CEO Blows Away Congressional Hearing: 'I Was Fined for Hiring Too Many People!'

Via Forbes.com: The following statement from Mr. Schiff was entered into the Congressional Record this morning as testimony before the House of Representatives Subcommittee on Regulatory Affairs, Stimulus Oversight and Government Spending hearing: “Take Two: The President’s Proposal to Stimulate the Economy and Create Jobs.”

How the Government Can Create Jobs
September 13, 2011

Mr. Chairman, Mr. Ranking member, and all distinguished members of this panel. Thank you for inviting me here today to offer my opinions as to how the government can help the American economy recover from the worst crisis in living memory.

Despite the understandable human tendency to help others, government spending cannot be a net creator of jobs. Indeed many efforts currently under consideration by the Administration and Congress will actively destroy jobs. These initiatives must stop. While it is easy to see how a deficit-financed government program can lead to the creation of a specific job, it is much harder to see how other jobs are destroyed by the diversion of capital and resources. It is also difficult to see how the bigger budget deficits sap the economy of vitality, destroying jobs in the process.

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