Bizarre Claim: Businessmen Don’t Create Jobs, Consumers Do

May 17, 2012

Bizarre Claim:

I can say with confidence that rich people don’t create jobs, nor do businesses, large or small. What does lead to more employment is a “circle of life” like feedback loop between customers and businesses. And only consumers can set in motion this virtuous cycle of increasing demand and hiring. In this sense, an ordinary middle-class consumer is far more of a job creator than a capitalist like me. 

Emphasis added. Full Article: The Inequality Speech That TED Won’t Show You (Oooh! TED censorship! How scandalous!)

The purpose of the claim, as I can tell, is to relieve any anxiety the reader may have felt about the government’s helping itself to people’s property:

That’s why our current policies are so upside down. When you have a tax system in which most of the exemptions and the lowest rates benefit the richest, all in the name of job creation, all that happens is that the rich get richer.

So, help yourselves, Washingtion! Help yourselves, America! Don’t worry. You won’t kill any jobs! ….Well, okay. Not so fast. Read the rest of this entry »


Links for January 31, 2011: This is the War on Drugs. Any Questions?; Thoughts on the Depression of 1920.

January 30, 2011
  • “He was not a dealer,” Arlean Blair insists. “I know that he used … but he was not a drug dealer. A drug dealer has lots of money and nice things. If you looked in his house, he had nothing. He gave everything away to people who were having trouble. … It isn’t clear from evidence logs whether investigators found the drugs they were looking for. There was paraphernalia and ‘a small, pink plastic bag with a white crystal substance.’”

    The Weber County Attorney’s Office found the shooting to be legally justified under Utah Law. This is drugs. This is the War on Drugs. Any questions?

  • The Austrian School’s “Great Depression of 1920” line of reasoning goes like this: Following the First World War, America fell into a depression the first year of which was worse than that of the Great Depression. The government then did very little in the way of stimulus then, and the economy recovered basically on its own within a couple of years. By the 1929, America saw the onset of the Great Depression. Over a decade of New Deal government intervention did not get us out of that depression. To the contrary, New Deal meddling prolonged the Great Depression. Over a year and a half has passed since I first heard this account, and I have not come across so much as a peep in response from the interventionists….until now. The Austrian Review of Economics first published this article online in late October, 2010. I have not yet read this article because it costs $34 to download, but the author, Daniel Kuehn, responds to a critique of the article here.

  • Posted from Diigo. The rest of my favorite links are here.


    Links for October 4, 2010: Police Corruption in NY, How Many Stimuli Does It Take To Revive an Economy?, others….

    October 3, 2010
    1. An absolutely chilling story of police corruption in New York City. Officers are pressured to reach arrest quotas by making illegal arrests while underreporting major crimes to make themselves look successful. They then go to disturbing lengths to intimidate an officer who does not perform. But first: what could happen to you if you make terroristic threats on facebook.

    2. You’ll hear proponents of government stimulus often say that the private sector is not creating jobs fast enough. Have any of them ever thought to ask why not? As it turns out, they’re afraid of something: the uncertain regulatory environment, of course. Read the rest of this entry »