continued Pat Garofalo, an economist who writes for both The Nation and U.S. News and World Report, average annual corporate profit growth under Obama is the highest since 1990, whereas profit growth declined during both Bush presidencies.
And while Obama claims to care about America’s dwindling “middle class,” this profit deluge has not been shared by workers whose wages as a percentage of the economy have fallen to all-time lows. Workers also got dinged by the recent re-institution of the payroll tax which was large enough to wipe out a minimum-wage increase in some states.
Obama’s corporate cabal
A few days after he was elected in 2008, I wrote, “For a reputed socialist, Obama enjoys a curious quantity of capitalist backing.
“Though Rush Limbaugh worries that the new president will wildly increase entitlement programs for the poor, what should really concern us is that Obama’s corporate cabal will continue waging that awful war in Iraq, juggle the economy to benefit the rich and prevent investigations into insider wheeling and dealing.”
A month before his reelection last year, I wrote, “On the surface, Obama looks like a licentious liberal, but take a gander at his campaign contributors, and you’ll see a president beholden not to the little people but to big bucks…Obama clearly favors Wall Street over Main Street.”
I’m sad to say I told you so.