Creating jobs should not be a mystery

Jim Powell:

...

The first step is to make private-sector job creation a top priority. That's vital, because the private sector pays all the bills. Government doesn't have any money other than what it extracts from the private sector. Well, Mr. Obama never made the recovery of private-sector job creation a top priority because he was busy pushing his progressive agenda, including a big "stimulus" bill for government employees, government-run health care, more compulsory unionism, carbon taxes and other policies that have a negative impact on private-sector employment.

...

If private-sector job creation is a top priority, government must reduce the cost of hiring people and remove other obstacles to employment. Payroll taxes make it more expensive for employers to hire people, and Mr. Obama increased payroll taxes. Minimum-wage laws discourage employers from hiring people who are worth less than the legal minimum because of their limited skills and work experience - Mr. Obama didn't try to stop last year's minimum-wage increase. Mr. Obama backs labor unions that obtain above-market compensation and benefits, pricing employers out of markets (autos, steel, textiles, etc.) and destroying private-sector jobs. Obamacare imposes penalties on employers who hire more than 50 people. Mr. Obama is spending trillions of dollars the government doesn't have, which naturally leads employers to anticipate higher taxes, and they're reluctant to hire people before they know how high taxes are likely to be. Mr. Obama's financial "reform" bill authorizes government agencies to issue hundreds of costly regulations, and the resulting uncertainty further discourages employers from making financial commitments needed to hire people.

Mr. Obama has similarly throttled private-sector investment. He threatened to increase taxes on dozens of the top U.S.-based multinational companies, which would tend to depress their shares that are in individual securities accounts, pension funds, endowment funds and other portfolios. Mr. Obama repeatedly has demanded "soak-the-rich" taxes on private-sector job creators. He raised taxes on interest, dividends, annuities and rents. And of course, Mr. Obama wants the George W. Bush tax cuts to expire at the end of this year, which, in effect, means tax increases, including a top federal income tax rate of 39.6 percent, a dividend tax of 39.6 percent, a long-term capital gains tax of 20 percent, a return of marriage-tax penalties, a return of the death tax (55 percent on estates over $1 million) and a phaseout of itemized deductions for private-sector job creators - all this in addition to applicable state and city income taxes. Bottom line: less private-sector capital available to create private-sector jobs.

...
Liberalism is costing the US jobs and wealth creation. Obama's approach to the Bush tax cuts suggest he is determined to go with confiscatory taxes on the rich who are already paying more than their fair share of the taxes. As a starting point he should be prepared to say what percentage of income taxes the top five percent of Americans should be paying. If they are already paying over half of the income taxes, then they are not being under taxed.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

29 % of companies say they are unlikely to keep insurance after Obamacare

Conn Carroll: A new survey of 368 midsize to large companies found that 29% of them are considering terminating their active employee health care plans when Obamacare is full implemented in 2014. Only 71% of employers surveyed said they did not expect to drop their health coverage, while 20% said they did not know and 9% said they were planning to exit. The latest survey, conducted by Towers Watson, echoes an ealier survey by McKinsey & Co. finding that 30% of private-sector employers were planning to drop their employee health insurance coverage by 2014. When the Congressional Budget Office crunched Obamacare's spending numbers, they estimated that only 7% of employees currently covered by employer-sponsored plans would lose their plans. ... This means the cost of the health care fiasco will be hundreds of billions more than estimated by the CBO and Congressional Democrat. It is also clear that Obama's pledge that you could keep your health care plan if you wanted t...
Read more

Is the F-35 obsolete?

Headline USA: Pentagon Fires Back after Musk Calls Its Most Expensive Project ‘Obsolete’ 'Yeah, as I'm sure you can appreciate, Mr. Musk is, currently, a private citizen, I'm not going to make any comments about what a private citizen may have to say about the F-35....'   ... ... Drones appear to be replacing jets for many operations.  The Russia-Ukraine war is an example of that.  Drones are often hard to detect and can be used for intelligence operations as well as for attacking enemy targets.  It would not surprise me to see drones engaging other drones in combat.  They also cost much less than manned fighters.  
Read more