Wednesday, July 4, 2012
THE JOB CREATION MYTH
Some desperate politicians will say anything to win elections. In these troubled times of foreclosures and joblessness, the current promise of these electoral wannabes, with not much else to offer, is a "policy of job creation." Back in my engineering career, when the corporate boss wanted to increase our efficiency and pare costs down to the basic essentials, the search was on for "dead wood." By definition, the dead wood included those the Company could get along without. The 1980s and early ‘90s were a time of job reduction for many areas of the private sector. In the early years of the Clinton-Gore Administration, Vice President Gore was put in charge of "reinventing government," a process that resulted in widely-announced numbers of federal jobs eliminated. Any businessman who inflates payroll without an increased demand for his products and services doesn’t remain in business for very long. So how in the world does reducing income taxes for the wealthy bring about more jobs? It’s worse than a myth for the vulnerable and the gullible. It is a bald-faced lie.