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- Title
Profit Shares Defy Projections, Not Coming Down.
- Authors
BAKER, DEAN
- Abstract
The article discusses the revisions to the third quarter growth data, which show that the GDP grew at a faster rate than initially reported. While economists were projecting a recession, the economy has been performing well, with job growth, moderate wage growth, and a boom in factory construction. However, one concerning aspect is the rise in the profit share of national income, which remains elevated compared to pre-pandemic levels. The article highlights the need to address this issue and clarifies that inflation is not caused by excessive wage growth. Additionally, it mentions that corporate tax rates have risen under the Biden administration, which is seen as a positive development.
- Subjects
PROFIT-sharing; WAGE increases; TAXATION of corporate profits; WAGE decreases
- Publication
CounterPunch, 2023, p1
- ISSN
1086-2323
- Publication type
Article