The term "trickle-down economics" is generally understood to refer to a policy agenda that distributes wealth to the very top of the income and net worth strata. By that standard, doesn't it seem to you that Barack Obama is the most zealous practitioner of trickle-down economics in U.S. presidential history?
Just ponder this: The massive deficit spending of the last few years has to be accommodated by the Fed -- largely in the form of the carry trade, ZIRP, and multiple rounds of QE. This has been a big, continuing bailout for the largest of the banks, and it's been a particularly rich bonanza for a few thousand extremely wealthy people at the top of the financial world's food chain.
(I'm sure the irony here will be lost on those sufferering from severe cases of Obama idolatry!)
And then there's this common misconception:
Quote:
Originally Posted by Fast Gunn
Trickle down economics is just another bullshit scam created by the Republicans to justify the rich getting richer.
You can thank Ronald Reagan for this gem from Reagonomics.
The line they feed the gullible and the unsuspecting to sell the scheme is that if you cut taxes to the rich, why then all that wealth is logically going to trickle down to the little people,
. . . except that it doesn't!
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People can be excused for believing that, since you see it parroted just about everywhere. But there's just one tiny little problem:
It's completely false!
If you look at the myriad tax laws passed by congress in the 1980s (and signed by Reagan) you'll find that taxes were cut for the middle class and
raised on the wealthy!
Yes, I know that's the opposite of what most people believe. But if you doubt that it's true, I suggest that you check for yourself. It's easy enough to do for those with curious minds and the ability to engage in critical thinking.
Trickle Down
Bullshit Scam
