Sunday, June 9, 2013
A Very Wealthy Entrepreneur Explains Why He And Others In The Top 1% Are Not Job Creators
Most real businesspersons understand that meeting their payroll is one of their biggest challenges. That is why they only reluctantly hire people. They only do so when they can't satisfy demand for their products and services with their existing labor force. They are not job creators. The consumers who buy their products and services are the job creators according to this entrepreneur. He told this story to a Senate Committee looking at income inequality. It is not a story that many of them want to hear because they have enacted the laws which benefit the top 1% at the expense of the middle class which is the real engine of job creation. He earns 1,000 times the median family income but he can't spend 1,000 times his income. The mythical job creators are destroying jobs by funding the politicians who have enabled corporate profits to be at an historical high while the percent of the US population with jobs is at an historical low point. We won't create jobs by giving more tax breaks to corporations and by shifting the tax burden to wage earners, and away from those in the top 1% who earn most of their income from capital gains and dividends. That, of course, is what the Senate has been doing for the last 30 years.