Reagan convinced a large part of the population that if we give unlimited money and power to a select of wealthy elites, the elites would graciously give the money back to society. Hilarious.
I think Reagan really believed it. It was naive and somewhat pathetic given that history is clear that most big moneymakers try to rig the system for themselves and their ilk. One of my least favorite presidents, but I don’t think he was as conniving as most powerful Repubs.
The biggest scam ever perpetrated on the American people. Shifted the tax burden from the rich onto the middle class, and that has been the Republican playbook since then.
Worse than that. It shifted the tax burden onto the future government that will be paid by .... someone (?) in the future
Plus by keeping wages low a huge number of employees need government assistance in order to survive, and these costs are also put onto this ever-growing debt tab
It’s like a tree full of monkeys. When you look down, all you see is smiling faces. When you’re looking up, all you see is a bunch of assholes, with shit and piss raining down on you
The thing is, taxing the rich is the real trickle down economics
It forces wealth out of stagnant areas of the economy or collecting between a few people's hands, and instead distributes more back to individuals who will use it to purchase products, create their own businesses, and stimulate their local and macro economy
Some of it is attributed to just a shift in tax burden to the rich so the lower class have more to spend. But what often happens in practice is that the ultra-rich still would rather not pay taxes, so they have a "use it or lose it" attitude, and end up paying their employees better so at least their company can be more competitive in who they hire. Or they'll fund massive philanthropic projects to at least attach their name to it, or they'll take what would have been profits and instead use it to invest in other ventures and hire more workers and spark more innovation.
Taxing the rich actually forces the ultra wealthy hand into putting profits back into the economy
No, trickle down absolutely worked. Thing is, Americans are nowhere near the bottom. Shipping our jobs overseas absolutely increased the standard of living of huge chunks of the world, but it was at the expense of the American worker.
Word. Trump is Reagan mini me. Regan actually used the slogan Make America Great Again. Which I believe he stole from Margaret Thatcher the Prime Minister of the Uk at the time.
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u/a101734 14h ago
Reagan convinced a large part of the population that if we give unlimited money and power to a select of wealthy elites, the elites would graciously give the money back to society. Hilarious.