Pallava Gogoi at the Huffington Post writes:<\/p>\n
“All but 4 percent of the top 500 U.S. corporations reported profits this year, and the stock market is close to its highest point since the 2008 financial meltdown.”<\/p>\n
Great news, right?!? Unemployment might finally ease a bit, no?<\/p>\n
Well…no.<\/p>\n
Robert Scott, senior international economist at The Economic Policy Institute in Washington, D.C., says, “There’s a huge difference between what is good for American companies versus what is good for the American economy.”<\/p>\n
To illustrate this point, Gogoi notes that:<\/p>\n
“More than half of the 15,000 people that Caterpillar Inc. has hired this year were outside the U.S. UPS is also hiring at a faster clip overseas … Of Coke’s 93,000 global employees, less than 13 percent were in the U.S. in 2009, down from 19 percent five years ago. … DuPont’s work force…in the U.S. shrank by 9 percent between January 2005 and October 2009. In the same period, its work force grew 54 percent in the Asia-Pacific countries.”<\/p>\n
So, on one hand, the S&P is up. On the other, you can’t follow it on CNBC because it’s tough to pay the cable bill when you’re on unemployment.
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