Just Ducky Antiques and Decoys
by Hugh Blanchard
(Yorktown, VA, USA)
Why there are no jobs in America ? My Summary version!
An economic commentator named Porter Stansberry wrote a great article on August 21 titled "This is Why There are No Jobs in America." In this article, Mr. Stansberry listed the several reasons why an entrepreneur would not want to set up shop in current-day America.
1. High Corporate Taxes: America has the 2nd highest corporate tax rates in the world, from 35% and up just at Federal level, with State County and City tacked on just for fun. They take too much money away from those who take all the risks and hire all the workers.
2. Burdensome Regulations: America delights in telling a business owner whom he or she must hire, even if those aren't the best-qualified or best-performing workers. There are literally hundreds and thousands of regulations and codes from hundreds of agencies at Federal, State, County and City levels. These regulations reflect the wishful thinking of influential political constituencies who don't know one thing about running a business, especially a small business.
3. Social Security Taxes: On top of being required to pay 35% or more of their profits to Uncle Sam, the business owners must pay 12% or more of whatever they pay their workers to the US Government. Why? So Government at all levels gets paid to spew out more burdensome regulations.
4. Ending the Business: If the business owner decides to sell, the US government gets a 20% cut of the final sale price.
5. Death Tax: It's not fair for anyone to inherit what their family has spent generations building. So when the owner dies and passes it on to his or her heirs, let's charge another tax of 50% or more on the value of the estate. Of course, the business owner can fix all that for their family if they carry millions of dollars worth of life insurance costing thousands per year.
When you add it all up, a successful business owner may end up paying 75% or more of their earnings to the government. And building a world class semi-conductor factory costs up to $1 Billion more per plant in the USA than in India, per the CEO of Cypress Semi-Conductor, largely due to overly burdensome government regulations and obstructive labor issues. If we make it too hard in America, our high-tech firms will move to Taiwan, India, and Singapore. When an American business genius like Steve Wynne of Las Vegas announces he's moving his corporation headquarters to Hong Kong because of better business opportunity under Communist China, we need to all take a very hard look at what is going on in America.
Get government off the backs and out of the way of innovative American businessmen, and America will get back in the game. Try to burden us all carrying dead weight up the ladder on our backs, and government will kill American enterprise and collapse our economy and our society into universal poverty. There is no way to remain competitive in the world economy and "spread the wealth around" to the degree contemplated by the current administration, and the faltering economy proves this out.