"Three Big Lies Perpetuated by the Rich" by Paul Buchheit at Common Dreams

[applegrove]

Three Big Lies Perpetuated by the Rich

by Paul Buchheit at Common Dreams

https://www.commondreams.org/view/2012/07/23-1#.UA31ZnNW36g.reddit

"SNIP......................................

1. Higher taxes on the rich will hurt small businesses and discourage job creators

A recent Treasury analysis found that only 2.5% of small businesses would face higher taxes from the expiration of the Bush tax cuts.

As for job creation, it's not coming from the people with money. Over 90% of the assets owned by millionaires are held in a combination of low-risk investments (bonds and cash), the stock market, real estate, and personal business accounts. Angel investing (capital provided by affluent individuals for business start-ups) accounted for less than 1% of the investable assets of high net worth individuals in North America in 2011. The Mendelsohn Affluent Survey agreed that the very rich spend less than two percent of their money on new business startups.

The Wall Street Journal noted, in way of confirmation, that the extra wealth created by the Bush tax cuts led to the "worst track record for jobs in recorded history."

............................................SNIP"

[siligut]

1. "And one fading illusion: People in the highest class are people of high class."

Scientific American and Psychological Science have both reported that wealthier people are more focused on self, and have less empathy for people unlike themselves.

This sense of self-interest, according to a study published in the Proceedings of the National Academy of Sciences and other sources, promotes wrongdoing and unethical behavior.

Can't help but think about bankers and hedge fund managers.

Talking about Romney here.

[xtraxritical]

2. I only see one "big lie" enumerated?

[applegrove]

3. Here are 2. & 3.

2. Individual initiative is all you need for success.

3. A booming stock market is good for all of us


http://www.commondreams.org/view/2012/07/23-1#.UA31ZnNW36g.reddit

[quaker bill]

4. Study upon study has documented

That the wealthy are not "job creators". Creating jobs is risky and alot of work. Virtually nobody who has many millions already banked signs up for a 60+ hour work week. They do not spend their time this way, and they do not risk the millions they already have on a proposition that may or may not pay off in a few years. "Creating jobs" is simply too much work, pays too little, and pays too slow.

Until recently, you would have been 10X better off invested in real estate (less work, bigger pay, faster return). Currently it is the stock market (less work, bigger pay, faster return, and a much lower tax rate).

People who create jobs, to the extent anyone does this here anymore, are people who don't have millions banked, but would like to get there, and are willing to saddle up for 60+ hours a week it will take to do it. Understand that even among those willing and trying hard, 80% fail within the first 5 years (that is the real measured risk, and why rich people don't do it).

The old saw goes "Want to know how to make a small fortune? Start with a large fortune and go into business."