In Case you are Still Unsure, Trickle Down Economics is a Sham

READING TIME: 4 minutes

Not unlike a number of my blog posts, this one also comes from Facebook. The exchange took place under a post of mine about trickle down economics. In it, I had shared a commentary basically shredding the guy’s argument for how trickle down economics works in the contexts of private jet industry.

Here’s the original post.

Here’s by rebuttal.

Trickle down economics is a farce, of course. It’s been a farce for decades! Here’s another Facebook post of mine in which I sarcastically poke fun at Robert Reich responding to a reproduction of a tweet of his.

And this meme I found on social media perfectly explains trickle-down economics.

If all that does NOT convince you, scroll down just a bit and have a browse of the over three dozens references. Start with the first two.

What do you think?

References

Tax Cuts and How the Wealthy in the US Benefits the most from it

• The Hartman Report (Sept. 4, 2023). How the GOP Suckered America on Tax Cuts. Over the past 40 years, Republicans have pulled off an incredible magic trick. They’ve convinced average working people that tax cuts benefit them when in fact the opposite is true.
• The Hartman Report (Dec. 30, 2020). Was the Southwest Airlines Meltdown Impacted By the “Great Share-Buyback Scam”? Tax breaks and stock buybacks–they are NOT the trickle down economics’ answer to stimulating the economy to decrease inequality and help the working class families in the US.
• Bloomberg (July, 2018). Trump’s Tax Cut Hasn’t Done Anything for Workers.
• Business Insider (Dec., 2017). From private school tax breaks to bigger inheritances, 7 ways rich people win big if tax reform passes.
• Daily Intelligencer (Nov., 2017). The Richest One Percent of America Gets Half the Trump Tax Cuts.
• Financial Times (Nov., 2017). US richest 1% to gain most from Republican tax plan, report says.
• Vox (Dec., 2017). The Republican tax bill got worse: now the top 1% gets 83% of the gains.
• NPR (Nov., 2017). CHARTS: Here’s How GOP’s Tax Breaks Would Shift Money To Rich, Poor Americans.
• NBCNews (July, 2018). What did corporate America do with that tax break? Buy record amounts of its own stock.
• The Hill (July, 2018). GOP chairman outlines plan for phase two of tax cuts.
• Axios (July, 2018). Corporate CEOs took home more than you think.
• Robert Reich on Facebook. Three things that happened six months since the GOP tax passed:
  • $625 billion in stock buybacks for investors
  • A $400 billion discount for multinational corporations on offshore profits
  • A lower average wages for workers after adjusting for inflation
• Politico (July 30, 2018). ‘Eye-popping’ payouts for CEOs follow Trump’s tax cuts.
• The Atlantic (July 31, 2018). Are Stock Buybacks Starving the Economy?
• Daily Beast (Jan. 28, 2019). Trump’s $1.5 Trillion Tax Cut Had No Major Impact on Employment or Investment: Survey.

Systems and Tactics, and policies that Benefit or Work in Favor of the Wealthy, Directly or Indirectly

• Forbes (April 14, 2014). Report: Walmart Workers Cost Taxpayers $6.2 Billion In Public Assistance.
• The Atlantic (July, 2018). Voter Suppression Is Warping Democracy.
• Rolling Stone (Feb., 2018). Jeff Bezos, Amazon and Why ‘Charity’ Is the Wrong Solution.
• Le Journal International (Feb. 2016). Lobbying: the political influence in USA.
• The Verge (April 16, 2018). Amazon warehouse workers skip bathroom breaks to keep their jobs, says report.
• Facebook video. Navy Veteran Experiences Amazon’s Horrific Working Conditions.
• The Guardian (May 18, 2018). 12 years in jail for shoplifting: how Walmart is helping prosecutors hike up sentences.
• The Atlantic (Aug. 1, 2018). Jeff Bezos’s $150 Billion Fortune Is a Policy Failure.

The Current State of Affairs with Wealth Inequality

• Wealth Inequality in America.
• Global Wealth Inequality.
• The Guardian (July 29, 2018). Almost 80% of US workers live from paycheck to paycheck. Here’s why.
• The New York Times (July 26, 2018). In Our ‘Winner-Take-Most’ Economy, the Wealth Is Not Spreading.
• Market Watch (July 31, 2018). America’s 1% hasn’t controlled this much wealth since before the Great Depression.
• Big Think (May 18, 2018). 43% of U.S. households can’t afford the basics.
• Vox (July 29, 2018). One chart that shows how much worse income inequality is in America than Europe.

Others

• Truthdig (July 25, 2018). American Society Would Collapse If It Weren’t for These 8 Myths.
• Axios (July 2018). Being 30 then and now.
• CBSNews (June 14, 2018). Minimum wage doesn’t cover the rent anywhere in the U.S.
• The Institute for New Economic Thinking (April 6, 2018). The Corporate Plan to Groom U.S. Kids for Servitude by Wiping Out Public Schools.
• NBC News (July 20, 2018). Voter purge frenzy after federal protections lifted, new report says.
• The Rolling Stones (Dec. 4, 2013). Snowden and Greenwald: The Men Who Leaked the Secrets.
• The New York Times (Aug. 5, 2018). Too Little Too Late’: Bankruptcy Booms Among Older Americans.
• Institute for New Economic Thinking (April 6, 2018). The Corporate Plan to Groom U.S. Kids for Servitude by Wiping Out Public Schools.
• Vice News (Oct. 16, 2018). how the gutting of the voting rights act led to hundreds of closed polls.”
• CNBC (Nov. 14, 2018). America has spent $5.9 trillion on wars in the Middle East and Asia since 2001, a new study says.
• The Appeal (July 16, 2018). How Fines and Fees Criminalize Poverty: Explained.
• The New York Times (Nov. 29, 2018). What’s Stronger Than a Blue Wave? Gerrymandered Districts.
• The Atlantic (Dec. 11, 2018). The Golden Age of Rich People Not Paying Their Taxes.
• The Washington Post (Dec. 17, 2018). Politicians have caused a pay ‘collapse’ for the bottom 90 percent of workers, researchers say.

Facebook Comments (see farther below for other comments)

comments