Recovery turns 2: Feel better yet?

With rank-and-file workers far more dependent on regular wages and benefits, a big chunk of the economy's gains has gone to investors in the form of higher corporate profits.

"The spoils have really gone to capital, to the shareholders," says David Rosenberg, chief economist at Gluskin Sheff + Associates in Toronto.

Corporate profits are up by almost half since the recession ended in June 2009. In the first two years after the recessions of 1991 and 2001, profits rose 11 percent and 28 percent, respectively.

And an Associated Press analysis found that the typical CEO of a major US company earned $9 million last year, up a quarter from 2009.

Driven by higher profits, the Dow Jones industrial average has staged a breathtaking 90 percent rally since bottoming at 6,547 on March 9, 2009. Those stock market gains go disproportionately to the wealthiest 10 percent of Americans, who own more than 80 percent of outstanding stock, according to an analysis by Edward Wolff, an economist at Bard College.

But if the Great Recession is long gone from Wall Street and corporate boardrooms, it lingers on Main Street.

Kathleen Terry is one of those who had to settle for less. Before the recession, she spent 16 years working as a mortgage processor in Southern California, earning as much as $6,500 in a good month, a pace of about $78,000 a year.

But her employer was buried in the housing crash. She found herself out of work for two and a half years. As her savings dwindled, the single mother had to move into a motel with her three daughters.

They got by on welfare and help from their church and friends. Terry started taking a 90-minute bus ride to job training courses. Eventually, she found work as a secretary in the Riverside County employment office. She likes the job, but earns just $27,000 a year. "It's a humbling experience," she says.

Hard times have made Americans more dependent than ever on social programs, which accounted for a record 18 percent of personal income in the last three months of 2010 before coming down a bit this year. Almost 45 million Americans are on food stamps, another record.

Ordinary people are suffering because of the way the economy ran into trouble and how companies responded when the Great Recession hit.

Soaring housing prices in the mid-2000s made many feel wealthier than they were. They borrowed against the inflated equity in their homes or traded up to bigger, more expensive houses. Their debts as a percentage of their annual after-tax income rose to record highs.

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Recovery turns 2: Feel better yet?
Recovery turns 2: Feel better yet?

"The spoils have really gone to capital, to the shareholders," says David Rosenberg, chief economist at Gluskin Sheff + Associates in Toronto. Corporate profits are up by almost half since the recession ended in June 2009. In the first two years after



Southern Tier HealthLink Begins Offering Records Exchange Between Practices

Dr Afzal ur Rehman, President of Cardiology Associates said, “Our patients will benefit from the speed and accuracy of electronic healthcare record transmission. Cardiology Associates providers and staff are very excited to be a part of this



Hirthler, Kline win NASCAR features at Grandview

Ron Kline did a good thing on Saturday night at Grandview Speedway when he drove his Curt J. High & Associates/V&M Towing sponsored No.3 to victory in the Curt J. High & Associates sponsored Firecracker 40 for the Late



Health Management Associates, Inc. Executes Definitive Agreement to Acquire ...

"Health Management has a proven track record of investing both human and financial resources in its hospitals so that they can fulfill their local missions of delivering superior health care services. As such, it has earned the national reputation of



Access America promotes Ellington

Bill Spight and Tracy Quesinberry have joined the industrial division of March Adams & Associates, a Chattanooga engineering firm. Spight will be working on international projects. A 1994 graduate of Hampton University, Spight resides in Ooltewah with




Get More Facebook Friends: Everything You Need To Learn – Where ...

When you primary go onto Facebook you glimpse at your tiny associates record and you also feel it looks fairly pathetic that you’ve next to no associates. You can really feel such as the new kid at college who knows nobody and just wanders around feeling lost till steadily you receive to know additional persons. So right here are some recommendations to assist you get more Facebook friends and quickly.

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A real important to getting additional associates would be to be lively on the site and don’t feel that they shall arrive for you. You have to go looking to seek out persons but just don’t forget that everyone was in this boat after they primary joined and they as well had to scramble around looking for associates in the exact way.

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Conan Neutron I am deeply sorry that this tweet does not include a reference to the new Victory and Associates record, or to turntable.fm. Don't be sad.


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Max Friar Letter of Recommendation for Rua Associates by Proactive Record Copy Solutions. Sometimes it is not what WE say about …


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Record Associates - Bookshelf

Linux network administrator's guide

Linux network administrator's guide

CNAME This record associates an alias with a host's canonical hostname. It provides an alternate name by which users can refer to the host whose canonical ...

The record

The record

During the year fifteen copies of the Girls' Friendly Magazine were subscribed for, and three Associates' Records. Our meetings will close for the summer ...

Birth, marriage, divorce, death--on the record, a directory of 288 primary sources for personal and family records in the 50 States and overseas areas where the U.S. has jurisdiction

Birth, marriage, divorce, death--on the record, a directory of 288 primary sources for personal and family records in the 50 States and overseas areas where the U.S. has jurisdiction


Manual for the preference record

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Engineering news-record

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1299 associate members. 579 associates. 18 honorary members and 657 students, together 3.770 of all classes. At the same period last vear the numbers of the ...

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