Did you miss it? The recession is over. When I saw the headlines in the copy of USA Today a while back telling me the recession is over I kind of shock my head and thought, "Not where I live". But this weekend the Wall Street Journal posted the following: “U.S. companies are rebounding quickly from the recession and posting near-historic profits, the result of aggressively re-tooling their operations to cope with lower revenue and an uncertain outlook.
An analysis by The Wall Street Journal found that companies in the Standard & Poor's 500-stock index posted second-quarter profits of $189 billion, up 38% from a year earlier and their sixth-highest quarterly total ever, without adjustment for inflation.” (Oct 3, 2010, Propelling the Profit Comeback by Scott Thurm and Joe Light).
Hmm, did you miss it? The recession is over and Wall Street is doing great. Good thing we helped them out. (It was the adminsitration's plan that you all would invest that income, you know.)
So when does the recovery come to a city where you live? Well, it doesn’t if the profits aren’t being put back in the economy, i.e. jobs. “Third-quarter profits of $189 billion, up 38% from a year earlier”, “the result of aggressively re-tooling their operations” but the ‘retooling’ means cutting jobs not investing in them.
Okay, big business, time to help us all out, right? We’re all in this together, right? What’s good for business is good for America, right? And what’s good for the American worker is also good for Americaright? Right.