From an extensive review of SEC filings, I found an incredibly high number of 76 Corps
headquartered in the Chicago Area with externally audited under US Generally
Accepted Accounting Principles (US GAAP) After-tax Net Income or Net
Loss from Continuing Operations of at least $100 mil in any of the most recent five fiscal years.
These clearly superb 76 Largest Chicago Area Corps filing with the SEC generated Audited US GAAP Total After-tax Net Income from
Continuing Operations of $39.5 bil
in the most recent fiscal year 2011, which was a profit improvement of
a massive $35.9 bil, or of an increase of 1,013% over the Total
After-tax Net Income of only $3.5 bil generated by these same 76 Largest Chicago Area companies
just
three years earlier in 2008, the last year of the Bush/Cheney
Administration.
So if the
question to be answered is whether, in the aggregate, these 76 Largest
Chicago Area Corps are better off now than they were in the last
year of the Bush/Cheney Administration, the answer is clearly yes, and
by a massive $36 bil better, or more than 10 times better, as audited earnings
performance is measured by the
prestigious US Accounting Profession.
So clearly, this is just great economic news to many Chicagoans. But another key story here relates to the total earnings changes by year.
In
the year before the start of the Great Recession/Near Depression, these 76 Largest Chicago Area Corps
generated Total After-tax Net Income of an impressive $30.6 bil in 2007.
Then the financial meltdown hit and these same 76 Chicago Area companies saw their
Total After-tax Net Income plummet by a massive $27.1 bil, or by 88%, to a Total After-tax Net Income of only $3.5 bil in 2008.
Enter President Obama and both the US House and the US Senate under Democratic control.
Both
the Obama Administration and the Fed worked feverishly on fixing the
financial mess. And the Obama Administration also provided a much
needed Economic Stimulus, which didn't start taking substantial hold until the
latter part of 2009.
This Obama Economic Stimulus was going full throttle in all of 2010.
So,
what was the impact of both the substantial financial fixes and the
Obama Economic Stimulus on these 76 Largest Chicago Area Corps? Well, it
helped these 76 Largest Chicago Area Corps generate $21.2 bil of Total
After-tax Net Income in 2009, which was up $17.6 bil over 2008, and generate $31.7 bil of like earnings in 2010, which was up another $10.5 bil over 2009. Thus in both years of 2009 and 2010 combined, the $27.1 bil of profit reduction in the financial meltdown year of 2008 was more than completely eliminated. Chicagoans clearly know how to get things done.
Further,
these 76 Largest Chicago Area Corps generated Total After-tax Net Income of
$39.5 bil in 2011, an increase of another $7.8 bil, or of 24% over 2010.
But on the downside, there was a total earnings growth deceleration in 2011, and also a very substantial one in the first half of 2012.
I think it is really important that the 2010 Tea Party Election be reversed all over the country in
November 2012, in order to re-accelerate this total earnings growth,
which is so critically needed to spur the country's present tepid real
GDP growth and also needed to spur the presently modest US job creation.
President Obama can't do it alone. He needs a US Congress that will
work with him. And blue States like Illinois can really help here, not
just by voting in more Illinois US Congressional Democrats, but also
by contributing to and helping in campaigns all across the country to
remove from office the many Uncompromising, Very Conservative Republican
members in key US Congressional races like Eric Cantor in Virginia, Michele Bachmann in Minnesota, Allen West in Florida, Steve King in
Iowa, and Larry Bucshon in Indiana.....just to name a few. These
Republicans, strongly supported by the Tea Party, have good intentions,
but with their near singular focus on extreme austerity, they are severely harming the country's economy.
And the 5 similar Illinois Downstate Corporations also did very well, experiencing back-to-back total earnings increases of 101% in 2010 over 2009, and of another 35% in 2011 over 2010.
Below here is the Audited under US
GAAP After-tax Net Income or Net Loss from Continuing Operations for each of these 81 Largest
Illinois
Corps for each of the most recent five fiscal years. The clear majority of
these 81 Corporations have a December
Fiscal Year
End (FYE). The first section below shows the earnings and loss information related
to the 76 Chicago Area Corps. The last section below
shows such earnings and loss information related to the 5 Illinois Downstate Corps.
