50 years of tax cuts for the rich failed to trickle down, economics study says - CBS News
50 years of tax cuts for the rich failed to trickle down, economics study says - CBS News
Tax cuts for the wealthy didn't boost the economies of the U.S. and 17 other countries — but they did worsen income inequality.
The wealth was never meant to trickle down. That was just a line to keep the proles subservient and waiting.
100Yup. Reagan and Thatcher just did what their rich friends wanted them to do, and fucked us and the earth for a long time.
22Macron is doing that to France right now. It's not gonna be pretty.
4
That was just a line to keep the proles subservient and waiting.
Huh? The trickle down line comes from comedian Will Rogers who was making a joke about how President Hoover, who was an engineer, was accustomed to water trickling down, but that he didn't realize money trickles up.
It was a line to serve the exact opposite – to tell the 'proles' that the economic plan was fundamentally flawed.
17Thanks. I learned something. I grew up hearing it discussed seriously in the 1980s, by which time I'm not sure everyone remembered the critical origin you identify. As I remember it, during the Reagan/Thatcher years many people treated the matter of whether and how the wealth would trickle down as a real live question.
12
The only thing trickling down is piss. People still drink it though.
37Double the fent high I hear. Did somebody say something about an opiate crisis?
6
In other news, water is wet. Heat... hot!
31The only news here is that it's in the news.
7
Fifty. Fucking. Years.
23And it was just a rebranding of horse and sparrow economics, a 19th century concept. It was always a scam, they just made sure the media was never allowed to criticise it.
13It's why they bought almost all the media companies.
The medium is the message (or massage). Always has been.
13
And fuck you. Fuck me. And fuck the 99%. That's all we have to show for it.
8
Permanently Deleted
22Never forget, "politician" is a sales job with an optional secondary management component.
2
We knew this before.
20Breaking news! New 2023 studies find that Y2K did little to negatively impact technology.
2Bad example.
In some cases, a LOT of shit was fixed up in a massive crunch to ensure it wouldn't fall over. Like shit-in-space kinda stuff as well as stuff that makes sure you have heat and light and hot clean water.
It was a massive effort for some orgs and, grace of God and hard work, you never noticed.
6
If Canada has to use the United States as an example of the consequences of bad behavior, so as to prevent Canada from making the same mistakes ; then I support it.
15Feels like that's a not insignificant part of our national identity.
4Let's be honest, a forced contrast with America is most of Anglo Canadian identity.
3
I'm shocked, I tell you. SHOCKED!
14At least now there is a study that corroborates what we’ve been saying for decades. So, we’ve got that going for us. Right?
11We should take it from them now
11BBQs for everyone!
1
Well color me surprise-
Ah shit nobody can afford color anymore
6Not sure it takes a study; pretty well known by now.
More a fan of either "middle out" or bottoms up (trickle up).
In a middle out or bottoms up economic policy, the rich still get richer ultimately, it just happens much slower/isn't nearly as severe (at least lifts the poverty stricken, and middle class [wealth wise] up at the same time); the only way the rich wouldn't get richer, is if policy is specifically crafted to prevent the existence of billionaires, and their transference as generational wealth (or things best not discussed).
And yes, my naming sense is a Silicon Valley (TV Series) reference.
5For those just realizing, that this was the plan...
4well lets try another 50 just to be sure
2What really????1??!
Good to have hard numbers, I guess.
1Rich people: Give us all the money and we'll let you have a little.
Liberal voters: Fuck off!
Conservative voters: Ok!
Liberal voters: We told you so.
Conservative voters: Any day now...
1No way!
1The economy has changed tremendously since Reagan was in office. I think in order for the US economy to improve we need to accept we are a just a part of the global economy and enforce fair trade.
-5Free trade was always just a shiny feel good label for allowing the ruling class of America to exploit cheap labor who have less protections in foreign countries to increase profit margins. But hey, we paid them a pittance to pollute their land and work 20 hours days. Fair trade.
4Funny, that's not how free trade between the US and Canada worked out. The US got all our manufacturing, because the US is a shitty place that exploits poor low cost laborers who have less protection than competing workers in Canada.
1I'm not sure about all that...Big business making sweat shops and the American government demanding equal trade aren't the same at all. If whatever country chooses to not regulate their factories and work practices that, again, is not the fault of the US government. Fair trade in a global market should be the only standard or trade.
-5