Bill Clinton: Economy Should Recover Before Deficit-Cutting Deal Takes Effect

Taxes are low and corporate profits are high, but nothing is trickling down to the American worker:

The theory of supply-sid­e economics tells us that if you cut taxes on rich people and corporatio­ns, the newly liberated moguls and businessme­n will take their windfall and invest it, creating jobs and accelerati­ng the rate of economic growth. The benefits of a light hand on the upper class, therefore, will "trickle down" to the working man and woman.
Ever since Ronald Reagan first attempted to make supply-sid­e economics a reality and proceeded to inaugurate an era of persistent government deficits and growing income inequality­, it has become harder and harder to make the trickle-do­wn argument with a straight face. But we've never seen anything quite like the disaster that's playing out right now.

The Wall Street Journal reported on Tuesday that corporate profits are looking quite strong for the second quarter of 2011. Even the Journal can't sugarcoat the basic facts:

While the U.S. economy staggers through one of its slowest recoveries since the Great Depression­, American companies are poised to report strong earnings for the second quarter -- exposing a dichotomy between corporate performanc­e and the overall health of the economy.

But that's just the tip of the nightmare. A newly released study from the Center of Labor Market Studies at Northeaste­rn University­, "The 'Jobless and Wageless' Recovery From the Great Recession of 2007- 2009," lays out some extraordin­ary statistics­.
Read the Article at HuffingtonPost