Politics

Corporate Profits at All-Time High; Wages at All-Time Low: Can We Call it Class War Yet?

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By Sarah Jaffe

The middle class is being hollowed out; increasingly, there are the super-super-rich, and there are the rest of us.

This week, David Segal at the New York Times broke the news to America that not only was Apple — the computer and gadget manufacturer formerly seen as a symbol of good old American ingenuity — making its profits on the backs of abused factory workers in China, but also on poorly paid store employees here in the US.

Apple store workers, he wrote, make up a large majority of Apple’s US workforce—30,000 out of 43,000 employees in this country—and they make about $25,000 a year, or about $12 an hour.

Lawrence Mishel at the Economic Policy Institute notes that that’s just a dollar above the federal poverty level. This for a company that paid nine of its top executives a total of $441 million in 2011. ….

Read more » Alternet

http://www.alternet.org/story/156042/corporate_profits_at_all-time_high%3B_wages_at_all-time_low%3A_can_we_call_it_class_war_yet?page=entire#disqus_thread

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