Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

For Progress, Let's Bury These Economic Myths

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

For Progress, Let's Bury These Economic Myths

Article excerpt

I'd like to comment on Mark Steiner's excellent Aug. 7 letter, "Economic Growth From Bottom, Not Top." First, we need to bury the myth that making the rich richer will help the rest of us. We have years of empirical data at the federal and state level to show that myth is false.

Second, CEOs are not "job creators." Employers hire people only when they need help to provide goods or services to customers. It's demand for goods and services that creates jobs, not supply. Giving companies more money, whether in the form of lower taxes or cash payments, won't cause CEOs to hire people they don't need.

Indeed, the CEOs of the Fortune 1,000 are sitting on large amounts of cash, which they won't spend because, under the accounting rules, doing so will reduce the company's income, which will reduce its stock price, which will reduce the value of the stock and stock options which are so much a part of a CEO's income. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.