The final nail in the supply side coffin: taxes are low, interest rates are low, corporations are sitting on $2 trillion in cash - but nothing "trickles down" to the American worker“The theory of supply-side economics tells us that if you cut taxes on rich people and corporations, the newly liberated moguls and businessmen will take their windfall and invest it, creating jobs and accelerating the rate of economic growth. The benefits of a light hand on the upper class, therefore, will “trickle down” to the working man and woman.
Ever since Ronald Reagan first attempted to make supply-side economics a reality and proceeded to inaugurate an era of persistent government deficits and growing income inequality, it has become harder and harder to make the trickle-down argument with a straight face. But we’ve never seen anything quite like the disaster that’s playing out right now…”
Wednesday, July 06, 2011
The final Nail in the Supply Side Coffin
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