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(Slashdot)   Romero Institute of Economics releases shocking report, well, not that shocking, saying trickle down economics continues to not work 40 years in   (news.slashdot.org) divider line
    More: Murica, Poverty, Economic inequality, Trickle-down economics, new report shows, Cycle of poverty, poorest people, combination of owners, economic theory  
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995 clicks; posted to Politics » and Business » on 08 Dec 2021 at 8:50 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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2021-12-08 8:51:49 AM  
Trickle down is about pissing on the people beneath you.
It's right in the name!
 
2021-12-08 8:52:01 AM  
This was followed by a secondary paper showing the same thing published by the N.S. Sherlock Institute.
 
2021-12-08 8:52:36 AM  
And half the country is dumb enough to think that it does.
 
2021-12-08 8:53:33 AM  
In retrospect, this should have been a glaring red flag on the future of the GOP and conservatism in the US. Grifters preying on the hateful, greedy, and stupid.
 
2021-12-08 8:53:41 AM  
bUt MEH JeRb CrEaT0rz!
 
2021-12-08 8:53:51 AM  
Rich people don't spend money, they horde it.  That's what estate tax laws were designed to combat.
 
2021-12-08 8:53:56 AM  
Obligitory:

Fark user imageView Full Size
 
2021-12-08 8:54:14 AM  
One group in particular has seen its share of global wealth swell. The report notes that "2020 marked the steepest increase in global billionaires' share of wealth on record."

Yeah, but trying to get some of that wealth back from billionaires is wealth redistribution and anyway if we piss off the billionaires they'll just be mean, so clearly we should throw up our hands and do nothing.
 
2021-12-08 8:54:42 AM  
The fatal flaw is believing that the rich people/corporations at the top will be satisfied with their current level of profits and pass along any "excess" to their lower tier workers, or customers.
 
2021-12-08 8:54:46 AM  
Wait, Slashdot allowed something like this to be posted?  Since when did they allow anything that didn't fawn over the wealthy and "free markets"?
 
2021-12-08 8:57:47 AM  
Not only that but the loss of organized labor has alsoade things much much worse.  Your average worker likely makes some 70% less overall compensation over their lifetimes because of it.  Even in Union shops in the USA we have had "tiered compensation" based on when you joined.  Like the boomer about to retire makes triple what the gen z person makes to do the same job.
/Murica
 
2021-12-08 8:57:51 AM  
Indeed, the richest 10% of the world's population hold 76%, or two-thirds of all wealth.


And we're trusting these people's math?
 
2021-12-08 8:58:03 AM  
It just needs more time!
 
2021-12-08 8:58:30 AM  
Fark user imageView Full Size


/oblig
 
2021-12-08 8:58:55 AM  
There's a podcast called Dumb People with Terrible Ideas that has an entire episode on trickle down economics. It's what America does best- piss on the poors while telling them it's raining.
 
2021-12-08 9:01:22 AM  
 it will work once wages and benefits are lowered to offset the taxcuts
 
2021-12-08 9:01:39 AM  
But the media in general is still all in on "You can't raise taxes because society will collapse if rich people get mad."
 
2021-12-08 9:01:54 AM  
So, what they're saying is that the economy is a triangle, and that if the top level gets money, then the next level will, and once they have enough, the level after that gets money?

Motherfarker, that's a Ponzi Scheme.
 
2021-12-08 9:02:20 AM  
40?   Maybe in active practice.   Try 90.   Herbert Hoover was a big fan of trickle down economics.
 
2021-12-08 9:02:33 AM  

MillionDollarMo: Trickle down is about pissing on the people beneath you.
It's right in the name!


Better than the original term which had them shiatting on people and picking out edible nuggets from it.
 
2021-12-08 9:06:23 AM  

Northern: Not only that but the loss of organized labor has alsoade things much much worse.  Your average worker likely makes some 70% less overall compensation over their lifetimes because of it.  Even in Union shops in the USA we have had "tiered compensation" based on when you joined.  Like the boomer about to retire makes triple what the gen z person makes to do the same job.
/Murica


Let's not go into wage stagnation and increasing price levels.  Those factors have no effect on the need for wealth distribution whatsoever.
 
2021-12-08 9:07:00 AM  
Slashdot!
 
2021-12-08 9:07:05 AM  

mike_d85: Indeed, the richest 10% of the world's population hold 76%, or two-thirds of all wealth.

And we're trusting these people's math?


It seems to be working as planned.
 
2021-12-08 9:08:15 AM  

Nuc_E: 40?   Maybe in active practice.   Try 90.   Herbert Hoover was a big fan of trickle down economics.


Yeah, Will Rogers apparently coined the term in 1932 as a jab against Hoover.
 
2021-12-08 9:08:51 AM  
Seriously, it's because we're not at the right point of the tax rate curve.  We're currently at the red point in the curve.  We need to get to the green point, which just needs more tax cuts.

Fark user imageView Full Size
 
2021-12-08 9:11:30 AM  

ToastmasterGeneral: Seriously, it's because we're not at the right point of the tax rate curve.  We're currently at the red point in the curve.  We need to get to the green point, which just needs more tax cuts.

[Fark user image 632x566]


if we bring all tax rates to 0%, the revenue is going to be off the charts!
 
2021-12-08 9:14:02 AM  
40, hell. They've been pushing it since 1890 when it was called the "horse and sparrow" theory, the idea being that if you fed a horse enough oats, some would pass through undigested for the sparrows to eat. At least 130 years ago they acknowledged it was pure horse shiat.
 
2021-12-08 9:14:40 AM  

Nuc_E: 40?   Maybe in active practice.   Try 90.   Herbert Hoover was a big fan of trickle down economics.


and his predecessor Calvin Coolidge thought that businesses should be left alone to police themselves. Ronald Reagan was a huge fan of Calvin Coolidge for some ghastly reason. Coolidge's policies helped lead to the Great Depression while Herbert exacerbated the problem by failing to take it seriously. He thought it was a self correcting   Problem and he should not interfere.

It's why we needed FDR to correct the excesses of the 20s. Reagan set us on the path to where we are today with monstrous and unsustainable income inequality
 
2021-12-08 9:15:40 AM  

BizarreMan: The fatal flaw is believing that the rich people/corporations at the top will be satisfied with their current level of profits and pass along any "excess" to their lower tier workers, or customers.


Bingo.

This literally has the same flaw as communism in that it does not factor in the concept that there will always be those who use the system to benefit themselves and themselves only. Eventually they either gain influence or get elected to a position where they can directly influence the system. What happens? They make sure that they get more of whatever it is they want, and that changing the system back to what it's supposed to be is extremely difficult.

This is one of many reasons why you'll never see term limits in Congress.
 
2021-12-08 9:16:10 AM  
Wait for it...wait for it...
Conspiracy Theorist Anonymous
Youtube x5x1sSjfknM
 
2021-12-08 9:18:29 AM  

taoistlumberjak: So, what they're saying is that the economy is a triangle, and that if the top level gets money, then the next level will, and once they have enough, the level after that gets money?

Motherfarker, that's a Ponzi Scheme.


also I have never known an Uber rich billionaire who was ever able to back away from the buffet. There is no such thing as rich enough for these people. Making money becomes an end in itself and a disease, and billionaires are like buckets with huge holes in the bottom of it. They're never filled.

Watch All The Money In The World. It's revealing his J Paul Getty was miserable all his life and valued money over his own grandchildren.
 
2021-12-08 9:21:01 AM  

Derp Du Jour: Wait for it...wait for it...
[YouTube video: Conspiracy Theorist Anonymous]


Came here to post this, leaving satisfied
 
2021-12-08 9:26:16 AM  
It works as intended. Just like water rights in the old west. Own the river upstream from the poor farmer. Just damn it up and let your cattle drink.
 
2021-12-08 9:26:49 AM  
"Trickle down economics" is just homeopathy expressed as an economic system.
 
2021-12-08 9:30:30 AM  

Astorix: also I have never known an Uber rich billionaire who was ever able to back away from the buffet. There is no such thing as rich enough for these people. Making money becomes an end in itself and a disease, and billionaires are like buckets with huge holes in the bottom of it. They're never filled.


I've been saying this for years, but after a certain point money isn't what they're after.  It can't be because they reach a point of wealth where it becomes almost impossible to SPEND the fortune they have.  The only exception to this I've seen is Elon Musk who at least clearly stated he has insane outlandish goals that take decades and billions of dollars (going to Mars).

I believe it becomes an addiction, but since you can't really hit a traditional version of "rock bottom" with giant piles of money no one recognizes it.
 
2021-12-08 9:34:17 AM  

blasterz: 40, hell. They've been pushing it since 1890 when it was called the "horse and sparrow" theory, the idea being that if you fed a horse enough oats, some would pass through undigested for the sparrows to eat. At least 130 years ago they acknowledged it was pure horse shiat.


Herbert Hoover promoted and pushed the same thing. He was President of the US for 3 1/2 years after the crash of 1929 and his name should be a pariah to all working class people.

Will Rogers was wrong. Hoover knew damn well that the money would stay in the hands of the wealthy.

Fark user imageView Full Size
 
2021-12-08 9:35:19 AM  
Indeed, the richest 10% of the world's population hold 76%, or two-thirds of all wealth.

Fark user imageView Full Size
 
2021-12-08 9:43:27 AM  
Trickle down economics is one of those things that's so amazingly dumb that you wonder how it managed to get out of the planning stage.

Okay sure, the rich people would obviously love it, but how in the hell did they convince everyone else it was anything but the stupidest idea ever?
 
2021-12-08 9:47:20 AM  
You mean making it easier for dragons to pillage and hoard more gold did NOT result in that gold filtering out into the surrounding lands? 

Shocking.
 
2021-12-08 9:48:12 AM  

blasterz: 40, hell. They've been pushing it since 1890 when it was called the "horse and sparrow" theory, the idea being that if you fed a horse enough oats, some would pass through undigested for the sparrows to eat. At least 130 years ago they acknowledged it was pure horse shiat.


I love the imagery of the lower classes picking through shiat.

It is simultaneously honest and not.
 
2021-12-08 9:54:41 AM  
Only because we're just not doing it right!
 
2021-12-08 10:01:24 AM  

trialpha: Trickle down economics is one of those things that's so amazingly dumb that you wonder how it managed to get out of the planning stage.

Okay sure, the rich people would obviously love it, but how in the hell did they convince everyone else it was anything but the stupidest idea ever?


Media propaganda. You know the politicians, the 'pro business politicians' were all for it.
 
2021-12-08 10:10:56 AM  
What's strange about trickle down is that even classical economic theory tells us it doesn't work.  One of the theoretical underlying driving forces of capitalism is that human wants are unlimited, i.e. we are never satisfied and will always want more.  In other words, there are no bounds to our greed.  Given that, is it really any surprise that those who amass more and more wealth will mostly choose to hoard it rather than share it?
 
2021-12-08 10:12:54 AM  
Biden just doubled the tariff on the Canadian lumber used to frame new houses. That will piss all over the middle class.
 
2021-12-08 10:15:57 AM  

Boo_Guy: MillionDollarMo: Trickle down is about pissing on the people beneath you.
It's right in the name!

Better than the original term which had them shiatting on people and picking out edible nuggets from it.


David Bonior said it best: "it's like a plan to feed the birds by giving more oats to the horses."
 
2021-12-08 10:29:52 AM  
How can anyone say that trickle-down economics isn't working? It's working exactly as intended. Just not as advertised.
 
2021-12-08 10:33:16 AM  

Wobambo: In retrospect, this should have been a glaring red flag on the future of the GOP and conservatism in the US. Grifters preying on the hateful, greedy, and stupid.


It was. It was pointed out at the time. CSB: I was ten and asked my mother how that was supposed to work. Didn't rich people get rich because they kept their money? She laughed.
 
2021-12-08 10:40:43 AM  
They keep on changing the name of it and putting it in a new package to sell it to the next generation of rubes. After the last GOP tax cut my broke idiot cousins were all getting ready to go yacht shopping. Last time I checked they were still broke and the roof needed to be replaced but it was the dimmycrats fault for reasons.
 
2021-12-08 10:49:43 AM  
The rich are still getting richer, right? Trickle down economics seems to work just fine for them.
 
2021-12-08 11:05:21 AM  

Persnickety: What's strange about trickle down is that even classical economic theory tells us it doesn't work.  One of the theoretical underlying driving forces of capitalism is that human wants are unlimited, i.e. we are never satisfied and will always want more.  In other words, there are no bounds to our greed.  Given that, is it really any surprise that those who amass more and more wealth will mostly choose to hoard it rather than share it?


To be fair, trickledown doesn't claim that the money trickles out of generosity or altruism from the rich. Instead, it says that rich people will spend on houses, boats, and other services and goods, due to their greedy desire for their own luxury. Which will benefit workers who make all that stuff.

It's still bullshiat, of course. But it leverages greed, not altruism.
 
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