Corporate Profits are at an All-Time High, Proving that Trickle-Down Economics is a Sham

trickledownshamOver and over again, we’ve heard the repeated assertions from GOP politicians and media pundits that President Obama is killing the economy. Every jobs report, no matter how good, is touted as proof of their claims that they are right and only by doing things their way will we have jobs for everyone. Only by doing things their way will the wealth finally trickle down as they’ve promised for decades. Some of the more extreme and mentally unstable ones even believe the President is somehow a secret Muslim fascist communist sent by George Soros or the KGB to destroy capitalism as we know it, among many other incredibly bizarre conspiracy theories.

Put aside the completely insane rants of people like Michele Bachmann, Rush Limbaugh and all the other right-wing attention whores, and you still have mainstream Republican politicians constantly chirping the narrative that the President is destroying the economy, killing jobs and that we are headed for irrelevance on the world stage. Of course, under their policies that’s exactly where we would end up, but you kind of have to give them credit for being able to keep propping up a lie this big and getting so many people to believe it.

Here’s a few facts that slide past the useful idiots who lap up every lie fed to them every day on Hannity, Limbaugh or other conservative media sources.

1. The stock market is at a record high. Under no other administration has it been at the level it is now.

2. The unemployment rate is at 7.6% as of June 2013 and the private sector has continued to add jobs.

3. Corporate profits as a percentage of GDP are at an all time high.

So, conservatives now have to make a choice. Either Obama is a complete failure as a secret agent of a foreign entity sent to destroy capitalism, or it’s time to admit that “trickle-down” economics doesn’t work. Because if it did work, we would be swimming in a sea of wealth and high-paying jobs — but we’re not. What “trickle-down” has actually created is a “trickle-up” economy in which corporate profits have swelled into offshore tax shelters and an ever-shrinking tax base which has helped increase our national debt. For people who claim to be business and finance savvy, they sure seem to be completely incapable of reading economic numbers. But I suppose that’s what happens when you turn off your brain and get all of your information from the kings of “Bullshit Mountain.”

Comments

Facebook comments

  • bsounalath

    great article. corporations lobby for tax breaks and a lower rate, yet they just evade paying hardly any taxes whenever they can. some companies like Apple even admit it!

    • Daddycool67

      Why not admit it?
      If they aren’t breaking the law … they’ve nothing to hide.
      Shame? No …. Shame left the building a long time ago.

      The problem is that the laws were written specifically for the benefit of these large corporations and sometimes written BY these large corporations!

      I’m actually glad that some corporations like Apple admit to it.
      This way … more people will know about it.

  • Road

    Banned TED Talk: Nick Hanauer “Rich people don’t create jobs” <- YouTube this and watch. It is just under 6 minutes and well worth it.

    • Baaly

      Thanks for the heads up Road.

  • James Daley

    Facts………not a thing the GOP likes. However, the DNC isn’t doing there job at all. When the GOP and the Far Right comes out and says the things they do the DNC should be right there debunking and defending the president. I can’t say I see a lot of that going on. The Republicans seem to always control the narrative of the press. When they lie, they should have to defend themselves and prove what they say. Democrats and many of their leaders don’t really hold the GOP’s feet to the fire. Call out a lair and make them explain what they mean…..put them on the defensive.

    • Hail2theThief

      Every thing you said is true. The problem is every conservative outlet in their bubble (TV, radio, etc) is a completely one-sided presentation by one talking head vomiting out the daily ‘news / facts’ (i.e. propaganda). There is never anyone there to call them out on their lies. And even when there IS an outspoken Democrat pointing out the lies, THAT news doesn’t penetrate ‘the bubble’.

    • Artorian11

      Well said, I honestly could not have put it better myself!

  • Baaly

    Remember those toys in the 80’s where you used to pull a string and the same three phrases would come out? They so remind me of the right wing.

    The idea of trickle down economics would be great in a Utopian society (as would socialism). The Utopian ideal would mean the rich tickle down their success to their workers, who would trickle it down to the retail sector, who would trickle back down to manufacturing and then the whole cycle would start again. However, the reality is the rich make money and stick their middle fingers up to the rest of us from the deck of their yachts flying the Grand Cayman flags (oh, how patriotic they are!).

    • pbfrank13

      They don’t need to take care of their workers because the economy is terrible and unemployment is high, which means there is little incentive to attract and keep talented employees. This is by design of a government that exists by initiating force on others and divvying out loot, subsidy, or privilege to the corporatists.

  • redscho

    Those corporate profits help keep Obama in office! Just look at the list of major donors to the DNC.

    • pbfrank13

      Now now, don’t rustle the self proclaimed “progressives” on here by pointing out blind partisanship for George W. Obama.

  • Ben Smith

    Nice article. I’ve never bought the trickle-down economics BS, even when I was in 5th grade (1985) and just starting to learn about the crooks in the Republican party. I did a research paper on the Iran-Contra scandal and couldn’t understand how Reagan and his cronies had gotten away with the whole thing when it was SO OBVIOUS to a freaking 11-year-old kid that the President knew all about the whole thing. I learned a tough lesson for a kid – crooked politicians were in charge of the USA and nobody was going to do anything to stop them.

    My father was (and still is) and Reaganomics conservative, and he still doesn’t understand why I turned out the way I did when to comes to politics. I told him I ended up this way because he taught me the difference between right & wrong. He’s a born-again Christian now, so there’s just no getting through to him…

    Keep up the good work. I can’t tell you how much I agree with this article. I hope you change some conservative minds!

  • bubbleblaster

    deplorable leftist showoff to protect rotten crony FED-fed bubble schmapitalism which will sooner than later end in huge crash and sea of tears. do not believe letfist jew-banksters with Bernanke bubbleblower atop of that corrupt blaknfein-like bandit mafia, all the data is a total scam, beware of sth far worse than 2008. you have been warned. what u see is a huge pipedream.

    • joe dayan

      Rarely have I seen a more racist nonsensical post. Congratulations you are the king of asshats.

      • Oskar Garza

        Why no one can criticise a jew when they are acting greedy without being called a racists? This mindset about jews being unable to do wrong is sad

      • Gert

        Not actually his point and it’s pretty pathetic to defend a racist rant.

      • Pjs8200

        I’m sure his best friend is a Jew. Isn’t that the way this works?

  • Michael Destefanis

    Heh Amazon went through a phase in our call centers here in the US that raised performance requirements to questionable standards to “raise the bar” and even top performing associates were getting fired on the first slip in numbers. However this also corrresponds with the increased number of overseas associates that were being hired to replace them. 2 teams were deprecated in favor of “frugality” as we were told by our site lead it’s more cost effective to shift the work to overseas associates….despite the fact each quarterly report showed business was up by quite a bit each time over the corresponding quarter from the year before.

  • paulsilvan

    Trickle up? It’s more like vacuum up!

  • Ray Hamel

    The ’80’s began the erosion of our Import Tariffs, and Union busting, paid for by “U. S.” Corporations through campaign financing.

  • Daddycool67

    Like the jury was still out ????

    Were we still not sure that trickle down is a scam?

  • Will C

    Trickle down COULD work at least it looks mediocre OK on paper. But lets say u got a million dollars in a business type cycle. By the time bonuses & greed gets factored in by the time money changes soo many hands & so many higher ups take more for themselves & lie to u lower folks (ie blacks, working folks, etc) theres nothing left. But long as the closest gop friends(ie folks that spend $30,000 on a plate of steak @ politicians private fundraising dinners) long as those folks can pass wealth around all is well with the republicans. So basically it doesent matter if the folks on welfare ever get a job becasue this same group is going to descriminate aginst them & wont hire a single one. But yet the gop supporters want to hire part time to get around providing health insurance never mind that the same hrly worker cant afford a place to live on the wages theyre providing. At some point this has to change or America isnt going to recover with the folks at the top taking more than their fair share.