by Michael Krieger
Earlier today I came across a fantastic article published at Naked Capitalism by a writer known as Gaius Publius.
Yves Smith introduces the piece with the following poignant passage:
Let us not forget that the “things are going to get worse for you” story also conveniently diverts attention from the degree of rent extraction and looting that is taking place. US corporate profit share of GDP has been at record levels, depending on how you compute if, of 10% of 12% of GDP, when no less than Warren Buffett deemed a profit share of over 6% of GDP as unsustainably high as of the early 2000s. That higher profit share is the direct result of workers getting a far lower share of GDP growth than in any post-war expansion. So the increased hardships that ordinary people face is not inevitable, but is to a significant degree due to the ruling classes taking vastly more than their historical share out of greed and short-sightedness.