Bumper corporate profits helped prevent mass layoffs and a recession, says leading economist

• Companies have come under fire for price gouging and underpaying workers in a tough economy.
• Bumper profits helped prevent mass layoffs and a recession, said Mark Zandi of Moody's Analytics.
• Flush companies retained workers, which shored up consumer spending, the economist said.

Critics of Corporate America have accused companies of fueling inflation by excessively raising prices, and exploiting workers by paying them peanuts when they're having to spend more on essentials and interest every month.

Corporations have certainly come out ahead. After-tax profits hit a record high of $2.8 trillion in the fourth quarter, per the Commerce Department.