors of Corporate Buybacks
David Mihalyfy
Reform Higher Ed? Treat Badmin Like Bankers
Ruth Hopkins
Police Shootings in Indian Country: Justice or Else!
Gary Leupp
ISIL Advances While Its Foes Cannot Unite
Fred Gardner
The Psychiatrist’s Bible: Defining ‘Marijuana Use Disorder’
Yorgos Mitralias
The Catastrophic International Consequences of the Capitulation of Syriza and the Criminal Responsibility of Mr. Tsipras
Walter Brasch
Katrina: a 10-Year Review
Jim Connolly
Seven Questions and Seven Answers: a Sandernista Makes Reasonable Predictions About the 2016 Contest for the Democratic Presidential Nomination
Pedro Aibéo
Selling Austerity to Finland
Franklin Lamb
Heritage Destruction in Syria is a War Crime
Binoy Kampmark
Tourism’s Disaster Temptation: the Case of Nepal
Jeffrey D. Pugh
Trial by Fire for Ecuador’s President Correa
Vacy Vlanza
A Palestinian Novel Par Excellence
Alvaro Huerta
Confessions of an ‘Anchor Baby’: Open Letter to President Donald Trump
August 25, 2015
Gary Leupp
Why Donald Trump is So Scary
Jonathan Cook
Israel’s Thug at the UN
Steve Early
How “Brother” Bernie is Making Labor’s Day
Carl Finamore
An Affordable Housing Victory: High-End San Francisco Development Implodes
Henry Giroux – Chuck Mertz
The Spectacle of American Violence and the Cure for Donald Trump
Robert Eisinger
Trivializing Anti-Semitism
Brian Platt
It is Time We Discussed Abolishing the Police
Alexander Reid Ross
Trump the Fascist
Nicola Perugini - Neve Gordon
Mohammed Allan at the Door of the Israeli Supreme Court
Ted Rall
The United States of Stupidity
Heather Gray
A Message to American Mothers About Sex in the Military
Jo Leinen – Andreas Bummel
How to Democratize the UN
Lawrence Davidson
The Iran Agreement and Israel’s Claim to Speak for the Jews
Mark Hand
A Well Pad Next to Every 3-Car Garage: Suburban Sprawl Collides with Texas Frack Jobs
John Laforge
U.S. Bows Out After Plowshares Conviction is Vacated: Appeals Court Ill-Informed on Nuclear Overkill
Norman Pollack
Gender Freedom and Sexual Liberation: The St. Paul’s School Case
Kathy Kelly
Let It Shine