With cunning, contempt, and catechismal fervor, the super-rich have argued on behalf of supply-side economics: the economic philosophy that contends that money should move to the top, where it will...
The Wall Street Journal noted in 2009 that the Bush tax cuts led to the "worst track record for jobs in recorded history." 25 million people remain unemployed or underemployed, with 30 to 50 percent of recent college graduates in one of those categories. Among unemployed workers, nearly 43 percent have been without a job for six months or longer.
For the jobs that remain, most are low-paying, with the only real employment growth occurring in retail sales and food preparation.
Perhaps, instead, they're building businesses on their own? No. Only 3 percent of the CEOs, upper management, and financial professionals were entrepreneurs in 2005, even though they made up about 60 percent of the richest .1% of Americans. A recent study found that less than 1 percent of all entrepreneurs came from very rich or very poor backgrounds. They come from the middle class.
That deserves repeating. Entrepreneurs come from the middle class.