Verizon ranks high, AT&T low in this year's Consumer Reports survey
State and local governments with sagging budgets give gigantic incentives to companies to locate in their areas

Corporations doing increasing well, while workers and consumers suffer

It was startling to read a Huffington Post article Friday that finance companies are raking in profits.

Money StackCorporate profits reached a record high in the third quarter, and the financial sector is doing particularly well, the article said, quoting a Commerce Department report released Thursday.

The article also said that workers are struggling. Average hourly pay, when adjusted for inflation, has fallen 0.7 percent over the past year, according to the Labor Department. And the unemployment rate in October was 7.9 percent, compared to a low of 4.4 percent in May 2007 before the Great Recession.

Consumers, too, are suffering, with layoffs and foreclosures continuing.

It’s becoming increasingly apparent that, although corporate America brought the country to its financial knees with the housing bubble debacle, it has learned new tricks for making record profits while leaving workers behind.

It’s appalling. Corporations want more and more money for themselves, while requiring employees to work harder for less and gouging consumers.

Americans gave Republicans and corporate America a clear message through the Nov. 6 election – we don’t want a country that runs on policies for corporations and the rich.

However, corporations are continuing on, as though nothing has changed.

An example? Another Huffington Post article said that Goldman Sachs is telling its clients to buy subprime mortgage investments again.

How can such a disastrous history be repeating itself in just four short years?

Workers and consumers need to fight against corporate power by joining together to further their interests.

Among groups that do effective work for consumers are Public Citizen, Center for Science in the Public Interest, U.S. Public Interest Research Group, Environmental Working Group, Consumers Union, and Natural Resources Defense Council.

Copyright 2012, Rita R. Robison, Consumer Specialist

Comments

Feed You can follow this conversation by subscribing to the comment feed for this post.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)