Crush Liberalism

Obama’s chief financial adviser: You know what causes business owners to hire more people? Increasing their taxes, that’s what!

How does it feel to have a functional economic illiterate advising President Ideologue on such matters as these?  From Business and Media Institute:

Obama’s chief economic adviser Larry Summers appeared Feb. 9 on the Fox Business Channel to discuss the administration’s economic agenda and defended proposed rate-hikes for those making over $250,000. “Almost all economists who studied these things have that kind of view,” he told Fox’s Liz Claman.  (Show me an economist who says that increasing the tax burden on business owners will spurn job growth and I will show you an economist who got his degree from a Cracker Jack box…or from UF.  Same diff.  – Ed.)

Perplexed, Fox News contributor Gary B. Smith replied: “it’s the biggest bunch of B.S. I ever heard … this is such a political game. Larry Summers thinks everyone is Rockefeller living in their Newport, Rhode Island mansion. These are guys that are starting businesses, investing. You can’t give people business money to hire people, they have to have a reason for hiring these people and that’s because they see sales increasing or costs decreasing. You can’t just say ‘go hire these five people’ because the businesses will go ‘What for? I don’t have the demand!’”

Oh, if I had a nickel for everytime I heard a business owner say “Now that my taxes have gone up, I’ll use the monetary shortfall to…um, hire more people“, I…well, I wouldn’t have a nickel.

February 12, 2010 - Posted by crushliberalism | big government, economic ignorance, taxes