Thursday, February 20, 2014

Did trickle-down economics work?

I don't know. But according to Niraj Chokshi, writing in the Washington Post, between the years 1979 and 2007 the top 1 percent captured between half and 84 percent of all income growth in 15 states. In four others -- Nevada, Wyoming, Michigan and Alaska -- the only residents who saw their incomes grow belonged to the top 1 percent.

1 comment:

Ed Crotty said...

Clearly it worked for *some*. Just as clerly it did not work for *most*. The problem is that the *some* are always in control.

Right-wingers love this quote:

"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money." ~Alexis de Tocqueville

But the inverse is even more true - as Congress is so easily bribed by the rich to make sure that all of the laws and policies favor the rich. That is the real story of the "Reagan Revolution".

Which brings about one of *my* favorite quotes:

"The law, in its majestic equality, forbids the rich and the poor alike to sleep under bridges, to beg in the streets, and to steal bread." - Anatole France

The "natural" state of all economies for all human history has been feudalism. Government is the only entity strong enough to stand up to the wealthy and their corporations. But starting in 1980 the scales tipped and government was "captured" by the wealthy. I suppose it has a lot to do with advertising and the costs of being elected going up so much.