There were no jobs created in America from 1945, when the war ended, through 2003. How could there be? Taxes were too high. Preposterously so under Eisenhower, Kennedy, Nixon, Reagan (who left office with a 28 percent rate on long-term capital gains) and Bush the Elder. You remember those awful times? Because of high taxes and powerful labor unions, America had no job growth from 1945 through 1992. Employment barely budged, from 53 million to an only slightly higher 119 million. And then it got even worse -- Clinton came in, with his awful tax hikes. In those disastrous years -- made worse by all the insane Democratic regulation that kills jobs -- we added barely 23 million more jobs. Barely 23 million!
Finally we elected George W. Bush. We slashed taxes, especially on the best off (because as Nobel-prize-winning economists Frank Luntz and Joe Scarborough have shown, the wealthy use their tax cuts to create jobs) -- and job creation -- finally! -- took off. And now we have the Romney/Ryan plan (see here) which seeks to build on the enormous Bush success* by slashing taxes on the wealthy even further.
This makes sense because, as noted in Friday's wonderful "Doonesbury," job creators are very sensitive people. Circumstances have to be just right for them to unleash their magic powers. Which is why, I say again, from 1945 until Bush 43 finally came along, America created almost no jobs.
*And reduce the deficit!
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