Saturday, July 28, 2012
Why Bain Matters & Why It Won't
Why Bain Matters & Why It Won't by MSW. MGB: Sadly, he is not aware that the economic privileges the tax code affords him are why the middle class and the working class are not doing well, since they give mangaement and investors 85 cents of any savings in labor costs, with the government keeping only 15 cents. Granted, some places have corporate taxes added to this - but on balance current tax policy has caused real wages to decline. As the ad by Obama says, Romney is the problem.
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Its as much taking back as taking. Take out a dollar bill from your wallet and see who issued it. More importantly, its not that they are taking from the rich as much as they are taking more from the non-rich as a percentage of their income. Not acceptable and not likely to continue. It also misses the point - which is the fact that they are taking too little of the return to capital is largely responsible for the "job creators" becoming "job destroyers" and the slowdown of the economy. The new Obama add does not mention this explicitly, but he does point out that the Romney agenda will give us the kind of economy that set up the Great Recession. If low taxes on capital produced jobs, we'd be worried about the economy overheating and an endemic labor shortage. There isn't one. We had an experiment in job creation through trickle down. It has not worked.
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