Posted by
FogCity on Monday, August 28, 2006 6:50:10 PM
"As a result, wages and salaries now make up the lowest share of the nation’s gross domestic product since the government began recording the data in 1947, while corporate profits have climbed to their highest share since the 1960’s."
This breathless quote is from this article in the NYT.
Only they leave one little fact out: Wages and salaries rose faster than the rate of inflation in 2003, 2004 and 2005. Since 2002, this statistic (wages and salaries) has risen 4.8%. Of course, only the NYT could obscure the fact that when the pie grows really fast, everyone benefits...even the wage earners.
(the background data)