Trickle-down economics is essentially the belief that if we cut taxes for the rich, they’ll create job and boost wages, making life better for everyone else. To put it bluntly, trickle-down economics is the absurd idea that the best way to make life better for poor and middle class Americans is by allowing the rich to hoard more money.
For years I’ve argued that it’s a scam. It’s a never-ending con perpetuated by the rich because it doesn’t matter if the economy is doing great or nose-diving toward a recession, their answer is always going to be the same thing: We need tax cuts!
Of course, that doesn’t make any sense.
In an article I wrote over 4 1/2 years ago titled The Con of Trickle-Down Economics, I said the following:
Ask yourself these questions: Over the last 30 years are most jobs gaining or losing benefits? Are people gaining or losing their pensions? Are they working less or more? Are health care plans getting better or worse?
Keep in mind when you answer these, that over the last 30 years executive pay and benefits have hit historic highs and corporate profits have skyrocketed.
It’s a great scam because the terminology in both its application and rebuttal to its opposition make for great talking points:
“The more profits we get to keep, the more jobs we can create.”
“How will raising our taxes help us create jobs?”
If the economy is doing well, they’ll claim we need more tax cuts to keep it going. If the economy is doing poorly, they’ll claim we need tax cuts to trigger economic growth.
It’s all one big con.
Bill Clinton raised taxes during the 90’s and we saw economic growth. Barack Obama raised taxes on the rich during his eight years in office and we saw economic growth. Meanwhile, George W. Bush cut taxes early into his presidency — and we went on to experience the worst economic crash since the Great Depression.
It’s an indisputable fact that the last four recessions we’ve experienced in this country happened while a Republican was president.
Now here we are, in the midst of strong economic growth, and what are Republicans trying to do? Cut taxes.
This single tweet from Trump essentially proves what I said in that article written back in 2013 that trickle-down economics is nothing but a scam:
New home sales reach a 10 year high. Stock Market has more record gains. Hopefully Republican Senators will give us the much needed Tax Cuts to keep it all going! Democrats want big Tax Increases.
— Donald J. Trump (@realDonaldTrump) November 28, 2017
See what I mean? Trump’s selling this tax plan as the only way to “keep” economic growth “going,” which is absurd considering Obama raised taxes on the rich several years ago and a historic streak of private sector job growth and plummeting unemployment followed.
I know most Republicans like to live in a land of make believe, but this is insane.
Our best two periods of economic growth occurred while a Democrat was president, following tax hikes on the rich. In the meantime, we’ve experienced 4 recessions since the early 80’s, all while a Republican who championed “tax cuts are needed to grow the economy” was in the White House.
Ignoring the reality that Trump’s now trying to take credit for economic data linked to the Obama administration that he called “fake” and “phony” until he was sworn into office, the fact that he’s spent the last year bragging about the economy is proof that trickle-down economics is a lie. Otherwise, based on Republican economic propaganda, the economy should be struggling right now — except it’s not.
Though the “best” part to this scam comes later.
You see, if Republicans cut taxes, then a year or two from now the economy starts to nosedive toward a recession, guess what their answer will be to help the economy then?
Wait for it — more tax cuts!
It’s a never-ending cycle of bullshit. It’s possibly the greatest con ever pulled on a developed society in human history. For nearly 40 years, Republicans have perpetuated this myth that giving the rich more money will benefit the rest of us. Meanwhile, all that’s happened since the dawn of trickle-down economics is the wealthy have more money than they’ve ever had, income inequality has reached levels not seen since prior to the Great Depression, and wages and benefits for average Americans continue to get worse.
Trickle-down economics is a con perpetuated by the rich on naive rubes who live in a world where they somehow think that these rich and powerful people give a damn about them. It’s just a shame that millions of people in this country continue to vote against their own best interests.
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