A Quote by Joseph Stiglitz
Now it is unambiguously clear that trickle-down economics does not work. But what does that mean? That means we have to structure our economic policies to make sure that we have shared prosperity. And you don't do that by giving a tax cut to the big winners and raising taxes on those who have not done very well. Your economic policy has to respond to the way our economic system has been working.
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Trickle down economics is a fraud. Giving tax breaks to the rich and large corporations does not create jobs. It simply makes the rich richer, enlarges the deficit and increases income and wealth inequality. We need economic policies which benefit working families, not the billionaire class.
I think that one of the things that we all agree to is that the touchstone for economic policy is, does it allow the average American to find good employment and see their incomes rise; that we can't just look at things in the aggregate, we do want to grow the pie, but we want to make sure that prosperity is spread across the spectrum of regions and occupations and genders and races; and that economic policy should focus on growing the pie, but it also has to make sure that everybody has got opportunity in that system.
We have to have a shared prosperity. We have to make that our job number one. People want a better economic playing field for working Americans. And they're voting for it. Our job is to make sure that people know that the Democratic party is the party that is going to deliver that for them. And that means strengthening the grassroots. That means strengthening the local precinct county level and making sure that we're all channeled on massive turnout for that program.
Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world. This opinion, which has never been confirmed by the facts, expresses a crude and naive trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.
You need in the long run for stability, for economic growth, for jobs, as well as for financial stability, global economic institutions that make sure that growth to be sustained has to be shared, and are built on the principle that the prosperity of this world is indivisible.
Democratic priorities remain clear: to provide a tax cut for working families, to promote policies that produce jobs and economic growth, and to assist millions of our fellow Americans who have lost their jobs through no fault of their own.
If they understand, which I believe they really are sensing, that the alternative the Republicans have been offering is to repeal what we've done, to go back to Bush policies - and if you asked the public what would you prefer, Bush economic policies or Obama economic policies, they take and prefer Obama economic policies.
We need to use economic instruments such as carbon taxes, cap and trade, tax and dividend and whatever else to help incentivize behavior that will move us to a post-carbon, post-animal agriculture world, and make our societies more resilient to the shocks that are already baked into the system. But that doesn't make climate change an "economic issue."
The economic interpretation of history does not necessarily mean that all events are determined solely by economic forces. It simply means that economic facts are the ever recurring decisive forces, the chief points in the process of history.
The cash register did more for human morality than the Congregational Church. It was a really powerful phenomenon to make an economic system work better, just as, in reverse, a system that can be easily defrauded ruins a civilization. A system that's very hard to defraud, like a cash register, helped the economic performance of a civilization by reducing vice, but very few people within economics talk about it in those terms.
President Reagan, Jack Kemp and other advocates of supply-side economics understood that pro-growth tax, spending and economic policies were essential to America's long-term economic and fiscal health.
We are well-placed internationally right now and this government has been very clear in stating that our continued concern and vision for this country is to see that long-term economic growth and prosperity, build on the track record of one million net new jobs. These are things Canadians want -- to have steady hands on the tiller and that's what's been done today.
Even North Korean people who are not necessarily happy with economic policies are still loyal to the state itself. It's a military-first state, so whether it does very well on the economic front or not, is not central to public support for it.
A lot of young Poles, very well educated ones, are living in Britain. They are working hard. Of course they are building their own prosperity, but they are also contributing to the economic prosperity of the United Kingdom and surely I can say - and this is underpinned by the economic data - they bring in more than they take away.
Our economic strength at home is key to our diplomatic and military strength abroad. We should be investing far more in education as well as our technological and economic development so that we have the resources to support our foreign policy.
On economic policy, my support of smaller government, lower taxes and economic reform is consistent with the mainstream of the Republican Party in the United States and with many Democrats as well.
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