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Business
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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: 35659
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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Begin Trace Mode for Comment # 35.

#2. To: Not Badeye, A K A Stone, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, mininggold, brian s, mcgowanjm (#0)

The most important reason the theory that "rich people create the jobs" is absurd, argues Nick Hanauer, the founder of online advertising company aQuantive, which Microsoft bought for $6.4 billion, is that rich people do not create jobs, even if they found and build companies that eventually employ thousands of people.What creates the jobs, Hanauer astutely observes, is a healthy economic ecosystem surrounding the company, which starts with the company's customers.

ping

lucysmom  posted on  2011-12-18   0:09:37 ET  Reply   Untrace   Trace   Private Reply  


#3. To: lucysmom (#2)

is a healthy economic ecosystem surrounding the company, which starts with the company's customers.

ping

So tell Hobama to quit taking money out of the economy for his schemes.

A K A Stone  posted on  2011-12-18   0:14:19 ET  Reply   Untrace   Trace   Private Reply  


#8. To: A K A Stone (#3)

So tell Hobama to quit taking money out of the economy for his schemes.

If you're talking about taxes, then Obama ain't taking or spending all by himself - that's number one.

2. The government puts back into the economy everything it takes out - unless, of course, the wealthy get more tax cuts and hoard their windfall (kind of like cash bloated corporations buying back their own stock).

lucysmom  posted on  2011-12-18   0:46:38 ET  Reply   Untrace   Trace   Private Reply  


#23. To: lucysmom (#8)

The government puts back into the economy everything it takes out

Here's an example of money that does not go back into the economy...

www.treasurydirect.gov/govt/reports/ir/ir_expense.htm

Interest Expense on the Debt Outstanding

2011 $454,393,280,417.03

2010 $413,954,825,362.17

2009 $383,071,060,815.42

2008 $451,154,049,950.63

2007 $429,977,998,108.20

2006 $405,872,109,315.83

2005 $352,350,252,507.90

2004 $321,566,323,971.29

2003 $318,148,529,151.51

2002 $332,536,958,599.42

2001 $359,507,635,242.41

2000 $361,997,734,302.36

1999 $353,511,471,722.87

1998 $363,823,722,920.26

1997 $355,795,834,214.66

1996 $343,955,076,695.15

1995 $332,413,555,030.62

1994 $296,277,764,246.26

1993 $292,502,219,484.25

1992 $292,361,073,070.74

1991 $286,021,921,181.04

1990 $264,852,544,615.90

1989 $240,863,231,535.71

1988 $214,145,028,847.73

We The People  posted on  2011-12-19   5:18:28 ET  Reply   Untrace   Trace   Private Reply  


#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.

Skip Intro  posted on  2011-12-19   14:08:02 ET  Reply   Untrace   Trace   Private Reply  


#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?

buckeroo  posted on  2011-12-19   16:01:41 ET  Reply   Untrace   Trace   Private Reply  


#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

Mad Dog  posted on  2011-12-19   17:45:28 ET  Reply   Untrace   Trace   Private Reply  


#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!

buckeroo  posted on  2011-12-19   17:58:33 ET  Reply   Untrace   Trace   Private Reply  


#35. To: buckeroo (#32)

Piss off you worthless POS.

Do your own legwork.

Now shove it up your worthless cowardly foul vent.

Mad Dog  posted on  2011-12-19   18:14:36 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 35.

#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.....

buckeroo  posted on  2011-12-19 18:31:54 ET  Reply   Untrace   Trace   Private Reply  


End Trace Mode for Comment # 35.

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