American Corporations Have Their Best Quarter Ever• Slate.com
There's good news and bad news on the economic front today. The good news is that corporate profits are through the roof, but the bad news is that it's because "companies have been able to make more with less," meaning they can make just as much money while hiring far fewer people! That means workers (like the woman who told President Obama she's "exhausted") are scrambling to stay employed, while the people at the top of the corporate ladder rake it in. The New York Times reports that "American companies just had their best quarter ever." In the third quarter of 2010, American businesses earned profits at an annual rate of $1.66 trillion, "the highest figure recorded since the government began keeping track over 60 years ago." According to the Times, "corporate profits have been going gangbusters for a while," thanks to "strong productivity growth" (doing more with less) and "the fact that some of the profits of American companies come from abroad," where markets are growing.