Gant: Jobs not created by wealthy
October 30, 2012
This political campaign has been filled with fabrications and exaggerations, but the biggest and most damaging lie has been “jobs are created by the wealthy; increasing taxes on them will hurt the economy.” I’m not an economist, but it seems to me that a rich guy is not going to hire someone just because he has more money in his pocket. He will hire when he needs more help to satisfy an increased demand for his product or services. And that increased demand is going to come from the multitudes when they have more money to spend. But I don’t expect you to take the word of this non-economist – just look at the attached graph from the Bureau of Economic Analysis that was published in the Sept. 16 New York Times in an article by David Leonhardt, the Washington bureau chief for the Times.
Some of us are old enough to remember the times of peace and prosperity under President Eisenhower in the 1950s. The top marginal tax rate in those years was 70 percent.