At first blush, I was inclined to call “Bullshit” on this piece from ritholtz.com that claims:
Over the past decade, the U.S. private-sector has lost 203,000 jobs.
That’s right: Zero job growth for 10 years.
In the 1940s, we created 10 million jobs. In the 1990s, we added 19 million new jobs. Even during the much-maligned 1970s, we added almost 16 million jobs.
The 2000s might be zero. Some economy, huh?
The government has created 2.1 million jobs over that period — primarily teachers. And, that’s the weakest government job growth in nearly two decades.
I can’t find information on how or why this happened. Over the past 10 years, George W. Bush was in the White House for 8 of the 10 years, so we can’t claim that tax cuts on the rich work. I’m inclined to believe this is the direct cause of heavy taxation on the low and middle classes. For my purposes, $250,000 doesn’t entitle you to be middle class. You’re middle class when you have an income of $60,000-$100,000 annually. And these are the people that think up the jobs that employ 2/3 of our workforce.
Sure hope Obama keeps his promise to not raise taxes on the middle class. If he does, we’re one step closer to becoming wards of the state.