James Moran Takes On The One Percent

Right wing talking points frequently describe corporations as “job creators”, but this year, corporations have held back two trillion dollars in money in fluid form. That money could have been spent to create a job for every single unemployed American, and the cash would have flowed right back into corporate accounts, but the corporations refused to create the jobs. It would be more accurate to call the corporations America’s job non-creators.

U.S. Representative James Moran made this point yesterday. Speaking before his colleagues in Congress, Moran critiqued the pro-corporate rhetoric of the right wing. Moran said:

“Republicans won’t consider raising taxes on the wealthy from their currently historically low levels because these are the job creators. But where are the jobs?

The fact is that corporate profits are at historic highs, as are CEO and investor compensation. But the reason for that corporate profit being historically high is that over the last several years, 75 percent of corporate profit has come from reduction in personnel costs. Then the top 1 percent reward themselves for cutting those costs and raising profits by increasing their own income and bonuses to record high levels.

In fact, the CBO report that came out today confirms this. The wealthiest 1 percent, whose income the Republican majority wants so much to protect, went up by 275 percent since 1980. You don’t get upward mobility, you don’t realize our full potential as a Nation when we have such a concentration of wealth at the top.”

Corporations are asking for the elimination of regulations that keep Americans safe at work and at home. The corporations are demanding cuts to good government services that protect Americans from the consequences of unemployment and severe poverty. The corporations say that these changes are necessary to help them create jobs, but the truth is that corporations already have the resources necessary to create jobs, but are refusing to pitch in. They want those extra profits to go to the top 1 percent, not to create jobs for working America.

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