Given a chance, people will come up with ingenious formulations for why they deserve everything and you deserve nothing. A 21st Century showpiece of this form of rationalizing has to be that the ultra-ultra-ultra wealthy are the “Job Creators”. While YOU are merely Another Mouth to Feed. There you sit, banging your spoon instead of putting in a 13th hour of hard work for the day, and expecting to be fed FOOD into that greedy greedy gruel-hole of yours. I want to posit today that their self-justifying accolade is not only misleading, but exactly backwards. I think the case is strong that the hyper-wealthy are the Job Destroyers. My case is three-pronged, like the pitchfork they prod their employees with.
1) Gathering so much wealth into so few hands slows the economy down. Spreading the wealth around increases economic activity and increases jobs.
2) The rich work hard behind the scenes to keep inflation below where it ought to be. You may think this protects you, but it doesn’t. It protects their pile. A little inflation greases the gears of the economy and yileds more jobs. Everybody knows this, it’s basic economics, but it’s amazing how successful they have been at squelching this reality, even in the face of the stubborn joblessness that their purported “job creation” never seems to get to.
3) Motivation. This is a key ingredient in a healthy economy. Motivation comes from feeling that effort has a fair chance of yielding a fair reward. When it becomes obvious, as it has been becoming, that the game has been rigged into a winner-take-all proposition, well, don’t expect people to keep slogging away, with any enthusiasm, forever, for scraps. When effort starts to look like a sucker’s game, and the best you can hope for is an amount the rich would rightly chortle at, well, expect the whole fabric of socially constructive effort start to erode. As I suspect it already has.