Peter Schiff Full Testimony Before Congress On Obama Jobs Bill 9/13/11
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[Peter Schiff Full Testimony Before Congress On Obama Jobs Bill 9/13/11]
[Peter David Schiff (born March 23, 1963)] Source: LYBIO.net
I thank you. My name is Peter Schiff. I guess you can say that I am in the economic and financial gloom and doom business. And thanks to this body, President Obama and the Federal Reserve business is booming. I would rather profit from American success rather than her failure. Which is the reason I am here today. We have some serious structural problems underlying the US economy and we cannot solve them until we understand them. As a nation wee have borrowed and spent our way into a gigantic ditch. We are not going to get out of the ditch by digging it deeper. We have to reverse the mistakes of the past. Not repeat them. Government stimulus will never grow this economy. It will never create jobs. It is the equivalent of trying to put out a fire by pouring gasoline on it. We have to understand that the housing bubble, the financial crisis of 2008, 2 events that I predicted and warned about; were the consequence of government stimulus. We stimulated our way into this problem. We are not going to stimulate our way out. In fact the stimulus is actually a sedative. The stimulus is preventing the free market from unraveling the problems of years of bad monetary and fiscal policy have created. We don’t need more spending. We need the opposite of spending. We need under consumption, what the economy lacks is savings, investment, production and if we try to preserve the jobs of the bubble economy with more reckless money printing and borrowing and government spending all we are going to succeed in doing is preventing the restructuring that we need and preventing more productive jobs from coming into existence. And I wanna talk specifically about jobs, I’m an employer, I employ about 150 people. I would probably employ a 1000 more if it were’nt for government regulations that inhibited my ability to hire and grow my business and forced me to move portions of my business overseas in order to escape the regulatory burden here. But the question is why do I hire people where are these jobs coming from, you know, jobs in a free market, ah, they come from two things, they come from profits, or the profit motive or they come from capital. You need both to create jobs. And in a free market there’s gonna be jobs and if they’re aren’t enough jobs, Congress has to ask: “What are we doing, to inhibit this process? How are we preventing jobs that would normally be here from coming into existence?”
[Peter Schiff] Source: LYBIO.net
Now, in order for me to hire somebody, I have to be able to make a profit. That means that the person I hire has to deliver to me more value than the cost of the employing them. And the cost of employing them is not just the wages I pay them — but it’s all the mandatory benefits, the taxes, and more importantly the legal liability that I incur when I hire somebody. Source: LYBIO.net In fact, one of the riskiest things you can do in America is to hire somebody. And because of that reason, because of all the liability from Government, from lawsuits, that you have put on employers, most small businesses — their main concern is how not to hire people. How can I grow my business and hire as few people as possible. That is not something that happens in the market. That is something that happens as a consequence of Government.
The other thing you need to create jobs in addition is you need to create capital. People work for me because I have capital. I have tools that my employees lack, they come to work, I give them an office, I give them secretarial support, I – I give them computers, I give them leads, I give them a brand, I give them all sorts of things but where does capital come from? (more transcription coming soon, if you want to help, leave a comment)
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Peter Schiff Full Testimony Before Congress On Obama Jobs Bill 9/13/11. In fact, one of the riskiest things you can do in America is to hire somebody. And because of that reason, because of all the liability from Government, from lawsuits. Complete Full Transcript, Dialogue, Remarks, Saying, Quotes, Words And Text.