"During the recession of 2007-2009, the real aggregate annualized value of wages and salaries declined steeply, falling from $6,760 billion in the fourth quarter of 2007 to $6,424 billion in the second quarter of 2009, a decline of $336 billion or 5%.
Further reductions in these wage and salary accruals took place through the first quarter of 2010 before reversing course and rising by $124 billion or about 2% by the end of the year.
This implies that aggregate wages and salaries in real 2010 dollars failed to grow over the first seven quarters of the recovery, declining by $22 billion or .3%, the first ever such decline in any post-World War II recovery."
corporate profits (before tax and including capital consumption allowances and inventory change)
Annualized corporate profits in constant 2010 dollars rose very strongly in the first six quarters of the recovery, rising from $1,203 billion in the second quarter of 2009 to $1,667 billion in 2010 IV.
". Between the second quarter of 2009 and the fourth quarter of 2010, real national income in the U.S. increased by $528 billion. Pre-tax corporate profits by themselves had increased by $464 billion while aggregate real wages and salaries rose by only $7 billion or only .1%. Over this six quarter period, corporate profits captured 88% of the growth in real national income while aggregate wages and salaries accounted for only slightly more than 1% of the growth in real national income."
"the first six quarters following the end of the 2001 recession corporate profits captured 53% of the growth in real national income
. In the first six quarters of recovery from the 1990-91 recession, corporate profits experienced no growth
on average corporate profits generated 30 per cent of national income growth during the recoveries from the 1981-82 and 1973-75 recessions.
.
"The absence of any positive share of national income growth due to wages and salaries received by American workers during the current economic recovery is historically unprecedented. The lack of any net job growth in the current recovery combined with stagnant real hourly and weekly wages is responsible for this unique, devastating outcome."
