50 years of tax cuts for the rich failed to trickle down, economics study says
- Thread starter THE_DEVIL
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And that is why it's going to be hard for anyone to boot Reagan from the top spot of my annual Who Has Done the Most Damage?: A List of the Worst Ever Elected or Appointed to High Office in the Modern Era.
Gosh, and I thought the growing income/wealth inequalities were just because of too much avocado toast!
I quickly read the link., but did not do deep dive on it..but I am old enough to remember kind of how things were 50 years ago and I wouldn't be so sure that we are not better off these days in a number of ways economically. Just some off the top thoughts...
The average home size these days is close to twice the size it was in the early '70's. (A home is often the most expensive asset that a person/family owns FWIW.)
Cars/autos are much nicer and roomier today than anything I remember from 50 years ago.
I don't know the stats, but there sure seems to be way more nice RV's, boats and expensive motorcycles these days. Those things were luxuries that only some had back in the day.
The amount of money the average family spends on entertainment, cell phones and travel seem to be WAY more than was the case back in the day.
While my very incomplete list above isn't enough to prove anything, I also didn't see anything in the link that was really concrete and proved anything either.
Now then, is the gap between the very rich and the very poor wider today than once upon a time...that certainly could be. But are the say, 80% of the people in the middle living a higher lifestyle today than was common 50 years ago? I would say yes. So, color me skeptical about the premise/theme of the article. At best, the article is woefully incomplete IMO.
The average home size these days is close to twice the size it was in the early '70's. (A home is often the most expensive asset that a person/family owns FWIW.)
Cars/autos are much nicer and roomier today than anything I remember from 50 years ago.
I don't know the stats, but there sure seems to be way more nice RV's, boats and expensive motorcycles these days. Those things were luxuries that only some had back in the day.
The amount of money the average family spends on entertainment, cell phones and travel seem to be WAY more than was the case back in the day.
While my very incomplete list above isn't enough to prove anything, I also didn't see anything in the link that was really concrete and proved anything either.
Now then, is the gap between the very rich and the very poor wider today than once upon a time...that certainly could be. But are the say, 80% of the people in the middle living a higher lifestyle today than was common 50 years ago? I would say yes. So, color me skeptical about the premise/theme of the article. At best, the article is woefully incomplete IMO.
There will be similar findings next year as well. Maybe that one will start to convince you that the economic theory was/is bad?
One of the major changes in society that coincides with your examples of an “improved lifestyle” for the middle 80%, is the consumer’s use of debt to obtain all these luxuries that are/were previously beyond their reach.
So, while it’s true that we are all living large these days; many of these same people are also living paycheck to paycheck because of the mountain of debt they’ve accumulated in creating this better lifestyle.
Would we all be better off with less and more modest “stuff” while also having a solid financial foundation? Arguably “yes” - our current debt-fueled extravagance has put much of American society in a very precarious situation.
No, it’s because inflation drives up asset prices for the rich, and consumer costs for the poor and middle class.
Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.
-George Washington
Exactly why Bitcoin will replace paper money.No, it’s because inflation drives up asset prices for the rich, and consumer costs for the poor and middle class.
Paper money has had the effect in your state that it will ever have, to ruin commerce, oppress the honest, and open the door to every species of fraud and injustice.
-George Washington
It’s hard to imagine how different America would be if that asshole hadn’t sent American troops to the Middle East to protect kings 30-some years ago.
Gresham’s Law means it will never replace paper money. People will get the bad money out of their hands before can depreciate further every chance they get.
People will save in hard money.
