One of the most persistent myths is that the wealthy are the “job creators”, when anyone who has even a limited understanding of economics knows that’s complete nonsense.
Business people, whether they’re wealthy or wealthy wannabes, hire additional staff (create jobs) only as a LAST resort.
And the only thing that prods them to actually hire more people is greater demand for their product or service – demand that can’t be met by existing staff. That demand has absolutely nothing to do with the people identified by the myth-perpetrators like John Boehner, Paul Ryan, and Rush Limbaugh, as “the job creators”.
Demand comes from the huge (and shrinking) middle class, which spends its money on goods and services it deems necessary. Demand does not originate with rich people, the government, or large corporations, particularly, the too-large-to-manage financial corporations.
While I’m on the tangent of too-large-to-manage financial corporations, regarding the two-billion-dollar blowout at JP Morgan Chase, haven’t we heard that Jamie Dimon speech before – the one where he says “mistakes were made, we were stoopid, we’ve learned, this won’t happen again?” Yup. We’ve heard it before. It was the same one he gave after the mortgage/credit default swap meltdown a couple years ago.
And these folks, like Dimon, are regarded by some as the smartest fellows in the room? Please. They can no more than the man in the moon control or manage an entity as large as JP Morgan Chase.
Oh, and now there’s the “European-style” descriptor, being applied liberally by Faux News and its ideologically affiliated outlets. President Obama is going to bring us “European-style Socialism” through his “European-style fiscal policy” implemented through “European-style bureaucracy.”
But that’s how we roll in America – by repeating slogans. Which is fine, as long as you keep your grubby government hands off my Medicare, you European-style socialist!