No, Business Is Not Making Record Profits

Propaganda: Businesses are making more profits than ever but they won’t hire American workers because they want to hurt Obama. And because they’re greedy. If they won’t hire workers they shouldn’t pocket all that money. They must be taxed, taxed, taxed!

FACTS:

  • The study cited for this propaganda queried only Fortune 500 companies. That’s a survey of 500 companies.
  • There are approximately 2.5 Million corporations in the U.S.
  • That means the survey queried 0.02% of all U.S. companies.
  • The other 99.98% of businesses were not involved.
  • These companies employ only about 15% of the total U.S. workforce.
  • Half the “record profits” experienced by the Fortune 500 companies in the survey were from operations overseas.
  • Removing overseas profits, 2011 is consistent with previous years earnings reports.

Source: MacIver Institute article April 19,2012

It defies common sense to claim “business” is making record profits. Does it look like that in your neighborhood?

How can business make profits without hiring workers? It can’t. And they are hiring workers – overseas.

Doesn’t this make the case for punitive taxation for overseas operations? No, it makes the case for lowering the regulatory and corporate tax burden the U.S. has created under Obama, which is what’s forced these business to look for profits overseas, and employ overseas workers.

Raising taxes on business will only drive more businesses to countries that don’t over-regulate and don’t over-tax.

The solution to unemployment is to create a profitable business-friendly environment here, in America. That will bring jobs back to the U.S.

In order to do this, we need a new Administration.

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