Only oligarchs benefit from rising productivity

By Michael Fraase

Saturday, 01 June 2002 02:59PM CST

Section: Business

By now, news of the first quarter financial results for the U.S. economy, like this Associated Press report, has had time to trickle down, so to speak.

Productivity during the first quarter grew at an annualized rate of 8.4%, the strongest in almost 20 years. This metric is especially interesting in light of continuing large-scale layoffs throughout the various sectors of the economy. As a result of fewer people working, the number of hours worked fell at a rate of 2.1%.

Predictably, stocks rose.

The question that’s not being asked in the mainstream media is, “Who benefited from that astounding productivity boost?” The question’s not being asked because the answer is not pleasant. The answer is the same ugly turd in the economic punchbowl it’s always been: “anywhere but the pockets of those responsible for the gains.”

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