In an interview with Chris Matthews, on the subject of economic growth, (I'm being generous), Senator Sherrod Brown said, and I quote, "Extending unemployment benefits creates economic activity that creates jobs, not giving a millionaire an extra 10-20-30 thousand dollars in tax cuts, that they likely won't spend, because they're already buying what they're going to buy anyway".
Mr. Brown.., Come... Let us reason together.
As you may recall from my last correspondence, I am neither rich, nor Republican. I guess that will improve the standing of my argument, in so much as the instrument most commonly employed by you and your party to derail it is that of class envy and partisanship. Another mark in my favor is that, though I am self-employed now, and have been most of my adult life, I have at times been unemployed, and collected unemployment benefits. I admit it was a very long time ago, when I was still in my Democrat phase... ... I guess that's another point I can claim.
The way I remember it, when I was unemployed and collecting benefits, there were a couple of things that I did NOT do. I did NOT put a whole lot of effort into finding another job, and I did NOT spend money on anything other than the necessities. Why, you ask? Because unemployment, rightly, doesn't provide enough to allow one to do more than that. Which brings me to my point.
It seems to me that buying the things we NEED, to get by, doesn't really create economic activity at all. At least, it doesn't create economic GROWTH. That would be accomplished by buying the things we WANT. The things we all buy from our extra cash, THOSE are the things that create jobs. If I remember correctly, when I was drawing unemployment, I couldn't qualify for a loan to buy a new car, or a stereo. I couldn't take my girlfriend out for dinner and a movie. In short, I couldn't contribute to economic growth. I could only keep the heat and lights on, the rent paid, and food in my belly. I'm NOT complaining. For the effort I had to put forth to get it, I was quite content.
But that was then. Today I am, as I've said many times before, self-employed. I don't have a large bank account... or any bank account at all, to speak of. But I understand that it's the people WITH the money that make the economy grow. You say, "GIVING a millionaire an extra 10-20-30 thousand dollars in tax cuts that they likely won't spend". A more accurate statement would be, ALLOWING a millionaire to KEEP an extra 10-20-30 thousand dollars of their own money, but that's a topic for another discussion.
While you may be correct in your assertion that they won't SPEND it, millionaires don't get to be millionaires by leaving large sums of cash in their mattress. They INVEST their money where others can use it to grow their business and create jobs, that is, when they have confidence in the stability of the economy. I'm okay with the rich getting richer, because everyone else who's putting out some effort gets richer as well. At least, so long as the government doesn't take it away in the form of income tax. Remember what I said on October 4th? How the income tax prevents those of us in the middle class from becoming wealthy?
Well, Senator Brown, I've taken up enough of your time. I look forward to a time when we can have a real discussion. I'm sure the opportunity will present itself, sometime between now and November, 2012. If you have a few more minutes, here is a link to an older post. Perhaps it will give you some insight as to whose "side" I'm REALLY on.
I'll get back to ya...
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