Re:Companies Use Borrowed Billions to Buy Back Stock, Not to...
by nothrabannosir on Saturday August 10, 2019 @09:04PM
(#20665549)
I am unfortunately not in a position to watch a 100min lecture at the moment. The Wikipedia entry for trickle down economics mentions it originated as a joke:
The term "trickle-down" originated as a joke by humorist Will Rogers and today is often used to criticize economic policies which favor the wealthy or privileged while being framed as good for the average citizen.
However, it goes on to say:
David Stockman, who as Ronald Reagan's budget director championed Reagan's tax cuts at first, later became critical of them and told journalist William Greider that "supply-side economics" is the trickle-down idea:
With a quote by David Stockman:
”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.”
— David Stockman, The Atlantic
I’m sure the video touches on this, but do you have a summary for why it’s a straw man mischaracterisation?
The term "trickle-down" originated as a joke by humorist Will Rogers and today is often used to criticize economic policies which favor the wealthy or privileged while being framed as good for the average citizen.
However, it goes on to say:
David Stockman, who as Ronald Reagan's budget director championed Reagan's tax cuts at first, later became critical of them and told journalist William Greider that "supply-side economics" is the trickle-down idea:
With a quote by David Stockman:
”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.”
— David Stockman, The Atlantic
I’m sure the video touches on this, but do you have a summary for why it’s a straw man mischaracterisation?