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HiPointDem

(20,729 posts)

4. yeah, no worries if you live off financial rents.

Reply to JNelson6563 (Reply #3)

Sun Sep 9, 2012, 03:28 AM

Sep 2012

The Financial Sector Now Makes Up A Bigger Share Of The Economy Than Before The Recession

According to the latest data from the Commerce Department, the financial sector now accounts for 8.4 percent of the United States’ Gross Domestic Product, “eclipsing the peak it hit in 2006.” In the 1950s, the financial sector accounted for less than 3 percent of GDP. Meanwhile, financial firms are once again making more than 30 percent of all corporate profits in the U.S.

http://thinkprogress.org/economy/2011/12/14/389487/financial-sector-gdp-recession/?mobile=nc

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Finance sector as percent of US GDP, 1860-present: the growth of the rentier economy [View all] HiPointDem Sep 2012 OP

Isn't this old? It says 2008. dkf Sep 2012 #1

tell me about those big changes. HiPointDem Sep 2012 #2

Nevermind that, get the sackcloth and ashes!1! JNelson6563 Sep 2012 #3

yeah, no worries if you live off financial rents. HiPointDem Sep 2012 #4

This doubling from 1980 argues in favor of raising taxes on investments by a similar amount, and leveymg Sep 2012 #5