HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Job Creators » Reply #5
In the discussion thread: Job Creators [View all]

Response to Angry Dragon (Original post)

Wed Jul 27, 2016, 06:33 PM

5. Belief: It's When Others Do the Thinking FOR You.

What's utterly hilarious about the "job creator" myth is that while people are still buying this bullshit, little do they know (naturally, because their purchased media will never tell YOU) is that the canard was quite literally put to the test in 2004, when BeWsh enacted the Homestead Investment Act of 2004; which, hilariously enough, was part of the American Jobs Creation Act of 2004. Corporate America, specifically a failed presidential candidate in 2016, failed quite miserably to create any jobs. In fact, LAYOFFS were the result more often than not:

The purported aim of the legislation was to generate economic growth and therefore jobs at home by according corporations a one year “tax holiday” on billions in overseas profits they had stashed offshore.

The result was a $265 billion corporate giveaway.

The windfall was supposed to go toward research and development, and other job-creating endeavors.

Instead, almost all of it was put into stock buybacks as a way of funneling cash to stockholders, these prominently including CEOs.

Never mind that the bill prohibited such buybacks.

Hewlett-Packard saved more than $4.3 billion and put more than $4 billion into stock buybacks. It laid off 14,500 workers.

To make it all even uglier, Hewlett-Packard lobbied for the Homeland Investment Act as a member of something called the Homeland Investment Coalition—this at a time when the “war on terror” was intensifying and the word “Homeland” made everyone think of national security.

Reply to this post

Back to OP Alert abuse Link to post in-thread

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 10 replies Author Time Post
Angry Dragon Jul 2016 OP
tonyt53 Jul 2016 #1
Wellstone ruled Jul 2016 #2
Angry Dragon Jul 2016 #3
Wellstone ruled Jul 2016 #4
LineNew Reply Belief: It's When Others Do the Thinking FOR You.
HughBeaumont Jul 2016 #5
Angry Dragon Jul 2016 #8
HughBeaumont Jul 2016 #9
Angry Dragon Jul 2016 #10
Iggo Jul 2016 #6
Angry Dragon Jul 2016 #7
Please login to view edit histories.