(1) Take from the poor and give to the rich, and (2) take the largest fiscal surplus in history and turn it into the largest deficit in history. And that’s just his economics! I’ll leave the rest of the Bush criticizing to another forum. Now back to the chart above: First, of course, I am in favor of strong corporate profits, as long as they are brought about by innovation, efficiency, fair trade, sound accounting, good working conditions, environmental friendliness, etc. Second, I do think that much of the profit boom is related to the positive things I just mentioned, as well as the operating leverage benefits you get coming out of a recession (due to completed “big bath” accounting charges, rising revenue growth rates and rising capacity utilization rates). Still, it’s quite something to see an historical peak in corporate profits as a share of GDP at the same time deficits are hitting record levels and more tax cuts are being pushed through (see Exhibit 2, below).
To me this chart is just another confirmation that the government is currently controlled by a particularly ignorant, selfish and short-sighted gang of destroyers and dividers (not all of them) who ignore their duties and instead focus on their own concerns, which seem mostly to be about keeping their power, plush offices, and pork for their states (and popping their pills if you’re talking about Patrick Kennedy, who’s a year older than I am and used be assault me in school when I was in 1st and 2nd grade). Was there ever a time when the people we elect and pay to represent OUR collective best interests actually do so? Maybe a long, long time ago… in a galaxy far, far away. Cheers!
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