Larry Summers: High Taxes Fuel Job Growth
ByEven if an economy could be centrally planned, would you really want this gang doing the planning?
Business Media Institute: Among the administration’s proposals for small businesses are a $5,000 tax credit to hire new workers, elimination of capital gains taxes, and new incentives to invest in plants and equipment. At the same time, however, the administration plans to raise taxes on “the wealthiest Americans.”
Obama’s chief economic adviser Larry Summers appeared Feb. 9 on the Fox Business Channel to discuss the administration’s economic agenda and defended proposed rate-hikes for those making over $250,000. “Almost all economists who studied these things have that kind of view,” he told Fox’s Liz Claman.
Perplexed, Fox News contributor Gary B. Smith replied: “it’s the biggest bunch of B.S. I ever heard … this is such a political game. , Larry Summers thinks everyone is Rockefeller living in their Newport, Rhode Island mansion. These are guys that are starting businesses, investing. You can’t give people business money to hire people, they have to have a reason for hiring these people and that’s because they see sales increasing or costs decreasing. You can’t just say ‘go hire these five people’ because the businesses will go ‘What for? I don’t have the demand!’”
The economists who agree that high taxes fuel job growth are probably the same ones who are repeatedly surprised at the massive numbers of jobs lost.
Via American Conservative Values Journal
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Such a deal! A $5000 tax credit? That will surely offset the workers comp premiums (not even close) when businesses hire all those additional workers that will have no work. Smith is correct; just hiring people does not create the need for potential customers to want a good or service. Summers is a brilliant guy and I know that he doesn’t believe this nonsense out of his own mouth, he’s having to let his position as an Obama advisor overrule logic and capitalist tenants.
The number one reason mall businesses do not hire more workers at this time is the instability and uncertainty of the Obama policy machine. Let’s face it…..Obama is a really loose cannon. Americans know that there is a huge difference between what the President says and what he actually does. But would any of us be inclined to gamble on what the Obama administration has said and done so far? Hardly. Stability is so crucial for business planning, and until Obama leaves office, small businesses will play the waiting game. Shame on President Obama for perpetrating job loss on so many millions of Americans.
Have any of these friggin’ geniuses ever tried running their own business in the private sector?