Elizabeth Warren (D-MA) delivered a scathing critique of trickle-down economics in which she cited former President George H.W. Bush:
"Since the 1980s, too many of the people running this country have followed one form or another of supply side — or trickle-down — economic theory. Many in Washington still support it. When all the varnish is removed, trickle-down just means helping the biggest corporations and the richest people in this country, and claiming that those big corporations and rich people could be counted to create an economy that would work for everyone else. Trickle-down was popular with big corporations and their lobbyists, but it never really made much sense."She noted that the senior president Bush called it "voodoo economics."
"He was right, and let’s call it out for what it is: Trickle-down was nothing more than the politics of helping the rich-and-powerful get richer and more powerful, and it cut the legs out from under America’s middle class. Pretty much the whole Republican Party – and, if we’re going to be honest, too many Democrats – talked about the evils of 'big government' and called for deregulation. It sounded good, but it was really about tying the hands of regulators and turning loose big banks and giant international corporations to do whatever they wanted to do—turning them loose to rig the markets and reduce competition, to outsource more jobs, to load up on more risks and hide behind taxpayer guarantees, to sell more mortgages and credit cards that cheated people. In short, to do whatever juiced short term profits even if it came at the expense of working families. The trickle-down experiment that began in the Reagan years failed America's middle class. Sure, the rich are doing great. Giant corporations are doing great. Lobbyists are doing great. But we need an economy where everyone else who works hard gets a shot at doing great!"
Wednesday, January 7, 2015
Sen. Elizabeth Warren on Voodoo Supply Side Trickle Down Economics.
For Republican voters, it's worth thinking about...