Republicans are defending the wealthy - Ahwatukee Foothills News: Letters To The Editor

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Republicans are defending the wealthy

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Posted: Wednesday, August 3, 2011 1:00 pm

The Republicans in Congress keep proving themselves again to be the defenders of the super wealthy. It all comes back to their mythical belief in supply-side economics. Also known as: Trickle-down economics, Reaganomics and Voodoo economics. Now it's being sold as the whole "job creator" story.

The job creator is the super-rich in the country. By super-rich, I mean filthy rich, as in maybe if your personal assistant is reading this to you in the lounge on your private jet. The thinking is that if we give the super-rich more of our money, they'll kindly start hiring people to do things and, by the way, revenue will magically increase.

This logic goes against facts and common sense. Let's start with facts:

1. Companies are already sitting on piles of cash (about a trillion). They choose not to spend it on hiring.

2. The Congressional Budget Office concluded that the tax cuts for millionaires/billionaires reduced federal reserves by almost $3 trillion between 2002 and 2011.

3. The number of jobs created during the big tax cuts for super-wealthy during Bush's terms was the worst since the 1930s.

4. When the highest tax bracket was just a few percent higher during Clinton, there was extraordinary job growth and a projected surplus.

5. During the creation of the middle class in this country, the highest tax bracket was double or triple what it is currently.

Now the common sense approach. There is only one thing that can reliably get companies hiring: Demand. If the demand of a company's product is unchanging or decreasing, it would be foolish to hire more workers to make more of the product just because the CEO got a tax break.

The sooner more people snap out of the trickle-down dream and realize that it's the money versus the many, the sooner they will see the GOP in Congress for what they are: Proxies for interests of the wealthy at the expense of the interests of the vast majority of Americans.

Nick Collins

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