There are a few indisputable facts about our economy, such as the fact we’ve created over 8 million jobs in the last 4+ years of continuous private-sector job growth, unemployment is down to 6.7% and the stock market has reached record highs.
A few other facts are that corporate profits are up, the wealthy are richer than ever and taxes continue to be at some of their lowest levels in United States history.
Unfortunately, there’s also a few undeniable facts like wages are stagnant, long-term unemployment remains a big problem and a lot of the jobs that we’ve created are lower paying jobs with fewer benefits. This is a fact Republicans often seize on any time positive economic numbers are released.
But when they do this, I can’t help but laugh and shake my head because by doing so they’re essentially admitting that their entire economic platform built on trickle-down economics is a complete fraud.
The entire premise of trickle-down economics is predicated on the fact that the more the rich have, the more that will “overflow” to the rest of us. Essentially, the richer they are, the better off the rest of us will be.
I was a kid when I first heard about this economic theory and even then I knew it didn’t make any sense. Rich people didn’t become rich by giving away their money. They often became rich by being cut-throat and brutal when it came to increasing their profits/wealth. If a company feels it can keep productivity at a certain level and still meet demands, yet eliminate jobs – they’re almost always going to eliminate jobs to help increase revenue.
Right now the rich are doing better than they ever have before, taxes are low and stocks are high – according to trickle-down economics, that’s the perfect formula for a growing and strong middle class.
Except that’s not what’s happening. Since the dawn of trickle-down economics the gap between the “haves” and “have nots” has widened to record levels and wages for 98% of Americans have remained mostly stagnant, while the top 2% of Americans have seen their wealth skyrocket.
Everything trickle-down economics says it needs to “trickle over” to the rest of us is there – low taxes; extremely wealthy “job creators”; strong stocks; high corporate profits.
But it’s not working – and it never has. So when Republicans brag about the fact that wages are stagnant, despite the fact that everything required for trickle-down economics to supposedly work is there, they’re basically admitting that trickle-down economics is what every liberal already knows it is – a massive con.
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