Warren: Trickle-Down Was Nothing More Than the Politics of Helping the Rich and Powerful Get Richer

[eridani]

http://readersupportednews.org/opinion2/277-75/28173-focus-trickle-down-was-nothing-more-than-the-politics-of-helping-the-rich-and-powerful-get-richer-and-more-powerful

I recently read an article in Politico called "Everything is Awesome." The article detailed the good news about the economy: 5% GDP growth in the third quarter of 2014, unemployment under 6%, a new all-time high for the Dow, low inflation.(i)

Despite the headline, the author recognized that not everything is awesome, but his point has been repeated several times: On many different statistical measures, the economy has improved and is continuing to improve. I think the President and his team deserve credit for the steps they've taken to get us here. In particular, job growth is a big deal, and we celebrate it.

I've spent most of my career studying what's happening to America's middle class, and I know that these four widely-cited statistics give an important snapshot of the success of the overall economy. But the overall picture doesn't tell us much about what's happening at ground level to tens of millions of Americans. Despite these cheery numbers, America's middle class is in deep trouble.

Think about it this way: The stock market is soaring, and that's great if you have a pension or money in a mutual fund. But if you and your husband or wife are both working full time, with kids in school, and you are among the half or so of all Americans who don't have any money in stocks,(ii) how does a booming stock market help you?

Corporate profits(iii) and GDP are up. But if you work at Walmart, and you are paid so little that you still need food stamps to put groceries on the table, what does more money in stockholders

[Thinkingabout]

1. Trickle was never going to work, Reagan pushed his program and he had the GOP praising him

for years. They still do not admit it was and is a failure. Actually it was the beginning of the failing of working Americans though many wants it blamed on other problems.

[TheMastersNemesis]

2. Trickle Down Was A Huge Success. It Made The Rich Filthy Rich As Intended.

The belief is that TD has been a failure. It has failed for the average worker by reducing wages and giving that money to the rich along with rich tax reduction subsidies.

[Thinkingabout]

3. And we have not recovered, Reagan busted the Air Traffic Controllers and union membership

continued to fall. I never fell for this crap but lots of people did.

[ALBliberal]

4. Did Warren fall for it?

As an Economics professor how did she not see the faulty logic of trickle down? My professors at UNM i the early 80s were roaring to the roof tops about trickle down economics being a sham. But Warren supported Reagan and HWB. When did she have her epiphany? I like Warren but I can't understand this one thing. An economics professor supporting trickle down.

[CTyankee]

5. She doesn't support trickle down. Read her new book "A Fighting Chance."

She's the real deal. Please read it (probably in your local library). It's all laid out there.

[ALBliberal]

6. Thanks

So in the book she explains why she supported two administrations that supported trickle down? I will read her book and I look forward to answers.

[pansypoo53219]

7. it always sounded like bullshit to me + i was a KID.

[ALBliberal]

8. Ya it was BS

I was a college student and had my firsr job in a large CPA firm. I saw trickle down for the sham it was as it was sold to us and implemented. Someone as smart as Liz Wsrren an economics professor? Voting for those policies? And now she is clearly against those economic policies. I hope to find answers in her book. I think she is terrific.

[CTyankee]

11. But look at the policies she's supporting in the Senate...

and she opposed Romney in 2014. I think she is serious about moving Hillary further to the left on economic policy so that we can get a more progressive economy overall and she's gaining traction among Dems. She's doing just fine, IMO.

[AndreaCG]

9. People change their minds

Robert Byrd renounced his KKK background. Barry Goldwater denounced the radical right before he died.

[ALBliberal]

10. good points

I am curious about her thought process. I hope she explains in her book which I plan to read. I think she's great and passionate about the average American's financial plight.

[CTyankee]

12. If we get a more progressive Dem in the 2016 presidential election it will be because

of Elizabeth Warren in large part. In her own fashion, she's out there raising hell...