We have continually been harangued that we need to continue to cut taxes for the wealthy and for corporations so that they have the extra wherewithal to create more jobs. We’ve just had the tenth anniversary of the original Bush tax cuts. We have a myriad of state tax cuts and credits. But unemployment is creeping back up again.
Today’s paper had another letter to the editor extolling Gov. Walker’s tax cuts that will spur the economy and create jobs.
Well the Milwaukee Journal Sentinel’s business page talks about companies having record cash reserves. But are they creating new jobs? Hell no they are buying back their own stock to push its value up.
When are the idiots out there going to realize that demand for products and services are what create jobs…companies hire when the demand in the marketplace requires a larger workforce. Until then they are going to bank their cash, pay CEO’s huge salaries and bonuses for creating the cash hoard, and buy back their stock to increase share holder value. None of these activities create jobs.
btw: In the print version the headline today says Cash Hordes…shouldn’t it be Cash Hoards?
Instead of shareholders someone needs to be reminded that STAKEHOLDERS are the key to business success.
added 6/13/2011 9:00 CDT: Just a few more words on the subject from the liberal media demons themselves, the New York Times on the fantasia that is repeated tax cutting for job creation:
High unemployment numbers may be good for Republicans in the next election, which makes it disturbing that Republican leaders have blocked any discussion of stimulus policies that might succeed in putting people back to work.
In fact, all job-creating proposals that involve spending money are considered verboten among both parties, because Republicans have cowed Democrats with the argument that the 2009 stimulus bill was an irredeemable failure and the deficit is causing unemployment.
If Republicans are as deeply concerned about the 13.9 million out-of-work people as they claim to be, they might have offered ideas of their own that have some possibility of creating jobs. Instead, they have been chanting the same tired and discredited mantras the party has offered since the 1980s: huge tax cuts, huge cuts in safety-net spending, the clear-cutting of regulations, and the inevitable balanced-budget amendment.
Read the piece, it has something to say about former Gov. Pawlenty’s ideas on taxes and job creation as well…archaic ideas. And this last bit on Mr. Pawlenty stolen from cartoonist Tom Toles: Pawlenty of Nothing!