Mike
Well-known member
:lol: :lol: :lol:
Didn't happen did it? No? Didn't think so...........................
In his State of the Union address on Jan. 25, 2011, President Barack Obama suggested that the economy is in recovery mode.
"We are poised for progress," the president told a joint session of Congress. "Two years after the worst recession most of us have ever known, the stock market has come roaring back. Corporate profits are up. The economy is growing again."
We decided to see if corporate profits are indeed up in the past two years.
Statistics on corporate profits are calculated by the U.S. Commerce Department's Bureau of Economic Analysis. They are determined both on an annual and a quarterly basis.
According to BEA, corporate profits -- officially known as "corporate profits with inventory valuation and capital consumption adjustments" -- were as follows:
2007: $1.511 trillion
2008: $1.263 trillion
2009: $1.258 trillion
Didn't happen did it? No? Didn't think so...........................