Click amount to donate direct to CounterPunch
  • $25
  • $50
  • $100
  • $500
  • $other
  • use PayPal
Please Support CounterPunch’s Annual Fund Drive
We don’t run corporate ads. We don’t shake our readers down for money every month or every quarter like some other sites out there. We only ask you once a year, but when we ask we mean it. So, please, help as much as you can. We provide our site for free to all, but the bandwidth we pay to do so doesn’t come cheap. All contributions are tax-deductible.
FacebookTwitterGoogle+RedditEmail

Who’s Talking About Corporate Profits?

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.

More articles by:
October 15, 2018
Rob Urie
Climate Crisis is Upon Us
Conn Hallinan
Syria’s Chessboard
Patrick Cockburn
The Saudi Atrocities in Yemen are a Worse Story Than the Disappearance of Jamal Khashoggi
Sheldon Richman
Trump’s Middle East Delusions Persist
Justin T. McPhee
Uberrima Fides? Witness K, East Timor and the Economy of Espionage
Tom Gill
Spain’s Left Turn?
Jeff Cohen
Few Democrats Offer Alternatives to War-Weary Voters
Dean Baker
Corporate Debt Scares
Gary Leupp
The Khashoggi Affair and and the Anti-Iran Axis
Russell Mokhiber
Sarah Chayes Calls on West Virginians to Write In No More Manchins
Clark T. Scott
Acclimated Behaviorisms
Kary Love
Evolution of Religion
Colin Todhunter
From GM Potatoes to Glyphosate: Regulatory Delinquency and Toxic Agriculture
Binoy Kampmark
Evacuating Nauru: Médecins Sans Frontières and Australia’s Refugee Dilemma
Marvin Kitman
The Kitman Plan for Peace in the Middle East: Two Proposals
Weekend Edition
October 12, 2018
Friday - Sunday
Becky Grant
My History with Alexander Cockburn and The Financial Future of CounterPunch
Paul Street
For Popular Sovereignty, Beyond Absurdity
Nick Pemberton
The Colonial Pantsuit: What We Didn’t Want to Know About Africa
Jeffrey St. Clair
The Summer of No Return
Jeff Halper
Choices Made: From Zionist Settler Colonialism to Decolonization
Gary Leupp
The Khashoggi Incident: Trump’s Special Relationship With the Saudi Monarchy
Andrew Levine
Democrats: Boost, Knock, Enthuse
Barbara Kantz
The Deportation Crisis: Report From Long Island
Doug Johnson
Nate Silver and 538’s Measurable 3.5% Democratic Bias and the 2018 House Race
Gwen Carr
This Stops Today: Seeking Justice for My Son Eric Garner
Robert Hunziker
Peak Carbon Emissions By 2020, or Else!
Arshad Khan
Is There Hope on a World Warming at 1.5 Degrees Celsius?
David Rosen
Packing the Supreme Court in the 21stCentury
Brian Cloughley
Trump’s Threats of Death and Destruction
Joel A. Harrison
The Case for a Non-Profit Single-Payer Healthcare System
Ramzy Baroud
That Single Line of Blood: Nassir al-Mosabeh and Mohammed al-Durrah
Zhivko Illeieff
Addiction and Microtargeting: How “Social” Networks Expose us to Manipulation
ADRIAN KUZMINSKI
What is Truth?
Michael Doliner
Were the Constitution and the Bill of Rights a Mistake?
Victor Grossman
Cassandra Calls
Ralph E. Shaffer
Could Kavanaugh’s Confirmation Hearing Ended Differently?
Vanessa Cid
Our Everyday Family Separations
Walaa Al Ghussein
The Risks of Being a Journalist in Gaza
Ron Jacobs
Betrayal and Treachery—The Extremism of Moderates
James Munson
Identity Politics and the Ruling Class
P. Sainath
The Floods of Kerala: the Bank That Went Under…Almost
Ariel Dorfman
How We Roasted Donald Duck, Disney’s Agent of Imperialism
Joe Emersberger
Ecuadorian President Lenin Moreno’s Assault on Human Rights and Judicial Independence
Ed Meek
White Victimhood: Brett Kavanaugh and the New GOP Brand
Andrew McLean, MD
A Call for “Open Space”
FacebookTwitterGoogle+RedditEmail