Monday, July 18, 2011

Even the WSJ knows it's the working class that creates jobs

Thom Hartmann: Time to blow a hole in the Republican argument that millionaires and billionaires are the job creators in America.  Even the Wall Street Journal is questioning the logic after a survey of 53 economists – in which the majority concluded that it wasn’t “lack of certainty” in Washington that’s preventing CEOs from hiring – but instead it’s lack of demand on Main Street.  Time and time again – Republicans argue that we need to give rich people money through tax cuts so that they can go out and hire more people.  Yet today - with tax rates for the rich at their lowest levels in 50 years – unemployment is still tragically high.  Why is that?  Because rich people aren’t job creators!  It’s the people who spend money – those in the working class – who are the actual job creators.  As most economists point out – if people are spending money – then demand goes up – and CEOs have no other choice but to hire more people to make products to meet that demand.  That’s why a debt-limit deal that’s made up of spending cuts that take money out of the pockets of working class Americans is not good for the economy – it’s harming our nation’s REAL job creators!  It’s time for our lawmakers to take an Econ 101 class.

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