‘When did you last get a job from a poor person?’ So goes my favorite Tea Party slogan. The Americans are good at slogans but the Tea Party specializes in discombobulatingly daft ones. Of course you won’t get a job from a poor person, we wearily concede, but it doesn’t follow that the rich create jobs, as if they have special powers that turn their gains into a gift of jobs to the rest of us. U.S. billionaire Nick Hanauer is refreshingly honest about this: ‘If it was true that lower taxes for the rich and more wealth for the wealthy led to job creation, today we would be drowning in jobs.’ So why hasn’t the spectacular shift in income and financial wealth to the rich over the last four decades led to unprecedented jobs growth?
Read Full Article »
