Cutting taxes creates jobs, they said. Subsidies to big corporations improve the economy, they said.
Yet, more than 11 years after the infamous Bush tax cuts for the wealthy, which were extended in 2010 along with an even greater cut to taxes on the inheritance of wealthy people, the exact opposite is happening.
Of course, this isn't surprising. Thinking people have been predicting this ever since the first coming of Ronald "let's use poor people as a biofuel" Reagan. CEO's don't use extra money from tax cuts to create jobs, they gamble with it on Wall Street, or let it collect dust and interest in a bank account where it may never see the light of day (or the economy) again.
A new article from Paul Wiseman of the Associated Press (Link to article) details how executives are having a grand old time, while you're sitting on your unemployed behind contemplating whether you really need that second kidney.
Some encouraging and heart-warming quotes from the article:
"A big chunk of the economy's gains has gone to investors in the form of higher corporate profits."
"Corporate profits are up by almost half since the recession ended in June 2009."
"And an Associated Press analysis found that the typical CEO of a major company earned $9 million last year, up a fourth from 2009."
"Driven by higher profits, the Dow Jones industrial average has staged a breathtaking 90 percent rally since bottoming at 6,547 on March 9, 2009. Those stock market gains go disproportionately to the wealthiest 10 percent of Americans, who own more than 80 percent of outstanding stock, according to an analysis by Edward Wolff, an economist at Bard College."
Oh, and what about those dirty, stinky "lazy" poor people that keep whining about wanting to be able to afford food at the expense of "hard-working" wealthy Americans?
"Unemployment has never been so high — 9.1 percent — this long after any recession since World War II."
"The average worker's hourly wages, after accounting for inflation, were 1.6 percent lower in May than a year earlier."
"Higher-paying jobs in the private sector, the ones that pay roughly $19 to $31 an hour, made up 40 percent of the jobs lost from January 2008 to February 2010 but only 27 percent of the jobs created since then."
Sounds like we need to cut taxes again, and eliminate some more programs that prevent poor elderly folk from freezing to death in winter, or poor little kids from starving to death in the summer. After all, rich people might leave the country if we don't.