The Rich Create Bubbles, Not Jobs
nakedcapitalism.com — On June 7, 2001, HR 1836 the Economic Growth and Tax Relief Reconciliation Act was signed into law. This was the first and largest of several tax cut bills passed during the Bush Administration. It was estimated to cost $1.35 trillion with most of its benefits going to rich. So this should have spurred job creation. Give money to the “job creators” and they will create jobs, no? You could argue that the rich do create jobs, but these bubble jobs aren’t stable or permanent and are created at great cost to the non-rich. The quality of these post-bubble created jobs is generally poor. After 10 years of turning our economy over to the “job creating” rich, we are only just back to the level of private jobs we had in January 2001. In other words, the job creators in exchange for their trillion dollar tax cuts gifted the rest of us with a lost decade.