Dan Wentzel 🏳️‍🌈Aug 29, 2023

Look, we tried trickle-down economics for over forty years. It simply didn’t work. The national debt exploded and nothing trickled-down, so now we move on.

Stimulating the economy from the bottom up is clearly more effective. A rising tide should lift all boats, not just yachts.

https://www.cbsnews.com/news/tax-cuts-rich-50-years-no-trickle-down/

50 years of tax cuts for the rich failed to trickle down, economics study says

Tax cuts for the wealthy didn't boost the economies of the U.S. and 17 other countries — but they did worsen income inequality.

Show threadDan Wentzel 🏳️‍🌈
It isn’t just in the US. Trickle-down economics fails everywhere. Hopefully, the short-lived, but disastrous Liz Truss premiership buried it in the UK.
https://www.lse.ac.uk/research/research-for-the-world/economics/tax-cuts-for-the-wealthy-only-benefit-the-rich-debunking-trickle-down-economics
Tax cuts for the wealthy only benefit the rich | LSE Research

Trickle-down economic policies are destined to fail, research suggests. David Hope explains why the issue is so controversial.

Aug 29, 2023 at 4:02pmWeb
Show threadWeaselAug 29, 2023

@danwentzel

"A huge study of 20 years of global wealth demolishes the myth of 'trickle-down' and shows the rich are taking most of the gains for themselves"

https://www.businessinsider.com/how-bad-is-inequality-trickle-down-economics-thomas-piketty-economists-2021-12

Huge 20-year study shows trickle-down is a myth, inequality rampant

The bottom 50% of the world holds 2% of wealth, while the top 10% holds 76%, according to a huge data set that leading economists compiled for years.

Business Insider
Show threadSeán FenianAug 29, 2023
@weaselx86 @danwentzel When even BusinessInsider admits it ...

I doubt the Wall Street Journal ever will, though.
Show threadWeaselAug 29, 2023
@zakalwe @danwentzel
Well, the Wall Street Journal opinion section is Murdoch.
Show threadPetterOfCatsAug 29, 2023
@weaselx86 @danwentzel they needed 20 years to study that huge lie and come up to the same conclusion many of us did after the first 10seconds of it being introduced?
Show threadKenneth John BardsleyAug 29, 2023
@weaselx86 @danwentzel
Now there isn't a surprise.
Show threadJason HunterAug 30, 2023
@weaselx86 @danwentzel The article is talking about world wealth inequality. Anyone reading this stuff on Mastodon is probably in that top 10% of richest people in the world that holds 76% of the wealth. It’s us.
Show threadJeff SmithAug 30, 2023
@weaselx86 @danwentzel Surprise! Surprise! Surprise!
Show threadJW prince of CPHAug 30, 2023
@weaselx86 @danwentzel - again. Can we stop studying it to confirm what we already know, and get around to actually removing the myth from public discourse...?
Show threadWeaselAug 30, 2023
@jwcph @danwentzel
Perhaps that publication in Business Insider is a step toward your suggested goal.
Show threadJW prince of CPHAug 31, 2023

@weaselx86 @danwentzel If it was we'd already been there, since I know about other studies producing the same result for at least decades because they, too, were published in the mainstream press.

We need more than that.