Friday, March 25, 2011

Corporate Profits At All-Time High As Recovery Stumbles

So, "we're broke" really means "you're broke, but we're doing great! keep giving us tax breaks."

Socialism for corporations and capitalism for the rest of us!

Corporate Profits At All-Time High As Recovery Stumbles


NEW YORK -- Despite high unemployment and a largely languishing real estate market, U.S. businesses are more profitable than ever, according to federal figures released on Friday.
U.S. corporate profits hit an all-time high at the end of 2010, with financial firms showing some of the biggest gains, data from the federal Bureau of Economic Analysis show. Corporations reported an annualized $1.68 trillion in profit in the fourth quarter. The previous record, without being adjusted for inflation, was $1.65 trillion in the third quarter of 2006.
Many of the nation's preeminent companies have posted massive increases in profits this year. General Electric posted worldwide profits of $14.2 billion, while profits at JPMorgan Chase were up 47 percent to $4.8 billion.

3 comments:

Kevin Scheunemann said...

You will take note, that even if we "confiscate" that 1.68 trillion annualized profit, it will not even cover the Obama budget deficit.

(and in the process we would strip all incentive in the economy and destroy tax revenue for next year...)

Let's put to rest the issue of "greedy corporations". When one entity, the Federal Government, has a bigger spending deficit than the entire annualized profit of the private sector!

Who is the greedy one?

I think its those in DC with covetous OPM addiction.

DanBack said...

I believe Jesus Christ once said something like "give to Cesar what it Cesar's".

Money doesn't make one happy Kevin; why do you worship it so much?

Kevin Scheunemann said...

Dan,

Could you be more precise on how I "worship money"?

I would like to think I don't covet other people's money by taxing it away from them to fund the never ending expansion of government.

Do you covet?