[Guest post by DRJ]
This morning I heard two men talking about a large employer in my area who plans to scale back his business if Obama wins. He can afford to do this because he is wealthy and isn’t interested in putting in extra time to maintain or expand his business if it means he will pay more taxes as Obama has promised. People will lose their jobs if this happens.
If this occurs, it won’t be based on pettiness or pique. The business owner has reached a point in his life where he doesn’t want to work for less money or a marginal amount of additional money. Of course, I doubt his employees agree with this perspective but ultimately it’s the business owner’s decision when he reaches the point where the effort isn’t worth the return.
This anecdote illustrates yesterday’s Chicago Boyz post on why the wealthy tolerate socialism:
“The ugly truth is that the really wealthy can manipulate the political system to their own ends better than ordinary people. They can lobby for specific tax breaks that only they can take advantage of. They can get government trade protection for their companies. They can get bailouts. If all else fails, the truly wealthy can simply relocate their wealth into whatever area the government policies du jour make the most profitable.
In the extremes, they can simple [sic] sit on their wealth and wait for the political winds to change.“
Maybe this business owner will reconsider or maybe another business will step in to take his place, but either way I think times will get harder for some people who can least afford it after November 4.