Are you tired of ..........?xml:namespace>
· Feeling like no one is fighting for working people?
· Ceos taking all our money?
· Corporations shipping our jobs out of the country?
· Companies escaping THEIR tax burden?
· Having no health care?
· Health care costs killing you?
· Making an economic decision to not utilize your Health Care?
· Having no retirement?
· Big business getting so big it seems to control everything?
· Gas prices with record profits for oil companies?
· Your hard work being exploited by a company?
· The banks exploiting the average hard working American?
· Being afraid to ask for a raise?
· The cost of living rising faster than your wages?
· Being laid off?
· Being over qualified for your job because you can't find a better paying one?
· Living pay check to pay check?
· Working in fear?
Wednesday, June 22, 2011
Myth: Cutting taxes for the rich creates jobs.
The Republicans and Obama justify their tax cuts for corporations by claiming this will spur investment and create jobs. All the evidence points in the opposite direction. According to the Federal Reserve, U.S. corporations held a record $1.93 trillion in cash on their balance sheets in 2010. Rather than investing this money in new job-creating enterprises, these companies sat on their money or gambled it on new speculative bubbles.
Reality: The bailouts did not create jobs.
In 2009, after taxpayers bailed them out, bank profits rose 66% to a total of $29 billion. But nearly half of all the money that the big banks sucked from taxpayers has been loaned out to foreign commercial and industrial borrowers. The amount of loans given to small businesses and farms, critical for job creation, actually declined 2.8%, (FDIC, 6/30/10).
Reality: Layoffs are profitable for corporate tops.
In 2009 the top 500 U.S. corporations laid off 697,448 workers. Just 50 companies accounted for over 75% of those layoffs, and CEOs at those 50 firms “earned” 42% more pay on average than their peers in the S&P 500. Three-quarters of these companies announced the layoffs in periods of positive earnings, with their profits increasing 44%, (Institute for Policy Studies, 9/1/2010).
Whirlpool laid off 5,000 workers during its most profitable year, (Investor Report, 2010). Microsoft laid off 5,000 workers and still managed to be listed as one of America’s top ten most profitable companies. IBM cut over 10,000 jobs in 2009, receiving $12.3 billion in profit, doubling the value of its stock, and paying its CEO $22 million, (Economic Policy Institute, 12/23/2009).