ROBERT REICH ON TRICKLE DOWN ECONOMICS IN THE U.S. - A GOP FRAUD?

Robert Reich:

 

"Just three points this morning, and a question to you. The three are: (1) Austerity economics (on which the nation has embarked) is a cruel hoax -- cruel because it hurts most those who are already hurting, and a hoax because it doesn't work. The deficit isn't the major problem now. It's down to 5.3% of GDP. The major problem is unemployment, falling wages, and widening inequality. (2) Trickle-dow...n economics (which the GOP is using to justify no tax hikes or loophole closers for the rich) is an old fraud -- old because it began under Ronald Reagan and continued under George W. Bush, and a fraud because nothing trickles down. The median wage, adjusted for inflation, is lower today than it was in 1981. Almost all the gains from the growing economy have gone to the top. (3) Neither of these bogus economic theories would be as dangerous were it not for the explosion of big money in politics -- most of it coming from the very rich, Wall Street, and big corporations -- which has undermined our democracy, fueled the Tea Party, financed the big lies, and got us to where we are today.

So here's my question: If you were President right now, what, exactly, would you do? (I'll give you my answer tomorrow.)"