JCwire Washington, D.C.
Today the House passed a bill allowing accelerated depreciation of corporate labor assets. Citing the increased deterioration of the labor pool, Rep. Jeb Hensarling, R-TX and head of the Financial Services Committee said, “American workers have performed well in our economic recovery. But higher productivity has entailed a heavier load, longer work week, more stress, medical problems and destabilization of the traditional family support system with both spouses working and the kids in daycare. The labor force will have to be replaced sooner than anticipated.”
The proposed legislation would change the depreciable productive life of the average worker from thirty years to fifteen, with accelerated rates applicable in the first five years.
Offering an alternative approach, Rep. Nancy Pelosi, D-CA, suggested, “What we need is a fair wage, allowing American workers to earn enough from one, full-time job so they can pay their bills, buy medical insurance, and take care of their families. Having a summer break and weekends free would also reduce the pressure. It would actually increase overall productivity.”
Other Democrats objected, saying this was another tax benefit for corporations and their investors. “This is nothing less than the de-humanization of labor! What we should be doing is taxing these corporations for the societal costs their penurious practices have foisted upon the government as provider of last resort,” said Rep. George Miller, D-CA. “ Are the Republicans attaching any welfare programs to balance the impact of this tax request? No!”
Questioned whether the human workers can be given the same accounting treatment as plant and equipment, Rep. Hensarling replied, “Don’t think of this as a corporation and a person, because it’s now clear that corporations are people. It’s more like a boss and his underling, with the former noticing that it’s getting time for the latter to retire. In which case, the boss is going to incur more immediate expenses than planned: recruiting, training, political contributions for legislation expediting the immigration of fresher workers to take their places. It’s strictly an accounting adjustment.”
Senator Harry Reid, D-NV, had another view. “The thought of American labor as a corporate asset to be depreciated is repugnant to the concept of the American Dream! We are not fuel for the corporate furnace nor cogs in a machine to be worn out, discarded, and replaced.”
Rep. Tom Price, R-GA, expressed some frustration. “Look, these ideological arguments are getting tiresome. Maybe we should give grants to these nay-sayers for a stint at business school. You have parts, equipment, and labor to make a product or service. You have revenues and all these real expenses. You have investors seeking a return. What part of Net Profit don’t they understand?”
Speaker John Boehner, R-OH, attempted to quell the fray by saying, “Look, it’s just a business issue. Let’s get through this and on to more important matters, like the next shot at repealing Obamacare.”