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Title: Finally, A Rich American Destroys The Fiction That Rich People Create The Jobs
Source:
Daily Ticker
URL Source: http://finance.yahoo.com/blogs/dail ... h-people-create-152949393.html
Published: Dec 15, 2011
Author: Henry Blodget
Post Date: 2011-12-17 22:19:37 by lucysmom
Keywords: None
Views: 35025
Comments: 64
In the war of rhetoric that has developed in Washington as both sides blame each other for our economic mess, one argument has been repeated so often that many people now regard it as fact:
Rich people create the jobs.
Specifically, entrepreneurs and investors, when incented by low taxes, build companies and create millions of jobs.
And these entrepreneurs and investors, therefore, the argument goes, can solve our nation's huge unemployment problem — if only we cut taxes and regulations so they can be incented to build more companies and create more jobs.
In other words, by even considering raising taxes on "the 1%," we are considering destroying the very mechanism that makes our economy the strongest and biggest in the world: The incentive for entrepreneurs and investors to build companies in the hope of getting rich and, in the process, creating millions of jobs.
Now, there have long been many problems with this argument starting with
1. Taxes on rich people (capital gains and income) are, relative to history, low, so raising them would only begin to bring them back in line with prior prosperous periods, and
2. Dozens of rich entrepreneurs have already gone on record confirming that a modest hike in capital gains and income taxes would not have the slightest impact on their desire to create companies and jobs, given that tax rates are historically low.
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#25. To: Capitalist Eric (#24)
Your level of ignorance is... stunning.... and the truth is, you're utterly clueless. ((((shaking head in amazement))))
Well, of course I don't think so - but then I am smart enough to know that the above is not an argument.
Wall Street owns the country…Our laws are the output of a system which clothes rascals in robes and honesty in rags. The [political] parties lie to us and the political speakers mislead us…Money rules. Mary Elizabeth Lease, 1890
#26. To: We The People (#23)
Who are the largest holders of US Debt?
US Economy
by Hitesh Anand
inShare
Most of the US debt is held by the US citizens only. Foreign holdings of US debt is only 30% of the total debt. China and Japan combine holdings is 50% of all foreign holdings which means 15% of total US debt is held by US. Here are the some of the largest holders of US debt:
1. Social Security Trust Fund
Holds total of $2.67 trillion debt which is 19% of the total debt.
The Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds invest exclusively in special issue bonds that are only available to the Social Security trust fund. These are not publicly traded securities, but they still constitute a huge amount of debt.
2. The Federal Reserve
Holds total of $1.63 trillion of treasuries which is 11.3% of the total debt.
The Treasury owes the Fed $1.63 trillion in Treasuries, much of which were bought for the Quantitative Easing programs.
3. China
Holds $1.6 trillion of treasuries which is 8% of total debt.
China is the highest holder of US debt among the foreign buyers.
4. US Households
Holds total of $959.4 Billion of treasuries which is 6.6% of the total US debt.
Household sector includes Hedge funds too, so no surprise that the percentage holdings are high.
5. Japan
Holds $ 912.4 Billion of treasuries which is 6.4% of total US debt.
Japan happens to be the second highest holder of the US debt among the foreign holders.
6. State and Local Governments
Holds $506.1 Billion of US treasuries which is 3.5% of the total debt of the US.
7. Private Pension Funds
Holds $504.7 billion of US treasuries which is almost 3.5% of total debt.
8. United Kingdom
Holds $346.5 Billion of US treasuries which is 2.4% of total debt
UK is the third largest holder of US debt among foreign debt holders.
9. Money Market Mutual Funds
Holds $337.7 billions of US treasuries which is 2.4% of total debt.
10. State, Local and Federal retirement funds
Holds $320.9 Billion of US treasuries which is 2.2% of total debt.
There are other holders of US treasuries including Commercial Banks, Mutual Funds, Oil Exporting companies, Brazil, Caribbean banking Centers, Hong Kong.
#27. To: Skip Intro (#26)
Most of the US debt is held by the US citizens only.... Here are the some of the largest holders of US debt:1. Social Security Trust Fund
Holds total of $2.67 trillion debt which is 19% of the total debt.
The Old-Age and Survivors Insurance (OASI) and Disability Insurance (DI) Trust Funds invest exclusively in special issue bonds that are only available to the Social Security trust fund. These are not publicly traded securities, but they still constitute a huge amount of debt.
2. The Federal Reserve
Holds total of $1.63 trillion of treasuries which is 11.3% of the total debt.
The Treasury owes the Fed $1.63 trillion in Treasuries, much of which were bought for the Quantitative Easing programs.
Isn't your reference saying that roughly 1/3 of US federal ($4.3 TRILLION) debt is held by charlatan/shyster accounting tricks? How on Earth does the US government pay a dime on any of this debt (of course there are interest charges paid in full each year, courtesy of the US citizenry) unless the government taxes the US citizenry to death to pay back that same debt? Otherwise, the government just goes belly up and does not honour its legal responsibilities, correct?
#28. To: lucysmom (#15)
Killing off your employees and customers doesn't seem like a sound business plan to me.
Do you actually think the Chinese care?????
They have way too many people in their country and they know it..... Things will come to a head one of these days and it won't be pretty..... It seems to me that I read an article a while back saying China has to create about 15-20 million jobs per year to keep up with population growth..... (and they are falling way behind).... And I've also heard that they are restricting movement within the country to keep everbody from moving into the cities because that seems to be where most of the jobs currently are.......
Must be fun living under a Communist regime being told you can't look for a job in the city because you aren't one of the chosen ones....... Wonder how long it will be before that starts happening here????? (Since some think Capitalism sucks so bad)!!!!
"CHANGE" you can step in..... 
My dogs have created more shovel ready jobs than the self appointed Messiah!!! Number of shallow, inadequate, hypocritical Leftards who have me on BOZO---3..........
#29. To: lucysmom (#14)
A). American workers paid too much and get too many benefits????
I was being facetious with that one......
"CHANGE" you can step in..... My dogs have created more shovel ready jobs than the self appointed Messiah!!! Number of shallow, inadequate, hypocritical Leftards who have me on BOZO---3..........
#30. To: lucysmom (#14)
Top tax rate for individuals is 45% for incomes over ¥100,000.
Right around $16,000 per year, that's way below the poverty line here..... Boy would you see the rioting begin if poor people here had to pay that much in taxes.... No more cell phones, big screen TV's, Cadillacs.........
"CHANGE" you can step in..... My dogs have created more shovel ready jobs than the self appointed Messiah!!! Number of shallow, inadequate, hypocritical Leftards who have me on BOZO---3..........
#31. To: buckeroo (#27)
How on Earth does the US government pay a dime on any of this debt (of course there are interest charges paid in full each year, courtesy of the US citizenry) unless the government taxes the US citizenry to death to pay back that same debt? Otherwise, the government just goes belly up and does not honour its legal responsibilities, correct?
Hey STUPID why do you think that Fed monetary policy has DEVALUED the Dollar for the last few DECADES?
Hey STUPID the Feds have said that the ONLY way out of this debt hole is INFLATION.
INFLATION
MASSIVE
INFLATION
CRUSHING
INFLATION
Do you even hear the printing presses going 24/7/365 STUPID?
INFLATION
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#32. To: Mad Dog (#31)
Feds have said that the ONLY way out of this debt hole is INFLATION.
Citation required,little dawgie. Now, go fetch!
#33. To: CZ82 (#28)
Do you actually think the Chinese care?????
Hey, you're the guy that seems to think we should do things like the Chinese in order to be competitive.
Economics is a social phenomenon and in no way a “science”, no matter how desperately its high priests would like to have it believed otherwise. It is, instead, a branch of anthropology and the sooner that is recognized and accepted, the better off human-kind in general and the world of academic economics, in particular, shall be proximity1
#34. To: CZ82 (#30)
..... Boy would you see the rioting begin if poor people here had to pay that much in taxes.... No more cell phones, big screen TV's, Cadillacs.........
Wouldn't be anything compared to asking the American top 1% to pay 45% in taxes would it.
Economics is a social phenomenon and in no way a “science”, no matter how desperately its high priests would like to have it believed otherwise. It is, instead, a branch of anthropology and the sooner that is recognized and accepted, the better off human-kind in general and the world of academic economics, in particular, shall be proximity1
#35. To: buckeroo (#32)
Piss off you worthless POS.
Do your own legwork.
Now shove it up your worthless cowardly foul vent.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#36. To: Mad Dog (#35)
You are a mean, ol' nasty, slobbering mange & rabies ridden mutt. Now, roll over .... I have a treat for you.....
#37. To: lucysmom (#33)
Hey, you're the guy that seems to think we should do things like the Chinese in order to be competitive.
Where did I mention the Chinese????
"CHANGE" you can step in..... My dogs have created more shovel ready jobs than the self appointed Messiah!!! Number of shallow, inadequate, hypocritical Leftards who have me on BOZO---3..........
#38. To: lucysmom (#34) (Edited)
..... Boy would you see the rioting begin if poor people here had to pay that much in taxes.... No more cell phones, big screen TV's, Cadillacs.........
Wouldn't be anything compared to asking the American top 1% to pay 45% in taxes would it.
You know I still haven't figured out why some people are so hung up on taxing people to death (and calling it fair)...... when the real problem is stupid politicians that want to way overspend our budget!!!
Votes and power you think!!!!! And enough stupid people that believe their class warfare rhetoric......
"CHANGE" you can step in..... My dogs have created more shovel ready jobs than the self appointed Messiah!!! Number of shallow, inadequate, hypocritical Leftards who have me on BOZO---3..........
#39. To: lucysmom (#25)
Capitalist Eric: Your level of ignorance is... stunning. ... and the truth is, you're utterly clueless. ((((shaking head in amazement))))loonybitch: Well, of course I don't think
so
Edited for accuracy.
You don't think. Your postings indicate that you'd rather die than think.
but then I am smart enough to know that the above is not an argument.
Thanks for proving my point.
DUMMY DwarF: ...I'm eating a meatball...
Capitalist Eric: Foreplay before the president's staff?
"Whenver the dwarf sees something negative about a Democrat, he tries to change the topic of the thread to something else. Usually a personal attack, followed by mutterings about correct 'grammar' 'spelling' whatever. Anything he can think of to avoid a discussion about a Democrat screwing up or looking bad. It's a decade long pattern." --Badeye observation--
#40. To: Capitalist Eric (#39)
loonybitch: Well, of course I don't thinkEdited for accuracy.
Your wit is matchless, indeed I am humbled.
Economics is a social phenomenon and in no way a “science”, no matter how desperately its high priests would like to have it believed otherwise. It is, instead, a branch of anthropology and the sooner that is recognized and accepted, the better off human-kind in general and the world of academic economics, in particular, shall be proximity1
#41. To: lucysmom (#20)
Somalia produced neither Steve Jobs, nor Bill Gates. Somalia hasn't even turned out a Rupert Murdoch.
That happened before Obama.
Are you going to vote to re elect Obama? What has he accomplished that you can say is good?
#42. To: buckeroo (#36)
Shut the phuck up you putrid steaming pile of human offal.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#43. To: Mad Dog (#42)
You mixed breed mutt, now that Kim Jong Il went over the hill, his son (Kim Jong Un) is going to reinstate limited importation of American products. I have already entered the market, too.
They are waiting for your dawgie carcass as they enjoy dogmeat for breakfast, luch and dinner.
#44. To: buckeroo (#43)
I guess that's what passes for clever in your ward eh dillhole?
Oh well ...
Piss off creep.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#45. To: Mad Dog (#44)
ruff ruff, bow wow, grrrrrr, lap lap, arf arf, snarl, snarl, pant, pant, grrrrrr
I pray your master tightens up on the choke chain again and doesn't permit you to come out of the cage again.
#46. To: buckeroo (#45)
Ya really gotta ask yerself, why is he allowed to post here with language like that?!?!?!
How much did stone get for selling the site do ya think?
Tag line: I wuz HACKED, cuz I SAY so!
#47. To: Wood_Chopper (#46)
Two c notes. ;(
#48. To: A K A Stone (#47)
Two c notes. ;(
Ya shoulda held out for more!
Tag line: I wuz HACKED, cuz I SAY so!
#49. To: buckeroo (#45)
.
I guess that's what passes for clever in your ward eh dillhole?
Oh well ...
Piss off creep.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#50. To: Mad Dog (#49)
WOOF WOOF!
#51. To: Wood_Chopper (#46)
language like that?!?!?!
LMAO!!!!!!!
"Like" what you simpering snot nosed little boy?
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#52. To: buckeroo (#50)
PHEW!
Did something DIE?
Talk about a STENCH!
I smell the stench of FILTH and corruption and mental chaos and sickness and decay.
Or it's phuckaroo the vile cowardly creep.
Likely he just pissed his pants again.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#53. To: Mad Dog (#52) (Edited)
PHEW! Did something DIE? Talk about a STENCH! I smell the stench of FILTH and corruption and mental chaos and sickness and decay.
Hey bubba...
pssssssst.
It's YOU.
“Contemplate the mangled bodies of your countrymen, and then say 'what should be the reward of such sacrifices?' Bid us and our posterity bow the knee, supplicate the friendship and plough, and sow, and reap, to glut the avarice of the men who have let loose on us the dogs of war to riot in our blood and hunt us from the face of the earth? If ye love wealth better than liberty, the tranquility of servitude than the animated contest of freedom, go from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains sit lightly upon you, and may posterity forget that you were our countrymen!” -- Samuel Adams --
#54. To: Capitalist Eric (#53) (Edited)
.
They do say that the most sincere form of admiration is imitation erica, so thanks for trying "to cork" my "tack" erica, (I guess)?
LOL!!!!!!
...
Whatever you say cult boy.
Yep, eh ya, uh yeah sure you betcha cult boy.
It's like shooting fish in a barrel, dealing with you brain dead cult/fan boys.
Watch, you'll PROVE my point AGAIN cult boy.
RonniePaulie
RRRRROOOOONNNIIIEEPPPPAAAUUUULLLLIIIEEE
rONNIEpAULLLIE
"It's THE CULT of "personality"
... CULT of personality
... CULT of PERsoNAlity" ...
Gibber on cult boys!
"It's THE CULT of "personality"
... CULT of personality
... CULT of PERsoNAlity" ...
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#55. To: Mad Dog (#54)
All that BS you just posted, and you're STILL wrong...
Try breathing through your nostrils, dummy.
“Contemplate the mangled bodies of your countrymen, and then say 'what should be the reward of such sacrifices?' Bid us and our posterity bow the knee, supplicate the friendship and plough, and sow, and reap, to glut the avarice of the men who have let loose on us the dogs of war to riot in our blood and hunt us from the face of the earth? If ye love wealth better than liberty, the tranquility of servitude than the animated contest of freedom, go from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains sit lightly upon you, and may posterity forget that you were our countrymen!” -- Samuel Adams --
#56. To: Capitalist Eric (#55)
Wrong about WHAT cult boy?
RonniePaulie being America's SAVIOR?
Uh YEAH ... sure, ... YOU BETCHA!
...
Whatever you say cult boy.
Yep, eh ya, uh yeah sure you betcha cult boy.
It's like shooting fish in a barrel, dealing with you brain dead cult/fan boys.
Watch, you'll PROVE my point AGAIN cult boy.
RonniePaulie
RRRRROOOOONNNIIIEEPPPPAAAUUUULLLLIIIEEE
rONNIEpAULLLIE
"It's THE CULT of "personality"
... CULT of personality
... CULT of PERsoNAlity" ...
Gibber on cult boys!
"It's THE CULT of "personality"
... CULT of personality
... CULT of PERsoNAlity" ...
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#57. To: Capitalist Eric (#55)
Try breathing through your nostrils, dummy.
LOL!
Hey cult boy I'm perfectly calm and collected.
It's YOU cult boys who piss your panties in spit flecked RAGE when folks such as I speak the plain TRUTH about your wee hero FRAD RonniePaulllllie.
It's you cult boys who HYPERVENTILATE at the mere mention of your wee hero FRAUD'S name.
RonniePaulie will NEVER be PRESIDENT of the USA.
He'll NEVER get over 10%.
EVER.
Maybe if some of you cult boys started lighting yourselves on fire on the steps of city hall?
YOU should try it.
You should try it SOON cult boy.
Cult Boy
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#58. To: Mad Dog (#57) (Edited)
“Contemplate the mangled bodies of your countrymen, and then say 'what should be the reward of such sacrifices?' Bid us and our posterity bow the knee, supplicate the friendship and plough, and sow, and reap, to glut the avarice of the men who have let loose on us the dogs of war to riot in our blood and hunt us from the face of the earth? If ye love wealth better than liberty, the tranquility of servitude than the animated contest of freedom, go from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains sit lightly upon you, and may posterity forget that you were our countrymen!” -- Samuel Adams --
#59. To: Capitalist Eric (#58)
.
LOL!
Jeeeeeeeeeeeeezzzuh H. Frkkin KER eeeest you are a fence post STUPID CULT boy erica!
LMAO!!!!!!!
WTF has your wee hero FRAUD'S FELLOW POLITICIAN CONgress critter got to do with the price of gasoline you CULT boy MOROOON?
THAT particular creep isn't going to take the repukelican't PRIMARY either CULT boy.
BUT even standing still your wee hero FRAUD'S FELLOW POLITICIAN CONgress critter beats your wee hero FRAUD by at least 3 to 1.
SUCKS to be a credulous CULT boy TOOL eh erica?
I'll have to take your word for that CULT boy, as YOU'D be the EXPERT on it CULT boy.
Idiot.
Reality IS.
CULT boy.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#60. To: Mad Dog (#59)
I really like this one:
“Contemplate the mangled bodies of your countrymen, and then say 'what should be the reward of such sacrifices?' Bid us and our posterity bow the knee, supplicate the friendship and plough, and sow, and reap, to glut the avarice of the men who have let loose on us the dogs of war to riot in our blood and hunt us from the face of the earth? If ye love wealth better than liberty, the tranquility of servitude than the animated contest of freedom, go from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains sit lightly upon you, and may posterity forget that you were our countrymen!” -- Samuel Adams --
#61. To: Capitalist Eric (#60)
+1
The emperor has no cloths...
#62. To: Capitalist Eric (#60)
LMAO!
Who F' ing CARES CULT boy?
You PROVE,
AGAIN ...
Jeeeeeeeeeeeeezzzuh H. Frkkin KER eeeest you are a fence post STUPID CULT boy erica!
LMAO!!!!!!!
WTF has your wee hero FRAUD'S FELLOW POLITICIAN CONgress critter got to do with the price of gasoline you CULT boy MOROOON?
THAT particular creep isn't going to take the repukelican't PRIMARY either CULT boy.
BUT even standing still your wee hero FRAUD'S FELLOW POLITICIAN CONgress critter beats your wee hero FRAUD by at least 3 to 1.
SUCKS to be a credulous CULT boy TOOL eh erica?
I'll have to take your word for that CULT boy, as YOU'D be the EXPERT on it CULT boy.
Idiot.
Reality IS.
CULT boy.
ROTFLMAOAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#63. To: jwpegler (#62)
It was rude NOT to ping you too CB(n).
My BAD.
LMAOAY!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
#64. To: jwpegler (#61)
The emperor has no cloths... (sic)
BTW you ignorant CULT boy, it's "CLOTHES" not "CLOTHS".
And RonniePaulie indeed has NEITHER CULT boy.
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
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