Favorite quote ever

Alright not quite, but it’s up there and you’ve got to sell a blog bost, :-).  Elizabeth Warren (via Seth Masket’s FB feed):

‎”There is nobody in this country who got rich on his own. Nobody. You built a factory out there — good for you. But I want to be clear. You moved your goods to market on the roads the rest of us paid for. You hired workers the rest of us paid to educate. You were safe in your factory because of police forces and fire forces that the rest of us paid for. You didn’t have to worry that marauding bands would come and seize everything at your factory… Now look. You built a factory and it turned into something terrific or a great idea — God Bless! Keep a Big Hunk of it. But part of the underlying social contract is you take a hunk of that and pay forward for the next kid who comes along.”

Damn if that doesn’t distill things perfectly (though, I’d probably add in a few more things that the factory owner benefited from).  Don’t have a text link, but another friend was kind enough to provide a link to a video with the quote.

About Steve Greene
Professor of Political Science at NC State http://faculty.chass.ncsu.edu/shgreene

3 Responses to Favorite quote ever

  1. Jen says:

    Saw this on Damon Circosta’s facebook status – and it’s now right up there with my fave quotes ever as well. This concept is what so many people fail to acknowledge. Thanks for sharing.

  2. You really don’t get it do you. We have the highest corporate tax in the world of about 35%. Businesses don’t pay that, they simply have to add it to the cost of the product that they are making and the little guy ultimately pays for it.

    Perry got more jobs than anyone else by eliminating the state tax on businesses and got a lot of businesses to relocate to Texas where a lot of people got good paying jobs.

    • pdxuser says:

      Nobody pays that. It’s a myth. The deductions that corporations get make the DE FACTO tax rate much lower. GE has had years when it pays nothing despite making billions.

      Our best years as an economy? The 50s and 60s, where tax rates were sky-high.

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