In her Sept. 1 letter, Ms. Parkins stated, “We need people with money to invest, in order to create business and thus make money for themselves and their share-holders.” It’s this kind of thinking that lead to the Great Depression as well as the Great Recession.
The truth is that the wealth of the world is concentrated into about 400 people who already have the money to create jobs; they just don’t spend it.
Yes, we do have higher corporate taxes than most of the world because we also have the lowest personal income taxes of any of the developed nations. We also enjoy higher infant mortality, outdated and failing infrastructure, and lower education outcomes as well.
Why? In almost every case it’s because Congressional Republicans prioritize companies and the rich over regular Americans. They block federal funding necessary to uphold safety standards and consumer protections. They overturn rules that benefit hard-working Americans.
The reality is when people with small or no discretionary income get more money (you know, the little guys), they don’t save it in an off-shore account, they spend it. They create demand. They boost the economy. And they make jobs for America.