Most folks reading this are probably aware of what the term “trickle-down economics” means. It’s the belief held by some that cutting taxes for the rich will result in a “trickle-down effect” to average Americans by way of more jobs and higher wages.
It’s effectively the economic system this country’s been based upon for the last four decades. A period where the rich have only gotten richer while the majority of Americans have fallen further and further behind.
In other words, trickle-down economics is nothing but a giant scam and the past forty years have proven that.
Nevertheless, that hasn’t stopped Republicans from building the vast majority of their party’s economic philosophy around trickle-down economics, ultimately culminating in last year’s tax bill many have referred to as the “GOP’s tax scam.”
But you don’t need to take my word for it that trickle-down economics is a giant con, just ask Sen. Marco Rubio (R-FL) who told The Economist there’s been no evidence to suggest the big tax cuts Republicans passed last year are resulting in more jobs or higher wages for American workers.
“There is still a lot of thinking on the right that if big corporations are happy, they’re going to take the money they’re saving and reinvest it in American workers,” Rubio said. “In fact they bought back shares, a few gave out bonuses; there’s no evidence whatsoever that the money’s been massively poured back into the American worker.”
He also went on to point out that automation, not outsourcing, has been the biggest destroyer of American manufacturing jobs, saying that it doesn’t matter if the robot is in Mexico or America, automation is still automation. A fact that often gets overlooked by many on the left and right who like to vilify free trade agreements, while ignoring the simple reality that most manufacturing jobs weren’t taken by some foreign worker, but rather some form of automation.
I’m no fan of Marco Rubio, but I’ll give him credit for saying what many of us on the left have been saying for decades while still calling himself a member of the GOP.\
Though I’d like to point out that Rubio still voted for the very bill he now says isn’t working, so he doesn’t deserve that much credit for speaking a small amount of truth about it.
Still, this brings up the point I’ve made a few times over the last few months to some Republican supporters. Now that the GOP passed the tax cuts they’ve spent years saying were the reason why the economy was lagging and wages were stagnant, what’s their next con going to be when, as most rational people already know, the most recent tax scam Republicans passed does nothing more than what they’ve been doing the last four decades — adding trillions to the debt and making the rich even more wealthy while the rest of us fall further and further behind.
While the GOP is celebrating this big tax overhaul, when it’s all said and done, they’re going to have a lot to answer for when all these big economic promises they said their tax plan would bring don’t come to fruition and the millions of people who were gullible enough to vote for them finally start demanding answers.