And folks wonder why the concept of "cut taxes on the rich to create jobs" is so nonsensical: because the rich won't "create jobs" while consumer demand for the output from those jobs is in the toilet … and consumer demand is depressed because folks are out of work or struggling with low-paying and part-time jobs.
And that's why public spending in these sorts of circumstances makes sense. Because there are always useful infrastructure projects (to take an example) around, that won't necessarily pay off in a way that someone would invest in them, but which are nonetheless necessary and could provide jobs for people … who could then buy more widgets, and so which would promote private investment.
But that's not going to happen any time soon with statistics like the below. #ddtb
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Census shows 1 in 2 people are poor or low-income
Squeezed by rising living costs, a record number of Americans — nearly 1 in 2 — have fallen into poverty or are scraping by on earnings that classify them as low income.