More Job Creator Bullshit!

Job Creators...BULLSHIT! The Republican talking heads are again reverting to their old, out-dated, erroneous argument that “job creators” would be so adversely affected by any tax increase that they would fail to create jobs. Just who are these job creators that are so important to the economy? According to data from the IRS, approximately 400,000 individuals have filed tax returns showing income in excess of one million dollars. A list of these individuals would include corporate executives, partners in legal, accounting, wall street investment firms, lobbyists, Senators, Representatives, and past and present Presidents. Again, according to the IRS data, less than 5000 of these individuals would be considered small business owners. Now that we know who they are, for the most part there is little or no likelihood that they would be instrumental in creating jobs regardless of the marginal tax rate for income in excess of one million dollars. It is obvious that since 2002, when they have enjoyed the lowest marginal tax rates in history their record of job creation sucked. What should also be obvious (but somehow never mentioned by Republicans) is the fact that their share of income has risen from 10% to 21% since 1980 but there has not been a corresponding increase in jobs. In 1970, the “job creators” (top 1% of income earners) enjoyed 3.3% of GDP in after-tax income while today, they ENJOY 10% of GDP in after-tax income. In spite of increasing their share of GDP by almost 7% is is not unfair to ask, where are the jobs? The answer to this question lies in the simple fact that while the job creators were amassing their wealth, the rest of Americans (who were still employed!) remained stagnant or fell behind. Today, over 50% of households filing tax returns earned less than $25,000. per year. What that means is 50% of employed households cannot afford to buy anything but basic necessities. Combine that with 100% of the unemployed and under-employed and there are a vast number of Americans unable to create demand for products and services provided by the “job creators”. Without this demand there will be no jobs. The ironic part of this puzzle is that the “job creators” do not realize that as long as they continue to take a large slice of the income pie and leave so little to the remaining 99% the market for their products and service will decline further resulting in an even smaller pie. Per capita GDP growth has fallen from 2.2% in 1970 to 1.5% today. It will continue to fall as long as the top 1% continue to grow their share of GDP. The solution is to increase the tax on income over one million dollars. Use part of those increased tax revenues to pay down the debt and the remaining part of increased revenues to build and repair roads, bridges, and schools as well as to hire more teachers and first responders. By actually using those increased revenues to create jobs, the biggest beneficiaries will ultimately be the job creators, who will be on the receiving end of the increased spending on the part of the newly hired job holders. One other point, by the way. Approximately 54,000 manufacturing facilities have been closed in the past ten years. Production and manufacturing from about half of those closed plants were actually moved out of the United States to off-shore facilities. Who made the decisions to close and/or move those facilities? Was it the JOB CREATORS Boehner, Cantor, McConnell, and company are busy protecting? If job creators move jobs to another country are they still job creators? If they are creating jobs in other countries at the expense of jobs for American workers, why are members of Congress protecting them? Why are they getting favorable tax treatments?