Taxes are low and corporate profits are high, but nothing is trickling down to the American worker.
If politicians are going to continue kowtowing to every whim of the rich, can they at least think of a new excuse? Via Salon:
The theory of supply-side economics tells us that if you cut taxes on rich people and corporations, the moguls and businessmen will take their windfall and invest it, creating jobs and accelerating the rate of economic growth. The benefits of a light hand on the upper class, therefore, will “trickle down” to the working man and woman.
Ever since Ronald Reagan first attempted to make supply-side economics a reality and proceeded to inaugurate an era of persistent government deficits and growing income inequality, it has become harder and harder to make the trickle-down argument with a straight face. But we’ve never seen anything quite like the disaster that’s playing out right now.