Saying Goodbye To Trickle Down Economics

From The Guardian: Cut taxes on the rich. Unleash a wave of entrepreneurship. Growth will pick up and more jobs will be created. Everybody benefits. That, in essence, is trickle down – a theory of economics that Joe Biden wants to consign to the dustbin of history.

It appears that Biden just might get this done, because, with the exception of rank corruption, there is little standing in his way. As shown at left, ignoring the effect of the pandemic, the two highest unemployment rates since the Great Depression occurred under Reagan and Bush respectively; 40 years of evidence has proved what anyone should have known intuitively: trickle down economics doesn’t work. What happens when we give rich people more money?  Do they hire more people they don’t need, or do they add it to their stock portfolios?

It’s easy to understand why Trump supporters don’t like Joe Biden: he and his administration are delivering real value to the American people in terms of education, pandemic control, social services, human rights, infrastructure/job growth, and restoring the respect afforded to the United States from the rest of the world that had all but completely evaporated over the last four years.

Moreover, he’s a human buzzsaw.  It’s hard to recall a president that has instituted as much change in just over three months in office.

Thus far, he’s been a pleasant surprise to progressives.