Letter: Supply-side theory's a failure
After reading "JPMorgan slashing as many as 19,000 jobs" [News, Feb. 27], I believe we can lay to rest the phony theory of supply-side economics creating jobs via the tax cut. Profits were up for the last three years at JPMorgan, but the bean counters forecast a loss, and so come the job cuts.
Add in Northrop Grumman winning tax breaks and utility bill reductions for the E-2D Hawkeye surveillance plane; in turn, it promised to keep jobs on Long Island ["Move costs Grumman NY aid," News, March 8]. The company went back on its word and will take 850 jobs to Florida and California.
Rich and wealthy corporations do not correlate to people getting richer and wealthier. When will the sheep in this country understand?
Ed Miglino, Copiague