Columnist Davidlaz writes: 'One of the biggest lies foisted on the American people is that as rich people get richer, we all benefit — the so-called trickle-down theory.'
One of the biggest lies foisted on the American people is that as rich people get richer, we all benefit — the so-called trickle-down theory.
Put another way, compensation for CEOs is now 278 times greater than for ordinary workers. That’s a stratospherically larger income gap than the 20-to-1 ratio in 1965. On Sunday, President Trump dismissed growing speculation about a recession by insisting his tax cuts, and the miracle of trickle-down prosperity, will keep the economy humming.“Consumers are rich,” he said. “I gave a tremendous tax cut and they’re loaded up with money.”As for the tax cuts, the Treasury Department reported last week that the U.S. budget deficit soared by 27% to $867 billion over the first 10 months of the fiscal year.
What happened, needless to say, is that revenue shrank, the state’s bond rating plummeted, and draconian cuts were made to schools and infrastructure. The Republican-controlled state Legislature finally rolled back the tax cuts in 2017 and started scrounging to close a $900-million budget shortfall. How do you fix that? Conservatives wouldsay you should cut taxes so you’d get more money into the hands of more people.
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