The Bush tax have not created any jobs. In fact, they’ve destroyed them. They are a big reason why there has been virtually no private sector job growth since the cuts were enacted a decade ago. There’s a reason for this.
When tax cuts for the rich occur, CEO’s attempt to entice investors to purchase shares of their stocks with their newly available cash before investors purchase the stocks of competitors. It’s a dog eat dog race as jobs are cut in thousands of publicly traded corporations, or the jobs are shipped off to other countries. Wages and salaries are held stagnant or reduced. In this way, wages and salaries are eliminated or reduced to push up profits and dividends. if this tactic works, investors buy shares and push share prices higher. The new investors are happy, old shareholders are happy, the board of directors are happy, and the CEOs gets a big bonuses for destroying jobs and redistributing income from working people to the one percent.
This is why Obama should end the Bush tax cuts now. That’s something he has announced today. But he’s not going to eliminate them until after the election, which means he could be playing us again. Expect it.
See the link below for more information on Obama’s alleged desire to end the destructive Bush tax cuts.