Every once in a while, you run into a person that personifies something you have been saying or thinking.
I found just that person:
“Nick Hanauer” and his TED TALK “Rich people don’t create jobs”
It is the first time that I know a TED TALK had been banned from being published.
Later released by a high level of public pressure at a later time. Please enjoy.
Oh… how true it is that if they created jobs with those tax breaks, there would be no unemployment to speak of.
What do they do with the money is a topic I have been trying to speak of here. They spend it not on building a better mousetrap. That would employ more folks and bring more competition. It would even create more tax revenue.
They take that money we gave them in tax relief and buy other company’s out (merger and acquisition) and reduces competition and employment by getting rid of duplicate jobs within the organization. This brings even higher profits and less jobs. Jobs are always a hindrance to profits.
The problem has become so bad now, at the point where we are right now , there are not enough folks working to pay the taxes so tax rates need to go up on the working class. And they now have less to spend and the rich can only get richer if they keep extracting more by paying less taxes and that game will be played till they pay nothing. Then what ?
Since we really don’t have the ability to tax the middle class enough to make-up for what we have been cutting taxes on the rich, we only get higher deficits. The rich make such a big deal about the deficits as only to constrain spending in the government in enforcement of regulation as they do not want the government looking over their shoulder.
We have plenty of rules and regulation, yes we do, and they were put there only because corporate America has miss-behaved before and they wish to do it again. You know, that pesky old “RED TAPE” that is keeping them from creating jobs ! When really, it is keeping them from making higher profits. More often than not those RED TAPE rules create jobs if you can believe that. But they have a impact on profits.
If you want no rules for the corporation, move to China and try to breath the air without getting cancer or drink the water without getting mercury poisoning. Oh… I guess they (corporate America) did already move there didn’t they. How long will the Chinese folks put up with air they can not breath. I guess they can loose a million or so to cancer or poisoning and you might not notice.
Moot point is you keep getting sold a bill of goods about tax rates and deficits and you are buying it lock-stock and barrel.