Tax Cuts for Rich Don’t Create Jobs…Period

[The Straight Story]

Tax Cuts for Rich Don’t Create Jobs…Period

Born of political compromise, the agreement to extend the Bush-era tax cuts for the wealthy is supported by President Barack Obama, even though he admits the tax breaks won’t help the unemployment situation.

“The issue here is not whether I think that the tax cuts for the wealthy are a good or smart thing to do. I’ve said repeatedly that I think they’re not a smart thing to do, particularly because we’ve got to borrow money, essentially, to pay for them,” Obama told NPR. “The problem is, is that this is the single issue that the Republicans are willing to scotch the entire deal for.”

The Center for American Progress reaffirms the position of of those on the left that the tax cuts for the rich are not the way to create new jobs. The think tank points out that during the first three years of the Bush tax cuts, America’s job total actually went down, from 132 million jobs in 2001 to 131.4 million in 2004. Job growth did improve during Bush’s second term, but overall the rate was “anemic” compared to that under President Bill Clinton.

The problem is that when wealthy people are given more money, their main priority is usually to use it to make even more money, even if this entails investing in other countries or in simply taking part in paper transactions that do not create jobs anywhere.

http://www.allgov.com/Top_Stories/ViewNews/Tax_Cuts_for_Rich_Dont_Create_Jobs__Period

[stopbush]

1. Well, they don't create NEW jobs, but they keep old jobs from disappearing

like valets, financial advisers, pool cleaners and the like.

[moondust]

2. Once upon a time...

tax cuts for the rich may have been plowed into capital investments like plant modernization and expansion. Then came globalization and many of those plants have been moved to cheap labor markets in China and India and elsewhere. So now if tax cuts for the rich are similarly plowed into capital investments they may actually be stimulating the economies of other countries at the expense of U.S. taxpayers and working people.

[lunatica]

3. The people working in luxury merchandise are pretty happy

Why I bet there are Yacht building companies who are hiring as we speak.

[ladjf]

4. Our President is allowing "Grand Larceny" in the name of helping

out the needy of 13 months. nt

[DenverDad]

5. This CANNOT be re-stated enough.

Too many people are still buying into that. Demand for products and services creates jobs.:banghead:

[guitar man]

6. No,they don't

What used to create good paying jobs for Americans was other good paying jobs for Americans. We have somehow forgotten that and are suffering the consequences :(

[Liberal_Stalwart71]

7. K&R!!!

[dkf]

8. I don't know how you guys are going to survive through what is coming.

If this appalls to such a degree just wait til you see what spending they are going to try to cut.