For some time now, we have heard the running "rich create jobs" mantra from Washington's Republicans and now echoed by their unofficial presidential nominee.continues to "Etch-a-Sketch" on this GOP phrase of "biblical proportions" as he stumps across states trying to drum up votes.
He has said repeatedly "the government does not create jobs, the private sector does," but lately he has boldly proclaimed he would cut the unemployment rate in half, only to adjust that number to 6 percent a few days ago. Not surprising, he has taken flip-flopping to a whole new art-form.
Republicans have used this "the rich creates jobs" line to justify over a decade long tax break for themselves and fellow millionaires and billionaires. The American people have allowed them to hold on to this stunning subterfuge, and Democratic President Obama said he was forced to renew it for another two years.
(Just an aside--I wouldn't call it "forced" if you waited until your party squandered its political capital, letting the GOP take control of the House of Representatives, before going after the Bush-era tax break for the wealthy--but that is a topic for another time).
Sorry, I digressed, where was I? Oh yes, the rich are "job creators." Incidentally, conservatives on the Right blame President Obama for the high unemployment yet they say their rich cronies are responsible for creating the jobs. Which is it?
Moreover, if the rich is responsible for flooding the market with new jobs, where are they? What have they done with over ten years of "job-creating tax breaks?"
"Trickle-down economics," first popularized by the late Presidentand "canonized'" by George W Bush, is the most obscene ruse to come out of Washington. Obscene for the evidence that it is a colossal failure is overwhelming. The U.S. was hit with an economic disaster close to Great Depression proportions, "crashing" in 2007-8. The effects rippled across the globe and are still being felt by countless families.
The income divide may be the widest it has ever been and more and more families are slipping from the Middle Class into poverty, swelling the poverty ranks to breaking point. As kids graduate from high schools and colleges across America this month and the next, the youth employment remains at a 60-year low, with a staggeringly high jobless rate of 23.2 percent. For more info, read: The Horrific Youth Unemployment Chart That Makes Everyone Cringe.
The global rate is not much better, standing at 75 million according to the International Labor Organisation. (Read more here:Global youth unemployment hits 75m, says ILO).
Click on the video above to hear Nick Hanauer, himself a wealthy businessman, explain to you how that over-used phrase "the rich are job creators" is one of the biggest lies ever told by the GOP.
Hanauer is CEO and Co-Chair of the Pacific Coast Feather Company, a family owned business. Like Mitt Romney, he is also a venture capitalist as co-founder of the Seattle-based Second Avenue Company, another of his many ventures. He is part of Romney's world and yet he is telling us that what Mitt and his Republican friends are preaching is an outright lie.
Romney claims that he is a job creator and better suited for the presidency than Obama because of his Bain Capital experience. Did he do an excellent job making millions for himself and fellow investors and shareholders? Absolutely. Did he use killer instincts, sharp, ruthless, shrewd capitalist skills to maximizing the bottom line at Bain Capital? Oh yea, he gets an A-plus for performance in that regard. Did he use his knowledge of our tax laws to "outsource" some of his enormous investments-stashing them in off shore accounts in the balmy Cayman Islands in the Caribbean and the snowy shores of Switzerland? You betcha. Does this make him a prime candidate to help bring America back on track? You be the judge. Remember, the country is not a corporation whose main focus is the small apex of shareholders at the top. Running a nation means one has to govern in the best interest of all of the people, all of the time. Could be tricky for someone accustomed to looking out only for a few.
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