American companies have reported record profits for the third quarter of 2010.
“The nation’s workers may be struggling, but American companies just had their best quarter ever. American businesses brought in $1.66 trillion at an annual rate in the third quarter, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or non-inflation-adjusted terms. Corporate profits have been going gangbusters for a while. Since their cyclical low in the fourth quarter of 2008, profits have grown for seven consecutive quarters, at some of the fastest rates in history. This breakneck pace can be partly attributed to strong productivity growth — which means companies have been able to make more with less — as well as the fact that some of the profits of American companies come from abroad.”
What do you think these profits mean for working people?
More temporary workers instead of full-time positions?
Who should we blame for the hard times facing the American worker?
What a country this is right now.