Tag: Economic Solutions

What F*cking Game Is This?

Donny and his tariffs is nothing more than a wealth generating scheme for him and his billionaire buds….it is a game.

Just yesterday his wild swings on tariffs was something out of an economic nightmare…

It began with his statement….

Consumer confidence is sinking, China and the EU have introduced retaliatory tariffs within the last few hours, and JPMorgan CEO Jamie Dimon says we’re likely spiraling toward a recession. The president’s response? “Be cool.” President Trump took to Truth Social Wednesday morning to share the following:

  • “BE COOL! Everything is going to work out well. The USA will be bigger and better than ever before!” (link)
  • “THIS IS A GREAT TIME TO BUY!!! DJT” (link)
  • “This is a GREAT time to move your COMPANY into the United States of America, like Apple, and so many others, in record numbers, are doing. ZERO TARIFFS, and almost immediate Electrical/Energy hook ups and approvals. No Environmental Delays. DON’T WAIT, DO IT NOW!” (link)
  • The president was unequivocal in comments made Tuesday night at the National Republican Congressional Committee dinner in Washington, DC. “I know what the hell I’m doing,” Trump said.  (He does and it is not something for you or your family).

Then later Wednesday he made another of his wold swing on this moronic idea of tariffs….

President Trump said Wednesday that he paused most of his “reciprocal” tariffs on other countries because people were getting “yippy” and “afraid.” The president said he had been watching the bond market, where there has been a major sell-off, and he thought people were “getting a little queasy,” the AP reports. He said that he expects to reach trade deals with most countries, but “nothing’s over yet.”

  • Leavitt says tariffs will be held at 10%: White House press secretary Karoline Leavitt said the tariff rate would be brought down to a universal 10%, a major reduction from the level imposed on imports from many countries in “Liberation Day” tariffs that took effect early Wednesday, the New York Times reports. She spoke to reporters after Trump posted about the pause on Truth Social and stocks soared. Trump said more than 75 countries had called to seek trade deals—but tariffs on imports from China, which brought in retaliatory tariffs, would be raised to 125%.
  • “Bespoke” trade deals: Treasury Secretary Scott Bessent said Trump would negotiate “bespoke” trade deals with other countries. He said this has been the president’s strategy “all along,” the Washington Post reports. “You might even say he goaded China into a bad position—they have shown themselves to the world to be the bad actors,” Bessent said.
  • ‘WTF. Who’s in charge?’ Trump’s announcement came as US Trade Representative Jamieson Greer was testifying in front of the House Ways and Means Committee, the Wall Street Journal reports. After Democratic Rep. Steven Horsford asked him if he knew about the pause, Greer said he found out about it a few minutes earlier. “WTF. Who’s in charge?” Horsford asked. He told Greer: “This is amateur hour. It needs to stop. How are you in charge of negotiations if the president is tweeting about this from wherever the hell he is?”
  • ‘He is reeling, he is retreating’: Trump “is reeling, he is retreating, and that is a good thing,” Senate Minority Leader Chuck Schumer said at a press conference moments after Trump’s announcement, the Hill reports. Schumer said he would keep pressure on Trump despite the pullback. “This is chaos. This is government by chaos. He keeps changing things from day to day. His advisers are fighting among themselves, calling each other names,” Schumer said. “And you cannot run a country with such chaos.”
  • Market swings could continue: Stocks jumped on Wednesday, with the Nasdaq up more than 11% in the afternoon, the S&P 500 up almost 10%, and the Dow up 8%, but investors are worried that volatility will continue. “The tariff clouds parted for the first time today, but it’s too soon to know how sunny the skies will be tomorrow—or 90 days from now,” said Daniel Skelly at Morgan Stanley Wealth Management, per the Times. “As welcome as the announcement was, investors can’t assume it’s the end of the tariff story, or that the market’s day-to-day volatility will disappear.”
  • ‘Pause’ could be permanent: “Our working assumption now will be that, cowed by the market response, Trump will repeatedly extend the ‘pause’ meaning that this will end up looking a lot like the 10% universal tariff that he campaigned on,” Paul Ashworth, chief North America economist at Capital Economics, said Wednesday, per the Journal. “In return, other countries will offer minor concessions on their own tariffs and trade practices.”

After telling his butt buddies to buy stocks and then announcing a the ‘pause’…..markets hit record numbers…..and then set about using the American people as an excuse to help his cronies make lots of cash….

US stocks soared to one of their best days in history on a euphoric Wall Street Wednesday after President Trump said he would back off on most of his tariffs temporarily, as investors had desperately hoped he would.

  • The S&P 500 rocketed higher by 474.13 points, or 9.5%, to 5,456.90. It was the index’s third-best day since World War II.
  • The Dow Jones Industrial leaped 2,962.86, or 7.9% to 40,608.45.
  • The Nasdaq composite jumped 1,857.06 points, or 12.2%, to 17,124.97.

So I ask again….what is this f*cking game?

You guys really do not see what all this economic games is doing?

Looks to me like all this tariff shit is just a cover to help himself and his ass kissers make lots of cash.

At what point do you allow this type of blatant bullshit to continue….time to get off your ass!

(I sit and shake my head)

I Read, I Write, You Know

“lego ergo scribo”

The President Will Change Inflation

The 2024 election has become so flippin’ boring!  We know Trump will be incoherent and Harris will echo Biden and that is about it.

This election season the candidates are giving inflation a lot of lip service….one says if elected he will end inflation on day one….the other is not so precise.

But can a president really do, do they have the power to end inflation?

Now that is a question that anyone worried about inflation should be asking of their candidate and ask for specifics after all words are cheap.

The Kiplinger Report takes a look at what is involved with inflation and what a president can do….if anything.

Inflation. 

It killed the presidencies of Jimmy Carter and Gerald Ford, relegating both to the status of a one-term president. And broad dissatisfaction with post-pandemic inflation weighed heavily on President Joe Biden’s popularity … and may have been one of the factors in his decision not to seek a second term. 

But is inflation really a president’s fault? And what, if anything, can a commander-in-chief do to fix it?

The relationship between inflation and the man or woman in the White House is complex because inflation itself is complex. And while the president cannot control inflation, per se, they can certainly influence it. 

So, let’s break it down, starting with what drives inflation.

Inflation is the rate at which prices rise over time. Or, put differently, it measures how much your money is worth relative to the goods and services you can buy with it. 

The reasons for inflation are varied, but ultimately, they all come down to basic supply and demand. That’s how all markets work. When demand is higher than supply, prices rise to compensate. Likewise, when supply outpaces demand, prices fall.

Both aggregate supply and aggregate demand can be influenced by government policy, though not necessarily by the president. 

https://www.kiplinger.com/personal-finance/inflation/can-a-president-fix-inflation

As you can see the Federal Reserves is where inflation has it’s start….government policies can have an effect one way or the other but a president cannot end inflation on his/her own.

“But it’s also not within the president’s power alone to control inflation and it’s not realistic to expect it. “

Think about this….the Fed is lowering interest rates will that drive inflation to rise….after all we are sitting at 2.9% or so the reports go.

Know what you are voting for in the upcoming election….do not vote for idle words.

Be Smart!

Learn Stuff!

I Read, I Write, You Know

“lego ergo scribo”

2024 Will Be The Pocketbook Vote

We hear almost daily that this election will be about economics…..some call it the “pocketbook vote”….people will vote for the person that they think will improve their income so they can better support their families.

I want to go on record as saying that I do not believe that BS for a moment.

Why would I make such a bold statement?

Let’s look at my state of Mississippi….which by the way is at the bottom of the economic scale….voters on local, state and national level do not vote with their wallets…..if they did this state would be a lot better off than it is today.

Many studies assume that policy issues have little bearing on voting, while the economy has a substantial impact, especially in congressional elections. Yet from 2020 to 2022, congressional voting preferences changed in fundamentally rational ways based on views, thus suggesting evidence of democratic accountability with respect to this particular issue.

“What people tell you is ‘most important’ in determining their vote is likely to be a reflection of their partisanship, rather than a source of change in their vote preferences,” conclude Mutz and Mansfield.

“It could mean that people’s perceptions of the economy are less important than journalists typically imply in their coverage. As a result, lingering effects of the Dobbs decision and general distrust of the Supreme Court may be especially influential in 2024.”

https://phys.org/news/2024-05-conventional-wisdom-americans-pocketbook-voters.html

Do Americans “vote their pocketbooks?” This near-ubiquitous cliche seems at first to pass the test of common sense. Why wouldn’t people vote for the candidates under whom they’ll do the best financially? A wealthy voter should favor the candidate who will lower their taxes. A chronically unemployed voter should support the candidate promising lavish government handouts.

In the most basic economic terms, however, this logic falls apart. If one votes, for example, to maximize the present value of their future income, the answer is to not vote at all. Given the vanishingly low probability of breaking a tie, voting isn’t worth the gasoline used to drive to one’s local fire station and cast a ballot.

Perhaps this critique says more about the limits of economic modelling than it does about voting. Slogans like “It’s the economy, stupid” and “Are you better off than you were four years ago?” suggest a bigger-picture view people can take when voting their pocketbooks. But once again, this view fails to hold water.

The concept of “voting one’s pocketbook” frequently causes partisans who don’t understand the other party’s voters to make strategic errors. It also perpetuates the destructive idea that different groups of citizens are playing a zero-sum game against each other. Finally, and perhaps most insidiously, it creates the myth that the right politician can make our pocketbooks grow.

The Myth of Voting One’s Pocketbook

I ask for your input.

Do you think Americans will vote with their wallets?

I Read, I Write, You Know

“lego ergo scribo”

Which Economy Is Better?

It is election time and most voters will most likely vote with the wallets or what they perceive is a better economy.

Will it be the Biden economy? Or will Trump take the prize?

The facts are clear: Biden has overseen a stronger economy than Trump did. That reality should dominate his reelection campaign.

I’m going to tell you something that I’m pretty sure you don’t know—and that you probably won’t even believe. Ready? Real wages are now growing in the United States at a pace faster than the spike in the cost of living since the pandemic. More than that: For the first time in decades, wage growth is consistently stronger in the middle and at the bottom than at the top.

See, I told you that you wouldn’t believe it. But it’s right there in a recent study by David Autor, Arindrajit Dube, and Annie McGrew, three well-known economists. Dube just wrote up the results at Project Syndicate, emphasizing: “Importantly, the real wages of the middle quintile are not only higher today than they were before the pandemic, but slightly higher than we would expect based on 2015-19 trends. In other words, the typical American worker’s purchasing power has grown at least as much as it likely would have in the absence of the global challenges posed by the pandemic and geopolitical conflicts.”

https://newrepublic.com/article/180093/biden-trump-economy-election-not-even-close

So if you are voting with your wallet then the Biden economy should be your choice….

The real truth is the economy does much better under a Dem president…..

A study published by the Economic Policy Institute on Tuesday finds that the U.S. economy does better when a Democrat is in the White House than when a Republican is in charge.

The study looked at GDP growth, job growth, inflation-adjusted wage growth, the unemployment rate, and more. It found that Democrats have had an economic advantage since at least 1949.

“This Democratic advantage is across the board in all variables we measure but strongest in private-sector outcomes—notably, business investment, job growth, and the growth of market-based incomes,” it says.

The study shows there is a “pronounced Democratic advantage in nearly every measure of macroeconomic performance.” Despite this, the study notes that Republicans are typically seen as better at managing the economy in opinion polls.

“It is difficult to tell what respondents to opinion polls have in mind when they are asked about ‘the economy.’ For example, respondents often rate the Republican party higher as economic managers yet rate the Democratic party more highly on issues related to healthcare,” the study says. “But healthcare is, by far, the single largest sector of the U.S. economy, affecting economic outcomes of households, businesses, and governments in significant ways.”

https://www.commondreams.org/news/us-economy-better-democrats

If your criteria for voting is your wallet then the obvious choice is the Democrats….but we know how successful misinformation is at getting voters to cast their vote against their best interests….so this post will probably mean nothing to the unwashed stupid.

The best thing to do is “pay attention”!

I Read, I Write, You Know

“lego ergo scribo”

Will Inflation Slow?

A good question for us armchair economists…..and I am sure there is a wealth of opinions out there…..this is just mine.

Let’s begin with the new Inflation Reduction Act before the Congress……

The bill, introduced last week after a long-awaited deal was struck between Senate Majority Leader Chuck Schumer (D–N.Y.) and moderate Sen. Joe Manchin (D–W.Va.), was pitched as a way to lower costs for consumers while also reducing the federal budget deficit and spending billions on environmental initiatives meant to combat climate change.

It didn’t take long for a problem to present itself.

“The impact on inflation is statistically indistinguishable from zero,” concluded the Penn Wharton Budget Model (PWBM), a number-crunching policy center based at the University of Pennsylvania. In fact, if the bill’s passage had any impact on inflation in the short term, it would be to increase it very slightly until 2024, according to the group’s preliminary analysis, released on Friday.

Other parts of the Inflation Reduction Act would do what Manchin and Schumer claim. According to the PWBM report, the bill would reduce future deficits by a cumulative $247 billion over the next decade and would marginally reduce the national debt as a result. It would spend about $370 billion on new environmental and climate initiatives. It would pay for all that by raising taxes and by boosting IRS enforcement, in hopes of chasing down revenue that currently goes unpaid.

But again, the Inflation Reduction Act won’t actually reduce inflation.

The ‘Inflation Reduction Act’ Won’t Actually Reduce Inflation

Once again the answers to the nation’s economic problems is a bill or action that does little to help.

I have made my thoughts known and the comments were as I expected…..but like I say….they are my opinions not a game plan although my ideas would help.

“Inflation” is the new buzzword of the year. It is the reason for the Federal Reserve’s interest rate hikes designed to increase the costs of some loans. It is the excuse given against renewing the expanded child tax credit program that briefly lifted millions of American families out of poverty. It forms the name of one of the key pieces of legislation that may salvage President Joe Biden’s first term: the Inflation Reduction Act. And, it is the basis of Republican complaints against Democrats heading toward the midterm elections this fall.

With all this concern over inflation, one wonders why so little heed has been paid to another “i” word: inequality.

For decades, government officials, media pundits, mainstream economists, politicians, and others were content to allow and even enable money to flow upward, enriching the already wealthy. They paid little heed to increasing inequality, beyond shrugging their shoulders and lamenting the injustice of it all.

To fiscally conservative politicians, it seems that inflation equates to trouble, but inequality is perfectly tolerable.

To Reduce Inflation, Control Corporate Profits

We are told daily how tough things are for the corporations…..and yet they find enough cash to buy other companies even football teams when times are tough.

So yes….I agree with the article above.

Turn The Page!

I Read, I Write, You Know

“lego ergo scribo”

 

Dems Did Something Right

In a vote down party lines (go figure) the Dems have passed a sweeping economic package (I am not sure how damn sweeping it is….but at least they did something)

Democrats pushed their election-year economic package to Senate passage Sunday, a hard-fought compromise less sweeping than President Biden’s original domestic vision but one that still meets deep-rooted party goals of slowing global warming, moderating pharmaceutical costs, and taxing immense corporations. The estimated $740 billion package heads next to the House, where lawmakers are positioned to deliver on Biden’s priorities, a stunning turnaround of what had seemed a lost and doomed effort that suddenly roared back to political life. Democrats held united, 51-50, with Vice President Kamala Harris casting the tie-breaking vote, the AP reports.

“The Senate is making history,” said Senate Majority Leader Chuck Schumer ahead of the final votes. “I am confident the Inflation Reduction Act will endure as one of the defining legislative measures of the 21st century.” Senators engaged in a round-the-clock marathon of voting that began Saturday and stretched into late Sunday afternoon. Democrats swatted down some three dozen Republican amendments designed to torpedo the legislation. Confronting unanimous GOP opposition, Democratic unity in the 50-50 chamber held, keeping the party on track for a morale-boosting victory three months before elections in which congressional control is at stake. The House seemed likely to provide final congressional approval when it returns briefly from summer recess on Friday.

The bill ran into trouble midday over objections to the new 15% corporate minimum tax that private equity firms and other industries disliked, forcing last-minute changes. Still, the approval gives Democrats a campaign-season showcase for action on coveted goals. It includes the largest-ever federal effort on climate change—close to $400 billion—while capping out-of-pocket drug costs for seniors on Medicare to $2,000 a year and extending expiring subsidies that help 13 million people afford health insurance. By raising corporate taxes, the whole package is paid for, with some $300 billion extra revenue for deficit reduction. Nonpartisan analysts have said the package would have a minor effect on surging consumer prices. Schumer told the Washington Post that the legislation provides “things that Americans have longed for, and couldn’t get done.”

This ought to improve the Dems chances in November……it may even boost Biden to low approval ratings from very poor approval.

More needed doing but I guess we should be thankful that these people did something positive.

I Read, I Write, You Know

“lego ergo scribo”

Biden To Attack Inflation

In a recent news conference Biden addressed our growing inflation…..

The administration is going after rising prices by trying to solve the problems in the supply chain, Biden said, per the Washington Post. “We’ve been able to make progress on speeding up the access to materials,”

Seriously?

Let’s say Biden solves the supply thing….does anyone think prices will come down?

I do not!

It has not solved the problem yet so why would it now?

Food is not calculated in the inflation stats….so will we continue to pay outrageous prices for the stables?

So just how will Biden solve the inflation problem?

Tax cuts for corporations?

That has never worked in the past and in this age of corporate greed it will be no better than a fart in the wind.

Biden big idea was to consult so-called experts….

iberal CNN political analyst Bakari Sellers slammed President Biden Friday for responding to a question about the worsening inflation crisis gripping the U.S by referring to what “Nobel laureates” and “corporate leaders” told him about the issue rather than offering a solution to the American people.

During an appearance on “New Day,” Sellers called Biden’s response “terrible,” argued Americans weren’t concerned about the input of Nobel laureates, and declared that the problem was now Biden’s to fix.

Pundits always have answers but have no actual solutions just their hearsay…..

Dems will pay the price for this in the mid terms……as I have said many times there is a easy solution but NO one in DC has the guts to propose…..

The term “price controls” refers to the legal minimum or maximum prices set for specified goods. Price controls are normally mandated by the government in the free market. They are usually implemented as a means of direct economic intervention to manage the affordability of certain goods and services, including rent, gasoline, and food.

The American people do not need talk or promises of a solution….they need action and politicians are not capable of giving that solution.

Interest rates by the Fed will not help anyone today…..when hamburger cost $5+ a pound the interest rate will not effect whether I get a grilled sandwich or not.

Biden is doing what all presidents do….let think tanks decide…..instead of asking a cross-section of average Americans what would benefit them the most.

The solution will preserve corporation high profits and not worry about whether I can afford a steak once a  month.

So as usual…..we will not benefit from Biden’s limp ass solution.

Turn The Page!

I Read, I Write, You Know

“lego ergo scribo”

An Alternative To The $15 Minimum Wage

Well that big thing is the proposal for a $15 minimum wage….and of course the GOP is having a stroke at the idea.

They preach the same crap every time….that it will cost jobs and drive corporations overseas…..To this I say BS to the first accusation and to the second then let the cowards go as long as they pay a fat tax for leaving.

Contrary to popular support…..Two-thirds of Americans (67%) support raising the minimum wage to $15 an hour, including 41% who say they strongly favor such an increase, according to a Pew Research Center survey…..although a majority of the American public support this idea…..it is a doomed proposal.

The $15 thing will NEVER fly in the Senate…..even though the Dems have a slim majority they also have a couple of conservs in the party that hate seeing humans make a descent living….not to mention any name….Manchin and Sinema…..

Maybe there is a couple of things that could be done that would actually make a difference in people’s lives…..

The government could make it a more just society but they are afraid to slap around the wealthy that take from society and give nothing in return…..afraid the cash cow will dry up for their re-election funds.

Just my idea to help if you cannot manage to raise the minimum wage…..since food seems to suck up the cash on hand along with shelter, utilities…..why not use a tool, that is at hand?

Price controls.

The government could step in and make life easier for those that are struggling especially these days of lockdowns and unemployment….

Government price controls are situations where the government sets prices for particular goods and services.

Types of price controls

  • Minimum prices – Prices can’t be set lower (but can be set above)
  • Maximum price – Limit to how much prices can be raised (e.g. market rent)
  • Buffer stocks – Where government keep prices within a certain band
  • Limiting price increases – In a privatised monopoly (e.g. electricity, gas, water – where there is no competition) the government regulator may play a role in limiting how much prices can be increased. In the UK, regulators use a formula like RPI-X.
  • Direct price setting – In a command economy, prices of goods may be set by the government.

Since food seems to continue in a never ending spiral upward to the point where people have to decide between food or rent the government should step in and help.

It is not like this has not taken place in the past…..

Signed on August 15, 1970, during the administration of Richard Nixon, the Economic Stabilization Act gave the president power to impose wage and price controls to stem inflation caused by federal efforts to finance its operations. It extended a law that had provided the executive with similar authority during the Korean War; the earlier law, in turn, had precedents in controls imposed during World Wars I and II.

For those that would like to know more about this law then I can help…..

https://scholarlycommons.law.case.edu/cgi/viewcontent.cgi?referer=https://www.google.com/&httpsredir=1&article=3158&context=caselrev

Not to worry this will NEVER happen because Congress is well paid by lobbyist to keep anything good from ever taking place.

Politicians play to a base and the rest of us be damned….people go hungry and people become homeless and yet NO ONE gives a shit.

You may not like my idea but for now it would help those that need it the most.

Turn The Page!

I Read, I Write, You Know

“lego ergo scribo”

GOP Economics

Since 1980 I have not thought the GOP had the best economic ideas to put this country on the path for progress….and since then all their economic solutions have actually done little to improve the lives of Americans unless they are in the wealthy class.

These days nothing has changed……here are some of the statements made that illustrate the GOP lackluster economic ideas and why.

First infrastructure……most specially our road systems….

… it’s up to Senate Republicans to try to demonstrate there’s some rationale for their GOP colleagues to be participating in this thing called government. It’s been ages since they’ve been called upon to proactively contribute to a policy-making process, in this case infrastructure, and thus far they’re not making much headway.

They’re “getting there,” says Sen. Shelley Moore Capito of West Virginia, of the process they’ve been working at for nearly a month. Back in mid-April they revealed just how incompetent they’ve become at governing, offering up a $568 billion counter to President Joe Biden’s $2 trillion proposal. It was a back-of-the-napkin scribble that offered a vague funding mechanism of taxes on electric car drivers and taking COVID-19 relief money away from states. It’s a reflection of just how inadequate that proposal was that senior Republicans are now inching up their spending limit. Minority Leader Mitch McConnell went up to $800 billion just last week, and on Monday Sen. Lindsey Graham offered $900 billion, but they’re still fighting the idea of raising taxes on the wealthy and corporations to fund it.

https://m.dailykos.com/stories/2021/5/18/2031013/-While-rural-America-clamors-for-infrastructure-Republicans-obsess-over-keeping-corporate-taxes-low

Then there is the attempt to starve people into accepting crappy wages…..

Millions of jobless workers in Republican-led states across the U.S. are growing increasingly worried that they soon won’t be able to afford rent, medicine, and other basic necessities as GOP governors rush to cut off pandemic-related unemployment benefits, a widely condemned attack on struggling people that the Biden administration insists it is powerless to stop.

As of this writing, 22 Republican governors have moved to withdraw from a federal program that boosted regular unemployment checks by $300 per week to help jobless people weather the ongoing economic crisis.

Of those Republican-led states, 19 are also ending their participation in Pandemic Emergency Unemployment Compensation (PEUC) and Pandemic Unemployment Assistance (PUA)—federal initiatives that provide an extension for people who have exhausted their state-level benefits and offer aid to gig workers and others who are typically ineligible.

To justify stripping a crucial lifeline from the jobless, the Republican leaders of Texas, Georgia, Alabama, Arkansas, South Dakota, and other states have falsely claimed that the federal unemployment programs are so generous they are dissuading people from rejoining the workforce—a narrative that ignores a slew of other relevant factors, from the low wages on offer to lack of child care to health concerns.

https://www.commondreams.org/news/2021/05/21/attempting-starve-people-back-work-anger-grows-gop-governors-cut-jobless-benefits

Their big idea is that if people get help then the economy will collapse…..according to Sen Ron Johnson of Wisconsin….

Senator Ron Johnson, are asking the poor to stay poor for the good of all America.

On Sunday, Johnson appeared on WKOW in Wisconsin to explain his support for a bill that would end the $300 enhanced unemployment benefits. While many conservatives have argued that these benefits are hurting employers who want to pay their employees less than the $16.75 an hour the unemployment benefits come out to, Johnson is taking the bold step of claiming that employers paying workers more in order to compete with said unemployment benefits, and workers demanding more money to work, is bad, because that will lead to inflation.

https://www.wonkette.com/ron-johnson-wants-people-to-work-for-less-money-than-they-need-to-live

Really?

Johnson has just stated what I wrote about over a decade ago…….https://lobotero.com/why-poverty/

I have written many times that GOP economics suck….and now with the stupid within the party their true colors are finally emerging.

Watch This Bog!

I Read, I Write, You Know

“lego ergo scribo”

Will ‘Trickle Down’ Return?

For about fifty years the Repubs have promised with every tax cut that it would miraculously help the working class in the long run. Well that was a lie….and the working class is still waiting for the ‘trickle down’ effect promised.

And now that the GOP is out of favor I expect that there will be more calls for tax cuts to pay for all the assistance that was given to the country….including the wealthy that did not need the help.

I have given my thoughts on this BS and every time the GOP offered it is accepted….and now I try again to prevent bullshit from becoming policy.

My original posts…..

https://lobotero.com/2008/10/09/the-humor-that-is-trickle-down-economics/

https://lobotero.com/2011/06/24/trickle-up-economics/

Now that we have a new president I suspect the calls for massive tax cuts will begin in January 2021 by the GOP and its minions.

Neoliberal gospel says that cutting taxes on the wealthy will eventually benefit everyone by boosting economic growth and reducing unemployment, but a new analysis of fiscal policies in 18 countries over the last 50 years reveals that progressive critics of “trickle down” theory have been right all along: supply-side economics fuels inequality, and the real beneficiaries of the right-wing approach to taxation are the super-rich.

The Economic Consequences of Major Tax Cuts for the Rich(pdf), a working paper published this month by the International Inequalities Institute at the London School of Economics and written by LSE’s David Hope and Julian Limberg of King’s College London, examines data from nearly 20 OECD countries, including the U.K. and the U.S., and finds that the past five decades have been characterized by “falling taxes on the rich in the advanced economies,” with “major tax cuts… particularly clustered in the late 1980s.”

But, according to Hope and Limberg, the vast majority of the populations in those countries have little to show for it, as the benefits of slashing taxes on the wealthy are concentrated among a handful of super-rich individuals—not widely shared across society in the form of improved job creation or prosperity, as “trickle down” theorists alleged would happen.

https://www.commondreams.org/news/2020/12/16/study-50-years-tax-cuts-rich-confirms-trickle-down-theory-absolute-sham

It is ALL a lie….there has never been any benefit for the working class from so-called ‘trickle down’ economics.

Just wait….the calls for wealthy tax cuts will begin again now that there is a Dem in the White House and can watch the middle class dissolve a little more.

Be Smart!

Learn Stuff!

I Read, I Write, You Know

“lego ergo scribo”