An Economic Recovery … Of Profits

It seems like every day we are told how great the Biden administration has been for the economy. But it is only the super rich and the corporations that are doing great. Many corporations made record profits in the last two years, especially when inflation was at its peak. Their profits came down a little from these record highs, but are now going back up again. And the richest 10% of people in the U.S. have never been wealthier, with incomes soaring during the pandemic.

But what about for the rest of us — for working people and our families? The cost of living still remains much higher than before the pandemic, rising way faster than any of our wages. This year the average U.S. worker will spend an extra $8,500 per year because of inflation, and that doesn’t even include whatever extra we are spending on housing.

This economic recovery has nothing do with the lives of working people. The only thing this system cares about is the recovery of profits