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Former Super Committee co-chair and head of Senate Democrats’ 2012 campaign effort Patty Murray will take on the GOP myth that the wealthiest Americans are “job creators” and therefore must be protected from higher marginal tax rates.
“Republicans seem to be operating under the backwards economic principle that only tax cuts for the richest Americans and biggest corporations are worth fighting for. In fact, they have a name for this group of people: they call them ‘job creators.’ They believe the only ones who create jobs in America are the rich—and they claim that the tax cuts and loopholes they fight for that benefit the wealthy will somehow trickle down to ordinary families. Mr. President—we know this is wrong. We know this Republican economic policy has failed us. It was this kind of thinking that turned a surplus in into a deficit, that brought the economy to its knees, that failed the middle class—and that allowed the wealthiest Americans to amass record fortunes paying the lowest tax rates in decades.”
The term "job creators" is another wonderful Frank Luntz invention, this one to deflect from calling them what they really are: “greedy, soulless multinational corporations who don’t give a damn about you.”
What Does Rent-Seeking Mean?
When a company, organization or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation.
Investopedia explains Rent-Seeking
An example of rent-seeking is when a company lobbies the government for loan subsidies, grants or tariff protection. These activities don't create any benefit for society, they just redistribute resources from the taxpayers to the special-interest group.
When you lower their taxes it means they have even more money to jack up prices.
What Does Rent-Seeking Mean?
When a company, organization or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation.
Investopedia explains Rent-Seeking
An example of rent-seeking is when a company lobbies the government for loan subsidies, grants or tariff protection. These activities don't create any benefit for society, they just redistribute resources from the taxpayers to the special-interest group.
When you lower their taxes it means they have even more money to jack up prices.
I explained it. They use it for "rent seeking" . That is why we are in this mess. The housing speculation was basically the same thing. People started bidding wars to buy up property so that by the time it went to productive use, it was bid up to the point where most of the profits went to the speculator. Old money doesn't put money at risk. They buy up fixed assets. It does the exact opposite of what is meant by investment.
Don't do business with a monopoly? Generally speaking monopoly power does not allow this option by definition. That is what is meant by "monopoly rent".
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