Tuesday, May 03, 2011

The Recession: Profits Not Taxes or Wages in the UK, Germany and the USA Were Stoked by Economic Recovery and Bailouts

Nick Pearce of the influential Institute for Public Policy Research (ippr) in Wages, profits and the recovery: cui bono? asks:
"Where has the lion's share of the recovery gone in different countries: real wages or profits? This is a question asked by the Economist this week, off the back of a very interesting briefing note from BCA Research."
The results are clear. Profits in the U.K., Germany and the United States have skyrocketed, as banks and other enterprises stuff their pockets with bailout cash and similar benefits, while taxes are reduced and wages even more so, in comparison, increasing the already gigantic gap between the haves and have nots.

The average wage-earner and citizen is being ripped off royally while a small minority are laughing all the way to the bank.

As the old saying goes, fools and their money are easily parted.

Hat tip to the Alex Harrowell at the blog, A Fistful of Euros.

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