The Trickle-Down Hoax

In his recent Rose Garden speech (7/9), President Obama said that Republicans generally "believe that prosperity comes from the top down, so that if we spend [sic] trillions [sic] more on tax cuts [sic] for the wealthiest Americans, that that will somehow unleash jobs and economic growth."  In other words, Republicans believe that one of the best ways to foster a robust economy is to lower taxes on the "rich," since the increased spending of the rich will "trickle down" through all income brackets.  Moreover, the sub rosa implication of the president's remarks is that trickle-down (voodoo) economics is the centerpiece of conservative economic thought when at best it is a misconstrued justification for limiting taxes. Yet the president has a few things to learn about the Republican platform.  First of all, "tax cuts" for the rich is not the centerpiece of conservative economic theory, and secondly, the trickle-down effect is not the basis for tax "cuts." Nonetheless,...(Read Full Article)