Economics/Class Relations

Coronavirus pandemic brings boom times for swaths of corporate America

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It is obvious enough that “big capital” is using the pandemic as a means of eliminating its competition from “small capital” and the petite bourgeoisie, which is why it is not surprising that right-libertarians and small “c” conservatives, for whom small capital is a primary constituent, are the most outspoken opponents of lockdowns. It is also clear that the function of the lockdowns is to protect the health of the affluent classes on the backs of the poor and working-class, who can merely “eat cake” in the view of the power elite. Yet another obvious fact is that the state and its allies in the white coat priesthood (“science” and “medicine”) are using the pandemic as a pretext for the extension of their tentacles.

By Courtenay Brown, Axios

Not only are corporate earnings coming in above Wall Street’s expectations, but a large swath of corporate America is making more money now than before the pandemic hit.

By the numbers: Earnings season is nearly over. Of the companies that have reported quarterly results, 52% saw bigger profits compared to this time last year, according to data provided to Axios by FactSet.

What’s going on: The pandemic has forced new habits that has allowed some companies to fare even better than in normal economic conditions — against the bleak backdrop of a virus that’s killed hundreds of thousands of Americans and left millions in financial ruin.

  • The profit improvements come as lockdowns eased. In the March to May quarter, roughly 38% of the S&P 500 saw year-on-year improvements in profits, per FactSet data.
  • And, it’s not just Big Tech companies that have benefited from circumstances created by the pandemic. There are S&P companies across all sectors getting a boost from the “coronavirus new normal.”

Categories: Economics/Class Relations, Health and Medicine

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