A Quote by Barack Obama
There is a theory that basically says that we can shred regulations and consumer protections and give more and more to the most, and somehow prosperity will trickle down. It hasn't worked. And I think that the fundamentals of the economy have to be measured by whether or not the middle class is getting a fair shake.
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The first theory is that if we make the rich richer, somehow they will let a part of their prosperity trickle down to the rest of us. The second theory was the theory that if we make the average of mankind comfortable and secure, their prosperity will rise upward through the ranks.
[Donald] Trump and all the Republicans believe in the theory of trickle down economics which is a theory discredited even by the author himself David Stockton. The theory suggests that if we take care of the people at the top, if we cut taxes for the wealthy, if we make sure they are doing really well, then the investments that they make in the economy and the jobs that will create, will make everything grow and it will have a trickle down effect on the rest of us.
I trace the inequality to a particular set of decisions that we took when we lowered the tax rate from 91% down to very low levels at the top, where we stripped away regulations. So the result of that was not a more dynamic economy, but a more unequal society. We tried the experiment of trickle-down. A third of a century later, we can say fairly definitively that it was a failure.
The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.
Trickle-down did not work. It got us into the mess we were in, in 2008 and 2009. Slashing taxes on the wealthy hasn’t worked. And a lot of really smart, wealthy people know that. And they are saying, hey, we need to do more to make the contributions we should be making to rebuild the middle class.
Minimum wage laws have never worked in terms of having the middle class attain more prosperity.
Roles that involved, whether it be training, whether it be physicality, getting skinny, there's some investment. There are roles that you do like that and sometimes there are roles that you do to make sure your family doesn't starve, but then you have to still say, "Is there something I can do with this? Can I do something with this that will be fair to the people watching it and fair to my time as well?" I'm at the point where that luxury of choice is getting more and more for me, absolutely, but it's more primarily roles that are more demanding of me in every way.
I think Millennials are more progressive, more socially progressive, much more concerned about economic issues that impact the poor and middle class, and so that basically shows me that the Democratic party will have a bright future.
It's kind of hard to sell 'trickle down,' so the supply-side formula was the only way to get a tax policy that was really 'trickle down.' Supply-side is 'trickle-down' theory.
I think building the middle class, investing in the middle class, making college debt-free so more young people can get their education, helping people refinance their - their debt from college at a lower rate. Those are the kinds of things that will really boost the economy.
For TPP to get my vote, it must benefit America's middle class, raise wages, and safeguard the consumer and environmental protections that we rely upon.
Whether you're a Republican or Democrat, liberal or conservative, it is clear that we've got big problems that we need to address, starting with making our economy more competitive so that we can create more good-paying jobs for the middle class.
Growing our economy means allowing individuals, and particularly those in the middle class, to be able to keep more of their money. It also means that people in the middle class and modest incomes to be able to pay for their retirement, to get a down payment for a home, to send a child to college.
But can we please stop insisting that if low-wage workers earn a little bit more, unemployment will skyrocket and the economy will collapse? There is no evidence for it. The most insidious thing about trickle-down economics is not the claim that if the rich get richer, everyone is better off. It is the claim made by those who oppose any increase in the minimum wage that if the poor get richer, that will be bad for the economy. This is nonsense.
Opponents of health care reform would take away consumer protections - siding with the insurance industry instead of the middle class. We can't afford that.
I want people to make a lot more than $9. $9 is not enough. The problem is that if you can't do that by mandating it in the minimum wage laws. Minimum wage laws never worked in terms of helping the middle class attain more prosperity.
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