Posted at Hartmann Report on Jun. 11, 2024
Republicans’ Trickle-Down Revival: Bold Move or Blunder?
Are Americans catching on and increasingly rejecting horses, sparrows, and politicians who try to sell them on more trickle-down tax cuts for the rich?
They're at it again. And it's not even original: the trickle-down economics that two-dozen Republican governors and Trump are reviving as you read these words has a long history.
"Trickle down," of course, was the theory advanced by Ronald Reagan that if America only made rich people massively richer with staggering tax cuts, ending anti-trust regulation, and government subsidies for their industries, they would use all that extra free money to build new factories, hire people, and the abundance would trickle down to the average worker.
It was a lie, but it wasn't the first time the GOP had tried that lie. Then knew exactly what they were doing, and what outcome it would produce. Instead of raising the pay of their workers, the rich people on the receiving end of Reagan's, Bush's, and Trump's tax cuts simply added the cash to their money bins and investments, bought new yachts or trophy wives, and blasted themselves into outer space on penis-shaped rockets.