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So we've experimented with your theory since Barack Obama got elected, used every trick in the book to stimulate demand: tax rebate checks, payroll tax cut, $800 billion poured down a rat hole, and as a result we have the worst economic recovery on record.
You, and the president, seem not to get the link between employers and employment. You cannot beat the crap out of the former and expect to get more of the latter. Fact of life. Obama has proven this beyond the shadow of a doubt. Get over this fixation with class distinctions. Europe had classes, nobility and peasantry. America is the land of the free. I used to be poor, then I was middle class for a spell. You cannot use a class label on me in any meaningful sense, although if you insist, I prefer "formerly poor" to "rich." The existence of millions upon millions of "formerly poor" blows up your worldview.
The President did not do nearly enough to get us out of the mess we are in. I am pretty moderate and his lack of experience shows. Nobody is going to give anybody a job until demand returns. Rich people don't hire employees to be nice. They hire them because there is work they want performed that they either cannot do or don't want to do any other way. No poor person who starts a business is going to become rich unless there is demand for the service or product they are selling. And the fact is that most of the demand for most of the products- excluding high end products- comes from the middle class.
If the President and his dumb Democrats were smart, they would have spent at least double what they did. The so called stimules they passed basically went to local and state governments so they could keep public employees on the payroll. Much of it just "disappeared". What should have happened:
1. $700 billion to keep local and state employees working. They did this.
2. A massive trillion dollar tax cut aimed at those making less than $100,000 a year. Cut tax rates for this group by 50% at least.
3. A TARP for the middle class. Obama bailed out the big banks and Wall Street and they have prospered since. But he left the American middle class to sink. One thing that was talked about but never passed was allowing bankruptcy courts to modify mortgages and change the terms and amount owed. This alone would have helped the middle class saddled with debt. Another would have been forgiveness or partial forgiveness of student loan debt. These would have put money in the pockets of masses of middle class people which would have stimulated demand.
If Obama and his party had been bold, we would not be in the mess we are in but as long as the middle class who ARE still working are saddled with huge debts, we are going nowhere fast. Bernanke and Obama can throw everything at the problem and nothing is going to stick.
You do realized that "job creators" is the same sort of BS partisan buzzword that "fat cats," "jet owners," and "oil barons" is... right?
2 sides of the same coin. As soon as we stop fighting with each other and realize the D's & R's are one and the same we'll be a lot better off.
You, and everybody else who knocks the term "job creators, tell me please. Do jobs grow on trees? Is there a job fairy that bestows them on lucky people? Are they a gift from a loving and merciful Deity?
No, no, and no. Real people put up real money to operate a business to meet the needs of the rest of society for some good or service. They hire (i.e., create jobs). Those employers make the payroll, withhold taxes and match them in the case of payroll taxes, pay unemployment insurance premiums, often group insurance or other benefits, buy workers compensation insurance...without having any way to know what the next day or week or month will bring.
CNBC is nothing mroe than a moiuthpiece for Wall Street. These are the guys that collasped the American economy.
Wall Street does not create jobs. They game the financial system for profits.
F**k Ken Langone!
So Ken Langone only knows how Wall Street operates and thrives....but he knows nothing about how business operates and thrives? You don't think he's qualified to speak on matters of business, but the f***k up we have in the Oval Office does know how to run a business?
Stupid logic if you ask me, since all indicators seem to point to the exact opposite.
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SIGH.
