The seven biggest economic lies

| Print |  Email
The Latest
Tuesday, October 18, 2011

The President’s Jobs Bill doesn’t have a chance in Congress — and the Occupiers on Wall Street and elsewhere can’t become a national movement for a more equitable society – unless more Americans know the truth about the economy, says Robert Reich, Chancellor's Professor of Public Policy at the University of California at Berkeley.

Here’s a short (2 minute 30 second) effort to rebut the seven biggest whoppers now being told by those who want to take America backwards. The major points:
  1. Tax cuts for the rich trickle down to everyone else. Baloney. Ronald Reagan and George W. Bush both sliced taxes on the rich and what happened? Most Americans’ wages (measured by the real median wage) began flattening under Reagan and have dropped since George W. Bush. Trickle-down economics is a cruel joke.
  2. Higher taxes on the rich would hurt the economy and slow job growth. False. From the end of World War II until 1981, the richest Americans faced a top marginal tax rate of 70 percent or above. Under Dwight Eisenhower it was 91 percent. Even after all deductions and credits, the top taxes on the very rich were far higher than they’ve been since. Yet the economy grew faster during those years than it has since. (Don’t believe small businesses would be hurt by a higher marginal tax; fewer than 2 percent of small business owners are in the highest tax bracket.)
  3. Shrinking government generates more jobs. Wrong again. It means fewer government workers – everyone from teachers, fire fighters, police officers, and social workers at the state and local levels to safety inspectors and military personnel at the federal. And fewer government contractors, who would employ fewer private-sector workers. According to Moody’s economist Mark Zandi (a campaign advisor to John McCain), the $61 billion in spending cuts proposed by the House GOP will cost the economy 700,000 jobs this year and next.

Read the rest of the seven points at RobertReich.org.

 

More Articles

Intrepid reporter checks out ZoomCare rebrand

The Latest
Wednesday, May 27, 2015
dentistthumbPHOTOS BY JASON E. KAPLAN

Like all good journalists, OB editorial staff typically eschew freebies. But health care costs being what they are, digital news editor Jacob Palmer couldn't resist ZoomCare's offer of a three-in-one (cleaning, exam, whitening) dental office visit, guaranteed to take no more than 57 minutes. 


Read more...

Green workplace 2.0

Linda Baker
Thursday, May 28, 2015
IMG 2808BY LINDA BAKER | EDITOR

Reinventing capitalism. Office dumpster divers. Handprints versus carbon footprints.


Read more...

100 Best Green Workplaces announced

News
Wednesday, May 27, 2015
OBM-100-best-Green-logo-2015-1000pxwBY LINDA BAKER | EDITOR

More than 250 people turned out today for Oregon Business magazine’s seventh annual celebration of the 100 Best Green Companies to Work For in Oregon.


Read more...

6 things to know about the Amtrak Cascades route

The Latest
Friday, May 22, 2015
thumb3BY JACOB PALMER | DIGITAL NEWS EDITOR

The recent tragedy in Philadelphia has called attention to Amtrak and the nation's woefully underfunded rail service. Here are six facts about the Amtrak Cascades corridor between Eugene and Vancouver B.C. 


Read more...

Oregon needs a Grand Bargain energy plan

Linda Baker
Monday, June 22, 2015
0622-gastaxblogthumbBY LINDA BAKER

The Clean Fuels/gas tax trade off will go down in history as another disjointed, on-again off-again approach to city and state lawmaking.


Read more...

Oregon businesses face destruction from future earthquake

The Latest
Wednesday, May 20, 2015
htctthumb1BY KIM MOORE | RESEARCH EDITOR

An earthquake would completely destroy many Oregon businesses, highlighting the urgent need for the private and public sectors to collaborate on shoring up disaster preparedness, said panelists at an Oregon Business breakfast summit today.


Read more...

Department of Self-Promotion

Linda Baker
Wednesday, June 17, 2015

061715-awards1Oregon Business wins journalism awards.


Read more...
Oregon Business magazinetitle-sponsored-links-02
SPONSORED LINKS