When we look back on this period, someone will have to write a novel that begins with the following sentence: it was the best of times (for corporations), it was the worst of times (for the 99 percent).
And, of course, the best and worst of times are connected.
According to a recent report by Public Campaign [pdf, ht: sm], 30 multi-million-dollar American corporations spent more money lobbying Congress than they paid in federal income taxes between 2008 and 2010, ultimately shelling out approximately $400,000 every day—including weekends—during that three-year period to lobby lawmakers. And, in both 2008 and 2010, they paid even more than that to their top 5 executives.
That’s where corporate profits are going—not to federal income taxes but to lobbying and to corporate executives—which is why it’s the best of times for them and the worst of times for everyone else.