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Data: Federal Reserve Bank of St. Louis; Chart: Axios Visuals

Dating back to the 1940s corporate profits and labor rose and fell together, reflecting the general growth of the economy, note economists at the St. Louis Fed:

"The past decade and a half seems to be different, though. Never have corporate profits outgrown employee compensation so clearly and for so long."

What's happening: Capital Economics chief economist Neil Shearing says the change has to do with a shift in incentives for decision makers at large companies.

  • "There are a whole raft of structural shifts in the developed world over the last 30 years that have weakened the power of unions ... and basically shifted more of the share of income of labor to corporates and rather than being used for investment it's just jacked up share prices."
  • "If you get to a world of more equal distribution of labor it ... would be terrible for the stock market, but it would help to address some of the more social, distributional type issues."

Go deeper: Walmart CEO calls on Congress to increase "lagging" federal minimum wage

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20 Republican former U.S. attorneys endorse Biden, call Trump "a threat to the rule of law"

Photo: Mandel Ngan/AFP via Getty Images

Twenty Republican former U.S. Attorneys on Tuesday endorsed Joe Biden while saying that "President Trump's leadership is a threat to rule of law" in the U.S., the Washington Post reports.

What they're saying: In the letter, the former prosecutors criticize Trump's use of the Department of Justice, saying the president expects the DOJ to "to serve his personal and political interests."

  • "He has politicized the Justice Department, dictating its priorities along political lines and breaking down the barrier that prior administrations had maintained between political and prosecutorial decision-making," the letter says.
Updated 44 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse — The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals — 13 states set single-day case records last week.
  3. Business: Winter coronavirus threat spurs new surge of startup activity.
  4. Media: Pandemic causes cable and satellite TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events.
  6. World: Unrest in Italy as restrictions grow across Europe.

Ted Cruz defends GOP's expected return to prioritizing national debt

Sen. Ted Cruz (R-Texas) told "Axios on HBO" on Monday that he wishes reining in the national debt was a higher priority for President Trump.

Why it matters: Trump pledged during the 2016 campaign to reduce the national debt and eliminate it entirely within eight years, though he also deemed himself "the king of debt" and said there were some priorities that required spending. In the fiscal year that ended in September, the deficit reached a record $3.1 trillion.