By Lynn Parramore
Mitt Romney & Co. want us to think that making the rich richer will create jobs. That’s not true. And it’s not the American way.
For three decades, we have been told that “trickle-down” economics that benefit the wealthy is the key to creating jobs. But that’s baloney. The evidence shows that ordinary people, not the rich, are the real job creators.
Conservatives like to promote a simplistic view that all you need are capital (cash or goods that produce income) and entrepreneurship in order to create wealth. They maintain that wealth, in turn, spurs rich people to do productive things, like creating jobs, and so the more concentrated wealth is, the more jobs are created. If you tax the rich, they argue, then jobs will be destroyed. Mitt Romney frequently echoes this line of thought by promoting economic programs that would give enormous tax breaks to the wealthiest 1% and concentrate wealth in their hands. Romney, who paid 13.9% in taxes in 2010 and likes to tout himself as a job creator, has just announced a plan that calls for preserving the Bush tax cuts for the wealthy, lowering the corporate tax rate, and repealing the estate tax.
Turns out, this ‘trickle-down’ mythology it is horribly wrong, and the 99 percent has paid for it. There’s a reason why the Wall Street Journal acknowledged that George W. Bush, the last trickle-down president, had the worst job creation record in U.S. history. So before we consider having another trickle-downer in the White House, let’s talk about the failure of this idea and why if you want to see a real job creator, you should look in the mirror.
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