Wonder where the money went?
It's there. All there ever was and more. You may not be getting any of it, but it's there. Harold Myerson...
Productivity increased 5.2 percent from the recovery's start in mid-2009 to the end of 2010, he found, but wages rose by a minuscule 0.3 percent. That means just 6 percent of productivity gains have gone to our newly more-productive workers.We're not broke, but something's broken.
Where is the other 94 percent going? To profits, which have been increasing at a record clip for the past three quarters. To funds on the corporations' balance sheets, which the Federal Reserve calculates at nearly $2 trillion. To shareholders. To the companies' stock buybacks.