@kmax87 saidThe trickle down effect has been known not to work since the 60’s.
Let's make the rich richer because a rising tide lifts all boats and all that extra wealth will eventually trickle down....
Why they keep repeating it is beyond me, why so many people still believe it, just boggles the mind.
@kmax87 saidAlthough our government is hopelessly in debt already due to corporate welfare handouts, we need to cut taxes more for the rich because of the rich can't get richer then how will they ever achieve the American dream?
Let's make the rich richer because a rising tide lifts all boats and all that extra wealth will eventually trickle down....
@kmax87 saidIts an unfortunate fact of life but it is true. And there is a simple way to prove it. Here it is:
Let's make the rich richer because a rising tide lifts all boats and all that extra wealth will eventually trickle down....
- If you give 10,000 people $10,000 dollars each , thats $100,000,000, and 99% of that money will be spent on consumer goods, food, clothes etc. The trickle down is faster but then dies off. The money is consumed away
- If you give 5 businessmen who are already rich, $20,000,000 each, then that money will be invested in capital aka production goods, and the country's production capabilities will expand. The trickle is slow but then increases exponentially when production takes off. The money produces.
The first scenario is a unproductive. The second one is the reason why China and other Far East countries have expanded in the last 2 decades to the point where many in the US are wondering how China got so powerful financially. The rich in China are filthy rich and they drive the economy.
Production is what drives prosperity.
Consumption is the road to poverty.
@kmax87 saidEver since Reagan was sold on the Trickle Down theory, which BTW was the brainchild of the same think tank as Project 2025, the chasm between the rich and the poor has widened. There are 60 million people in America living in poverty, despite the breadwinners having jobs; the working poor. That is roughly the population of the UK.
Let's make the rich richer because a rising tide lifts all boats and all that extra wealth will eventually trickle down....
Why people continue to believe the lie is this: they still hold to the crap AvJoe keeps spewing out, that if you work hard, you too can become one of the rich. It's pure BS. No one ever got rich by working hard. Giving jobs to workers does not make them rich; it makes the factory owner rich. The rich got rich by either inheriting it, or by getting other people to work hard for them. Look at Trump; never worked a day in his life; he was given his first million from daddy, and borrowed (conned) the rest from banks.
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@shavixmir saidThat would be the same people who hope to joiun the very rich by some stroke of luck...
The trickle down effect has been known not to work since the 60’s.
Why they keep repeating it is beyond me, why so many people still believe it, just boggles the mind.
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@moonbus said"those that do not know how to manage their money will always work for the ones that do."
Ever since Reagan was sold on the Trickle Down theory, which BTW was the brainchild of the same think tank as Project 2025, the chasm between the rich and the poor has widened. There are 60 million people in America living in poverty, despite the breadwinners having jobs; the working poor. That is roughly the population of the UK.
Why people continue to believe the lie is ...[text shortened]... y in his life; he was given his first million from daddy, and borrowed (conned) the rest from banks.
dave ramsey
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@moonbus saidI think that the 60 million poor Americans are far better off than the 60 million middle class people is many third world countries.
Ever since Reagan was sold on the Trickle Down theory, which BTW was the brainchild of the same think tank as Project 2025, the chasm between the rich and the poor has widened. There are 60 million people in America living in poverty, despite the breadwinners having jobs; the working poor. That is roughly the population of the UK.
Why people continue to believe the lie is ...[text shortened]... y in his life; he was given his first million from daddy, and borrowed (conned) the rest from banks.
Nobody gets rich by working hard ... is a very vague statement. People can rise out of poverty by working hard and by making good decisions. Rich is different story. If you want to get rich then you need to be smart or lucky.
The problem with many, and this is an increasing problem, is that bad decisions is the norm:
- people abandon education and training
- girls get pregnant for men out of marriage
- broken homes are becoming common
- family life is being destroyed
- critical skills are being abandoned for social media likes
- society has become vain and shallow
- religion is sidelined and atheism and materialism is on the rise.
- people wait on the government for freebies
These things cause poverty.
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@Ponderable saidAnd also for those who think social media likes, followers, only fans, and other shallow pursuits is the a good lifestyle.
That would be the same people who hope to joiun the very rich by some stroke of luck...
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@Ponderable saidThe same people who claim humans are inherently greedy and then expect them to let the wealth trickle down.
That would be the same people who hope to joiun the very rich by some stroke of luck...
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@Rajk999 saidhttps://www.theguardian.com/business/2019/jun/15/job-losses-trump-tax-cut-at-t-general-motors-wells-fargo
Its an unfortunate fact of life but it is true. And there is a simple way to prove it. Here it is:
- If you give 10,000 people $10,000 dollars each , thats $100,000,000, and 99% of that money will be spent on consumer goods, food, clothes etc. The trickle down is faster but then dies off. The money is consumed away
- If you give 5 businessmen who are already rich, $20 ...[text shortened]... hey drive the economy.
Production is what drives prosperity.
Consumption is the road to poverty.
This was proven false when Trump passed a 1 Trillion dollar tax break that mostly benefitted the rich. CEOs of major companies like AT&T promised they'd use that money to create jobs or on their employees. Instead, they ended up cutting jobs.
Your theory only works if money is given to business *specifically* for creating jobs or benefiting workers. If there's government accountability and oversight for such funds, then yes, what you describe can work.
But when you just give money to businesses and hope they'll use it to benefit the economy, it never works. This is the problem with trickle-down. It's a con by rich to justify giving them more money.
In 2009 there was a financial crisis where businesses begged for government bailouts. Over $1 billion of that went to CEOs:
https://www.cbsnews.com/news/16b-of-bank-bailout-went-to-execs/
The stories of governments using tax breaks or bailouts to give themselves raises while firing employees are endless.
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@vivify saidMaybe it does not work in your economy. That is fine but what I posted is factual. It could also be that what I posted requires time in years for the results to be seen and appreciated. You can see the principle of my post in real life with two families with same income. One saves, builds and invests, while the other spends on frivolous nonsense. It takes years to see the results.
https://www.theguardian.com/business/2019/jun/15/job-losses-trump-tax-cut-at-t-general-motors-wells-fargo
This was proven false when Trump passed a 1 Trillion dollar tax break that mostly benefitted the rich. CEOs of major companies like AT&T promised they'd use that money to create jobs or on their employees. Instead, they ended up cutting jobs.
Your theory only wo ...[text shortened]... vernments using tax breaks or bailouts to give themselves raises while firing employees are endless.