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Consumers drive an economy



Published: Mon, July 30, 2012 @ 12:00 a.m.

Consumers drive an economy

A letter last Sunday re- marked on partial quote of President Obama’s, “if you got a business, you didn’t build it.” I was reminded of an article I recently read in which a business owner commented that he never considers himself to be a job creator, the real job creators are the American consumers — they were the ones who built his business up.

How true that is considering that 70 percent of the American economy is driven by the American consumer. It doesn’t matter how many tax cuts or how much deregulation you do, if a business does not have demand for its product or services, it is not going to prosper and grow and be able to hire employees.

Our economy is a combination between private and public sectors. The private sector has added 4 million new jobs. Bank failures, housing crisis,consumers paying off credit card debt, loss of 600,000 government jobs are all keeping unemployment high.

No president including Reagan, Clinton, nor Romney could have brought jobs back any faster. Romney would have let the auto industry go bankrupt. Reagan after lowering taxes, raised them and also increased spending. Clinton raised taxes and increased spending on infrastructure, police, firemen, schools, and also had the advantage of the high tech bubble. All of the above would have been unacceptable to today’s Republican Congress.

Interest rates are low, corporations are sitting on lots of cash, the auto industry is back, housing is showing some improvement, so it’s going to be up to the American consumers, the real job creators to keep this recovery going.

Becky Neal, New Castle, Pa.


Comments

1chuck_carney(499 comments)posted 2 years, 1 month ago

Henry Ford knew that providing good jobs to his workers provided them with the ability to purchase cars which they built, Simply saying it is consumer driven is fallacious reasoning. The companies must have the confidence to begin producing (yest, take risk and build their businesses) which will increase the number of jobs.

Also, we don't need another stimulus or QE redux. There is over $1 trillion of American money overseas and over $1 trillion of money sitting on the sidelines here in the US. Where is timmie ryan and sherrod brown to develop an amnesty program or reduce regulations to get this money back into the US economy.

Rather the ROB triumvirate (Ryan, Obama & Brown) would rather take money from the successful business people

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2AnotherAverageCitizen(1174 comments)posted 2 years, 1 month ago

Chuck,

You point the finger at Ryan, Obama & Brown. Amazing. And do you really think Willard would change the situation? Its his money that is overseas. Voting for Willard would only make matters worse. All Williard wants to do is give more protection to the extremely wealthy.

Remember repubs. When you point the finger, three fingers are pointing right back at yourself.

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3DwightK(1256 comments)posted 2 years, 1 month ago

I've never been able to reconcile the Republican's idea of small government with their belief that the President is somehow responsible for a high unemployment rate. Taxes have never been so low and incentives to hire have never been so plentiful.

What's wrong with the economy is companies building their products for pennies in China and then selling them in America for prices that assume we're all making $20 / hour.

Henry Ford had it right. Pay your employees enough to afford your products. After all, who else is going to buy them?

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4tnmartin(234 comments)posted 2 years, 1 month ago

It takes more than consuming, It takes producing as well.
Right now, the US economy consists largely of borrowing money from the ChiComs, in order to then buy container loads of crap from those same ChiComs.
Congratulations. You have consumption.
You also have a massive and growing debt.
And no production to earn the money to pay off the debt, nor really to pay the interest.
And you think this is A Good Thing?
is there something in the water around here?

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