The Downside Of Occupy Wall Street
by: Andrew Schneider, October 7, 2011 11:10:24 pm
This was the scene outside the JPMorgan Chase Bank building during last Thursday’s Occupy Houston demonstration.
(Audio from the event can be heard).
As in the Wall Street protest that inspired it, protestors were calling for radical remedies for high unemployment, mortgage foreclosures and income inequality. Personal finance expert Jordan Goodman.
“They’re talking about the minimum wage going up to $20 an hour, so that would make a lot of businesses uncompetitive. You’re talking about huge tax increases on corporations, who would basically just move their operations overseas. They’re also talking about canceling all debts, like consumer credit card debt and mortgage debt. That’s nice if you’re the borrower, but what does that do to the lender? All these things sound nice in theory, but they would have devastating consequences on the economy.”
Goodman says companies are far more likely to start hiring in a business-friendly environment than in one where they feel threatened. That’s the last thing the protestors want to hear.