Remember Mitt Romney and his ilk, during the last election, screaming against any tax increases for the wealthy? Remember their imbecilic claims that giving millionaires tax cuts would increase employment because these “job creators” could invest in new plants and hire new people? Remember the Repubs, once again playing as if they understood economics, claiming that millionaires can’t wait to hire new people with all that tax money the congress allowed them to keep rather than pay to the government?
Well, as part of installment #2 of how Repubs are continually, perpetually wrong every time they claim to understand economics, Money Magazine published a piece a year or so ago which is holding true today. These “job creators” aren’t creating jobs…they’re using the money you gave them to buy back their own stocks, driving the price of them through the roof.
That’s right. They are taking stocks that should be floating on the market and locking them up, causing a shortage of those stocks and driving the price up. This benefits, not workers, not the unemployed, not the middle class, but only those who are wealthy enough to own stock in these companies.
Here is the article
You can’t make this stuff up folks. This was the second bit of ignorance that came out the the Repub cluster-fu*k in 2012, along with their predictions of hyper-inflation and drastic dollar devaluation. Where is it? And where are the jobs that these creators created from all the taxes they’ve saved?
You can love or hate Barack Obama, but can you imagine where we’d be financially if these ignoramuses had taken the White House? Or if they do in 2016?
These people make predictions and low-intelligence pronouncements (like balancing the federal budget is similar to a household balancing its checkbook) and Repubs buy it, hook, line and sinker. But they conveniently forget to check back years later when none, and I mean none, of their predictions come true. Their lack of long-term memory is what keeps them thinking that they’re right, when they are almost invariably wrong. Time and time again.
More to come…