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The wealthy do NOT create jobs.

May 17, 2012

“I can say with confidence that rich people  don’t create jobs, nor do businesses, large or small. What does lead to more  employment is a “circle of life” like feedback loop between customers and  businesses. And only consumers can set in motion this virtuous cycle of  increasing demand and hiring. In this sense, an ordinary middle-class consumer  is far more of a job creator than a capitalist like me.

So when businesspeople take credit  for creating jobs, it’s a little like squirrels taking credit for creating  evolution. In fact, it’s the other way around.

Anyone who’s ever run a business  knows that hiring more people is a capitalists course of last resort, something  we do only when increasing customer demand requires it.  In this sense,  calling ourselves job creators isn’t just inaccurate, it’s  disingenuous.

That’s why our current policies are  so upside down. When you have a tax system in which most of the exemptions and  the lowest rates benefit the richest, all in the name of job creation, all that  happens is that the rich get richer.”

Read more: http://www.businessinsider.com/this-billionaire-venture-capitalist-gave-a-ted-talk-saying-rich-people-dont-create-jobs–and-ted-is-refusing-to-post-it-2012-5#ixzz1vAIx0Opw

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