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Why tech giants don't invest tax cuts in American jobs: Don Pittis

TU Curmudgeon

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From the CBC

Why tech giants don't invest tax cuts in American jobs: Don Pittis

More than $100 billion US in tax cuts that were supposed to "make America great again" went into the pockets of well-off investors in U.S. tech companies, according to new research by one of the world's most influential business newspapers.

Just as tech share prices show signs of weakness, there are growing worries that instead of investing those tax breaks into something that would last, much of that cash has just been gambled on what economist John Maynard Keynes described as casino capitalism.

"When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done," Keynes wrote in his groundbreaking 1936 opus, The General Theory of Employment, Interest and Money.

Markets run amok

Canadian Keynes scholar Louis-Philippe Rochon is sure that when Americans look back at the tax money removed from public revenue and used for the sole purpose of creating a temporary jump in share prices, there will be profound regret.


COMMENT:-

It appears that people are now looking at who the tax cuts ACTUALLY benefited rather than simply listening to talking heads telling them who they were SUPPOSED to be benefiting.

Strangely enough, that "new look" is producing results that are surprisingly similar to those that were predicted by the people who were objecting to the tax cuts when Mr. Trump first announced them and told the people that the tax cuts would benefit everyone.

Of course, the article wasn't written by an American so it couldn't possibly be correct - right?
 

Carjosse

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From the CBC

Why tech giants don't invest tax cuts in American jobs: Don Pittis

More than $100 billion US in tax cuts that were supposed to "make America great again" went into the pockets of well-off investors in U.S. tech companies, according to new research by one of the world's most influential business newspapers.

Just as tech share prices show signs of weakness, there are growing worries that instead of investing those tax breaks into something that would last, much of that cash has just been gambled on what economist John Maynard Keynes described as casino capitalism.

"When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done," Keynes wrote in his groundbreaking 1936 opus, The General Theory of Employment, Interest and Money.

Markets run amok

Canadian Keynes scholar Louis-Philippe Rochon is sure that when Americans look back at the tax money removed from public revenue and used for the sole purpose of creating a temporary jump in share prices, there will be profound regret.


COMMENT:-

It appears that people are now looking at who the tax cuts ACTUALLY benefited rather than simply listening to talking heads telling them who they were SUPPOSED to be benefiting.

Strangely enough, that "new look" is producing results that are surprisingly similar to those that were predicted by the people who were objecting to the tax cuts when Mr. Trump first announced them and told the people that the tax cuts would benefit everyone.

Of course, the article wasn't written by an American so it couldn't possibly be correct - right?

I bet within the first two pages at least someone will say being Canadian invalidates it, and mean it.
 

Slavister

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Tech giants reinvest into offshore jobs - they hire people in India, China, etc with all that newfound wealth.
 
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