Fined for hiring too many people!?

His name is Peter Schiff. It sounded familiar. Didn’t take long to find out why. I read his 2007 book Crash Proof. He’s pretty much a doomsayer on the economy. He admits that in his testimony before the US House. He is a CEO and the most egregious part of his testimony is the following clip: He was fined for hiring too many people.

I’m stunned. For two reasons. The first, and most important, reason is that I cannot find anything in the Constitution that gives the Federal government the right and authority to tell a businessman how many people he can hire. The only limit is how many people a businessman can afford to hire. (Even then, I wouldn’t hire anyone unless I had a need to do so.) Secondly, of course, is that in this current economic slump, don’t we want businesses to be hiring? They shouldn’t be fined more than they already are under existing employer mandates. (healthcare, SocSec, other payroll taxes…)

“In my own business, securities regulations have prohibited me from hiring brokers for more than three years. I was even fined fifteen thousand dollar expressly for hiring too many brokers in 2008. In the process I incurred more than $500,000 in legal bills to mitigate a more severe regulatory outcome as a result of hiring too many workers. I have also been prohibited from opening up additional offices. I had a major expansion plan that would have resulted in my creating hundreds of additional jobs. Regulations have forced me to put those jobs on hold.”

Source here.

Here’s some more from the same source. It’s a bit long–about 23 minutes–but he spells out his ideas for stimulating the economy.

Posted by Christopher    United States   on 09/22/2011 at 02:55 PM   
  1. Even then, I wouldn’t hire anyone unless I had a need to do so.

    which is the core truth: it is not government that creates jobs, nor even business. It is customers - demand - that creates jobs. Sure, the companies hire people. But they only hire when they have to. So let’s keep right on buying every last little bit of stuff in our lives from China ... and wondering why nobody has any work anymore.

    Don’t blame Bush for all of this, blame Nixon. Then blame Clinton.

    “Only Nixon could go to China”
    - Spock

    Posted by Drew458    United States   09/22/2011  at  03:46 PM  
  2. “Only Nixon could go to China”
    - Spock

    Guess I’m not as ‘Trekkie’ as I thought. What movie?

    Posted by Christopher    United States   09/22/2011  at  04:17 PM  
  3. it is not government that creates jobs, nor even business.

    Truth. A need, demand, whatever you want to call it, creates businesses. Then businesses hire employees as necessary to meet demand.

    Honestly, I don’t believe I learned this in school. My step-father was a salesman. In my lifetime he sold:

    Encyclopedia Brittanica - (helped me, we got a freebie set that stood me well in school)

    Singer Sewing Machines -(helped my sister in Home Ec class. Plus she’s actually pretty good seamstress when she wants to be)

    Most of his time was spent as a salesman for office equipment. Hence I was one of the first kids in seventh grade to have a four-function calculator. Bragging rights only. It was worthless for my needs. I was better using a slide-rule. (wish I still had one).

    He also sold typewriters, which is why in 8th-grade I took a one-quarter typing class. That class stood me well. My typing skills kept me out of all kinds of nasty make-work in the Navy. I usually got assigned as ‘Company Yeoman’, or ‘Battalion Legal Assistant’.

    Hey! It beat policing the grounds for trash. All because I could type.

    Didn’t save me from doing scullery work in boot camp during Service Week though.

    Posted by Christopher    United States   09/22/2011  at  04:30 PM  
  4. The quote is from Star Trek 6 - from my hubby (the only one I liked was 4) - he babbled something about needing to listen to Shakespeare in the original Klingon?!?

    Fined for hiring too many people - is there nothing that this dictator wanna-be won’t do to stop jobs in America.

    Wondering if we can last until Jan 2013 - and what The Won will do to destroy America between Nov and Jan.

    Posted by wardmama4    United States   09/23/2011  at  12:10 PM  
  5. Thanks for sourcing that quote for me. Not sure which one is Star Trek 6, but I’ve something to work with. (Shakespeare in the original Klingon–right) You liked ST-4. Again, not sure which one that was. My favorite was ST-2 Wrath of Khan.

    Now I’m gonna have to take Obama’s side, just a bit. Schiff was fined in 2008. President then? GWB. Bet you it was a rule/regulation promulgated under Clinton? But he’s also been prohibited from hiring the last three years. President? The ONE, President Zero (as in jobs).

    Posted by Christopher    United States   09/23/2011  at  03:01 PM  
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