Thursday, August 4, 2011
When Will the Recipients of Tax Cuts Start Creating Jobs?
that's how it's going to be, huh? The American people have suffered through nearly a decade of spiraling debt, reduced purchasing power, and stagnating wages. We keep hearing about how the economy will improve if only we can keep taxes on the richest Americans low. We keep hearing about how much worse things will get if rich people have to pay more in taxes. We keep hearing about economic armageddon if someone with a private jet has to pay more to Uncle Sam at the end of the tax year.
The problem with that kind of thinking is that it rewards the laziness of the media and tricks the American people into voting against their economic self-interest. If cutting taxes on the wealthy actually created jobs, we'd have jobs flying out of our asses. Instead, we have nothing but crap everywhere. Wow, you made it this far? Might as well keep going, huh?
And what do we see after extending the Bush tax cuts? A limp, almost indescribably bad job market. Millions unemployed, millions more under-employed, and untold numbers of young people living at home, unable to find decent jobs.
David Frum begins the soul searching here, but that's not what needs searching:
We need to find a way to bring revenues up (at the state, local, and Federal levels) without causing America's rich to panic and go live in Switzerland. This has to be a gradual thing, because, after all, everyone knows that as soon as taxes in the U.S. go up, the rich will flee.