As the right wing continues to rage and sputter about Obama being a socialist and a Marxist who hates capitalism and wants to bring the entire American economy to its knees, Bloomberg News reports that corporate profits have been higher than at any time since WW2 under Obama:
U.S. corporations’ after-tax profits have grown by 171 percent under Obama, more than under any president since World War II, and are now at their highest level relative to the size of the economy since the government began keeping records in 1947, according to data compiled by Bloomberg.
Profits are more than twice as high as their peak during President Ronald Reagan’s administration and more than 50 percent greater than during the late-1990s Internet boom, measured by the size of the economy.
Socialism: You’re doing it wrong. Some of this has little to do with Obama, of course. Borrowing costs are virtually nil the last few years and labor cost is incredibly low (which doesn’t stop many from screaming that they must be made lower, of course). And so are corporate taxes at an all time low (effective rate, not marginal rate). But this idea that Obama is trying to destroy business is beyond ridiculous.