[QUOTE=intecon;309694]Oh come now Brother Hesekiel . . . I think thou protest too much. Rich people don't create jobs? . . . . who do you think owns the factories and the businesses in America . . . the poor?
You confuse Capital with Demand. Demand creates jobs, not merely owning factories or businesses. Factories plus zero demand = bankruptcy. No factories plus lots of demand means someone steps in to fill the demand whether there a many factories or none.
So who creates demand? The person who already has everything or the person who spends everything they have every month? Easy, the person who spends everything every month. Giving 100 such (poor) people $1 means the $100 gets spent, probably on necessaries. Giving a rich person $100 means $0-100 may be spent, but there is no guarantee ANY will be spent, and certainly not on necessaries. It could go to a tax haven, to a gold plated iPhone case, to hookers and cocaine, or be socked away to "invest" in something that also might not create any demand, like say, stocks. (Note that Bonds are NOT included in that because Bonds, like most lending, can create demand by allowing borrowing that lead to demand. It's like what I just said at the beginning of this paragraph, but someday you have to give the $1 back.)
THAT is why Keynes still works and Laffer does not. THAT is why Clintonomics worked and Bushonomics did not. Rich people do not CREATE jobs. Poor people create jobs by buying things.
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[QUOTE=intecon;309694]Oh come now Brother Hesekiel . . . I think thou protest too much. Rich people don't create jobs? . . . . who do you think owns the factories and the businesses in America . . . the poor?
You confuse Capital with Demand. Demand creates jobs, not merely owning factories or businesses. Factories plus zero demand = bankruptcy. No factories plus lots of demand means someone steps in to fill the demand whether there a many factories or none.
So who creates demand? The person who already has everything or the person who spends everything they have every month? Easy, the person who spends everything every month. Giving 100 such (poor) people $1 means the $100 gets spent, probably on necessaries. Giving a rich person $100 means $0-100 may be spent, but there is no guarantee ANY will be spent, and certainly not on necessaries. It could go to a tax haven, to a gold plated iPhone case, to hookers and cocaine, or be socked away to "invest" in something that also might not create any demand, like say, stocks. (Note that Bonds are NOT included in that because Bonds, like most lending, can create demand by allowing borrowing that lead to demand. It's like what I just said at the beginning of this paragraph, but someday you have to give the $1 back.)
THAT is why Keynes still works and Laffer does not. THAT is why Clintonomics worked and Bushonomics did not. Rich people do not CREATE jobs. Poor people create jobs by buying things.
End of rant.
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