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BILLIONAIRES ARE GREAT JOB CREATORS MYTH [1]

['Bill In Portland Maine', 'Thom Hartmann', 'Lefty Coaster', 'Gary Turner']

Date: 2026-09-18  

This argument has been repeated endlessly to justify wealth accumulation of a handful of individuals such as Musk, Bezos, Zuckerberg and other billionaires. The facts are these as this AI summary well sourced shows:

“Small Business Impact: Roughly 70% to 80% of all jobs are created and sustained by small and medium-sized businesses (fewer than 50 to 500 employees), not massive billionaire-led conglomerates. Enterprise Scale: While individual billionaire-founded companies like Amazon or Walmart employ millions globally, their net-hire percentage of the total 160+ million U.S. workforce floats in the low single digits.The Economic Debate: Economists generally view jobs as a function of consumer demand and business formation rather than individual wealth accumulation.

So, “low single digits” job creation from billionaires makes the “We need billionaires because they are the great job creators” claim a massive myth. Consumer demand is the primary driving force for job creation and billionaires are mostly peripheral in this regard. Yet we give huge tax breaks to billionaires and treat them as business royalty when it is mostly small businesses that we should focus our concentration.

One final point, and that is that these billionaires not only create relatively few jobs overall, but their massive investments in AI have, and will significantly kill huge numbers of American jobs. These billionaires are giddy to replace human workers with robots and AI. So they minimally giveth and they will maximally taketh away.

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[1] Url: https://www.dailykos.com/stories/2026/9/18/800100021/community/billionaires-are-great-job-creators-myth/

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