Exxon Mobil Profits Up 250 Percent Since 2000, American Worker Wages Stagnate
The winners and losers of the Bush years are now clear.
Today, Exxon Mobil announced third-quarter profits of $14.83 billion, the most profitable three months of any U.S. company in history.
These profits represent annual profits over 250 percent of company earnings at the beginning of the Bush years. Over the same period, real average wages for the American worker have stayed essentially flat, growing only 2 percent over eight years.
Real median household income was lower in 2007 (last data available) than it was in 2000, after growing 13 percent from 1992 to 2008.
These huge oil company profits come even as the American economy has shrunk 0.3% and slides into recession.
Sen. John McCain’s (R-AZ) plan to solve this crisis? A budget-busting tax plan that would give a $1.2 billion tax break to Exxon Mobil ($4 billion for America’s largest oil companies) and give nothing to over 100 million Americans.