Rick Perry runs Texas as America’s largest work farm. His new jobs pay low wages, lack benefits or advancement, and follow the model of post-war Levittown. But his candidacy should not distract from the central, more compelling issue of economic and job growth: the need to raise taxes.
Texas farm, 1937. LOC.
“No taxation without representation;” the cry of the founding fathers now stands on its head. Now the governing representatives simply proclaim, “no taxes.” The caveat in the fine print seems to be “except for the middle class.” The corollary adds, “no jobs, either.”
The commentators have a new cause to shrill for—jobs. It’s suddenly news that America’s been unemployed for the last two years, at alarming rates. Job growth can’t keep up with the population increase.
Yet we are on the verge of extending tax cuts that will not reduce the debt, deficit, or growth jobs.
The cuts protect the private wealth of the 1% of individuals who control 24.3% the nation’s net income. Yet these tax cuts have marginal utility in creating jobs. They don’t add anything to demand.
The argument for taking back $700 billion (the aggregate tax on incomes over $250,000) for schools, roads, health care, safety nets, defense, deficit reduction, and jobs is neither anti-rich or anti-jobs. It has been a principle of American democracy that people pay in proportion to their means and pay forward for the next generation.
We must maintain the fairness of that historic principle; the social value and political trust of the progressive tax. It is the first step in reducing the deficit and the debt, restoring confidence, maintaining the quality of American life, building a smart workforce and growing jobs.
(For the technical economic argument [with charts! and a careful review of principles] click 4 Economic Myths & Lies).
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