Myth: Lower Taxes For The Rich Helps The Economy

[MrScorpio]

And the reason why that's a myth is the fact that they have absolutely no skill at spending their money to help the economy and no desire to help the economy through any kind of spending.

All they know how to do is spend frivolously and hoard.

That, in turn, misallocates capital away from places where it can be the most beneficial and makes it less accessible to people who are ready, willing and able to spend it.

Like Billy Paul use to say, "Let the Dollar circulate".

If you want to make America more productive and more prosperous, get the money to poor and working folks, and not more of it to the rich.

http://www.huffingtonpost.com/2011/06/06/patriotic-millionaires-bush-tax-cuts_n_871840.html

[ErikJ]

1. It RUINS the economy by causing Bubbles

Since Reagan slashed taxes on the wealthy we've had a series of bubbles which always crash with the latest housing bubble doing the most damage. Now they put all their loot into the commodities like oil and wheat etc causing people to starve in 3rd world countries.

[MrScorpio]

2. The lack of access to capital for people who needed it to spend created the credit bubble

I'd like to ask the Supply Siders how THAT helped the economy.

[RKP5637]

3. Exactly!!! Lower Taxes For The Rich means more investment money for

them or stuff to spend on. Why would people hire people. There are zillions of ways to make money without hiring anyone. We have this notion that everyone wants to build a factory or some BS and hire a bunch of people, that's pure BS. This trickle down voodoo economics crap has been a wet blanket on this country for far far too long. Additionally our haphazard methodology for creating Jobs will not work in the 21st century. Our economic models are obsolete.