JOBS

Richard Eskow discusses the JOBS act that passed through the House this month with what he describes as an ‘overwhelming majority’. I was drawn to this editorial, because of his hilarious recreation of the acronym for JOBS- which is said to stand for "Jump Starting Business Startups” but suggests that it could really mean “Jivers' Opportunity to Bilk Suckers.” 

In his commentary he very openly criticizes the motives of this bill and suggests that, essentially, it is a mock up to once again trick the American people into supporting such a bill, but also at the same time hiding some key features that once again helps the ‘big men.’ From what I have read, he clearly is incredibly left-wing (so is the website)…so going into the article I know that he has written it for an audience with the intention to make this bill and it’s supporters the ‘bad guys’ if you will. However, I was surprised as I continued to read, that he never really bashes Republicans out right, and even suggests that this bill was simply pushed by money to whoever would back the legislation…even including Democrats. 

I found his explanation all very interesting, as he explains the key functions of the bill. “Crowdfunding” is the idea behind private-citizen investors to put money into ‘start-up’ companies, in hopes to generate small business growth and development. However, Richard here makes a valid point that this type of investment is very easy to corrupt and could be seen as a ploy to ‘sucker’ people out of their hard earned money. Under this new bill banks and bank holding companies could play in the investment market again. It would also give millions in tax breaks to the ‘small businesses.’ However, by definition of ‘small businesses’ it actually leaves big buck companies in that loop ( also including plastic surgeons, attorneys, and financial advisors…which I agree when Eskow says that these would not create new jobs). In addition these ‘emerging growth companies’ would have less strict regulations and would have an income limit per year of 1 billion dollars, but as the author once again points out ….companies can split in two to avoid reaching that limit in order to continue to take advantage of this suggested JOBS system. 

Richard Eskow writes for multiple blogs and is an active member in the Campaign for America’s Future. I think is rather credible and offers some good key points to the table when observing the political activities. I agree with him that this bill is just another smoke screen with hidden agendas to help the big companies out, all while trying to trick us into thinking differently.