Tuesday, September 25, 2012

The Fiction of 'Trickle-down Economics'

The essence of the Republican position is that cutting taxes on the very rich will mean new jobs and stimulation of the economy.  History does not support this claim. The actual statistics behind this contention are in plain view for anyone who wants to be realistic about this contention.   Obama has been president for three-plus years and the claim is that he is a socialist who is trying to redistribute wealth.  The last year alone, under Obama, the cumulative net worth of the wealthiest 400 people rose by $200 billion. That compares with a 4 percent drop in median household income last year, according to the Census Bureau.  Are these 400 people and others like them responding to their vast increases in wealth by pouring money back into the economy like Romney contends?   The above statistics demonstrate clearly that there is no justification for this totally fictional claim.   Trickle down economics has been shown repeatedly to be a false claim, from Reagan to Bush Jr. and now Romney advocates more of the same.

Just saying . . .

No comments: