statistics of unemployment report show the economy added a net of zero jobs in august. that s the worst jobs report in 11 months. there were other ominous numbers inside the monthly update, including a drop in hourly earnings. next week, congress will return to washington and on thursday morning, the new congressional super committee will meet for the first time to work on job creation. well, no, that would make way too much sense for congress. the new congressional super committee will, instead, be working on killing jobs, which in washington speech is now called deficit reduction. the last significant deficit reduction effort was led by president clinton, after the economy emerged from a recession and was growing steadily. deficit reduction in an almost-flat economy with zero job growth could lead to net job losses, especially the losses of government jobs, which will have to be cut if government budget cuts are enacted. at the end of the first day of
officers of s&p 500 companies inkreezed 19% to $2.9 million last year. over the past ten years, the median family income has declined by more than $2,500. 20% of all income earned in the united states is earned by the top 1%. that s 20% of all income earned in this country is earned by the top 1% of individuals. over the past quarter century, four-fifths of the income gains accrued to those top 1% of individuals. it is the sense of the senate that any agreement to reduce the budget deficit should require that those earning $1 million or more per year make a more meaningful contribution to the deficit reduction effort. this is so easy for anyone to vote for, democrat or republican. make a more meaningful contribution to the deficit reduction effort means almost nothing. you could vote for it thinking
that any agreement to reduce the budget deficit should require that those earning $1 million or more per year make a more meaningful contribution to the deficit reduction effort. this is so easy for anyone to vote for, democrat or republican. make a more meaningful contribution to the deficit reduction effort means almost nothing. you could vote for it thinking that everyone making over $1 million should pay $1 in income taxes or $100 more in income taxes. whatever you want. if you re a republican and you vote for this, it doesn t in any way bind you to a democratic bill that might come along someday saying that people making $1 million or more should pay an additional 2% or 3% in income taxes. you could say no, that s too
individuals. it is the sense of the senate that any agreement to reduce the budget deficit should require that those earning $1 million or more per year make a more meaningful contribution to the deficit reduction effort. this is so easy for anyone to vote for, democrat or republican. make a more meaningful contribution to the deficit reduction effort means almost nothing. you could vote for it thinking that everyone making over $1 million should pay $1 in income taxes or $100 more in income taxes. whatever you want. if you re a republican and you vote for this, it doesn t in any way bind you to a democratic bill that might come along someday saying that people making $1 million or more should pay an additional 2% or 3% in income taxes.
we think, it s a theory, it s a theory that we tried that didn t work. the debate is over. republican economic policy has been a complete failure. the job creators have now more money in their pockets than ever before. and america still has record unemployment and how many in assets sit on the sidelines they won t invest? senate democrats are making what we could call a mild effort to tax millionaires, tomorrow democrats plan to introduce a nonbinding sense of the senate resolution. no shared sacrifice. the resolution states, it is is the sense of the senate, that any agreement to reduce the budget deficit should require that those earning a million dollars or more per year make a more meaningful contribution to the deficit reduction effort. republicans of course are laughing at the idea.