Bailed-Out Banks Won't Create Jobs: What Next?

truth-out.org — The historical record shows that $3.4 trillion in Bush-era tax cuts, given mostly to business and investors, were not associated with job creation during his term. The U.S. economy, and taxpayers, paid $3.4 trillion to lose over 650,000 jobs. Three years later, in December 2011 and after another year's extension of the Bush tax cuts, there were about 109.9 million private-sector jobs. And still, Republicans continue to beat their broken drum that "tax cuts create jobs." The S&P-Fortune 500 largest corporations today sit on more than $2 trillion in cash, and they refuse to spend and invest it in America and create jobs here at home. If big banks and big business refuse to create jobs with their cumulative $4 trillion bailout cash hoard, then the government must tax it, take it back from them and directly create jobs itself.

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