Paul Krugman, like many liberal pundits, weigh in on the absurdity of preserving corporate tax breaks, such as those for jets, et. al., and ridiculously frame the argument in terms of job creation. This is largely an irrelevant and inconsequential issue designed to make headlines and generate internet traffic.
Honestly, I don’t really care about these loopholes, because at the end of the day, they will not make one bit of difference to the economy, especially as it relates to job creation. Why? Because everyone knows that large corporations do not create the bulk of new jobs. Small firms do.
Want to create more jobs? Is this something you really care about? Then get government out of the way of those who want to set up small shops building, creating, or selling wares, ideas, or hot dogs. Do you think Krugman gets on board with this? I doubt it.
Just try starting a business today without a couple million in backing. Then try hiring someone. Then try firing them.
Before long, we will become a country that will specialize in little more than bureaucracy.
Nonetheless, trickle-down is clearly on the ascendant — and even some Democrats are buying into it. What am I talking about? Consider first the arguments Republicans are using to defend outrageous tax loopholes. How can people simultaneously demand savage cuts in Medicare and Medicaid and defend special tax breaks favoring hedge fund managers and owners of corporate jets?