Nick Hanauer, a venture capitalist states consumers create jobs and not the wealthy. He claims the rich only hire if consumers are buying goods and products and that there are not enough wealthy to support our economy. He says, "If it were true that lower tax rates and more wealth for the wealthy would lead to more job creation, then today we would be drowning in jobs. And yet unemployment and under-employment is at record highs."
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This is an interesting - and, likely, and accurate - take on the matter..... I give you a +
I understand what you're saying MarleneB, but from my perspective I disagree. I too had a business with 10 employees who I paid a fair salary, commission and bonus. A lack of customers, not too many taxes caused me to let them go.
Marlene, from the early 1970s to the present, there has been an ever-growing number of stories like yours. Increases in regulations and taxes have driven a whole lot of enterprises, large and small, out of business.
OK. Well, pagesvoice, I guess it depends on whose perspective we see it from - what's considered fair, and whatnot. My experience was totally different from your experience. Nevertheless, I took my tax accountant's advice.
Pagesvoice, Ditto! I had to downsize, not do to taxes but lack of business. Had to let 5 people go, the loss of income forced me to downsize. This allowed me to keep my doors open for the others and myself. Adjustments had to be made.
Tax increases = Less money in people's pockets.
Less money in people's pockets = Down trends in consumption and customer bases.
Incidentally, there has been a very good string about this subject in the cartoon "Doonesbury" over the last several days...
Can anyone who echoes the Reaganomics philosophy show me how we prospered by keeping the rich richer? They can't because it doesn't work. Class warfare? You bet, and it is the rich that have declared it.
Henry Ford purposely paid his employees a fair wage so they could afford the cars they manufactured. So my question today is where are the jobs rich people made? Tax breaks for the rich do not work. Middle class needs the income to sustain us.
Tell all the folks employed by New England yacht builders that the rich do not generate high-paying jobs. And tell that to all the well-paid folks who work in Silicon Valley, CA.
feenix, I agree with what you say about the U.S. transitioning into a high-tech nation. It's written all over everything being done these days. Even the way politicians operate is going "techno". And, I do believe tax breaks for the rich works.
Way back in the 1970s, an author named John Naisbitt wrote a couple of books entitled "Megatrends." And those writings were quite prophetic in that they predicted everything that is going on today in the U.S. workforce and economy.
feenix, it is interesting that you mention Megatrends. I ran across it when I moved last year. I thought about reading it again. It's almost like, John Naisbitt wrote it, therefore, it must happen.
To quote Yogi Berra, "It's deja vu all over again," if Romney wins the election. The definition of insanity is doing the same thing over and over again and expecting different results. Trickle down economics has not and does not work.