Discover and read the best of Twitter Threads about #TrickleDownEconomics

Most recents (6)

Left Foot Forward:
Lurching the UK towards 'Reaganomics'

A ‘foot soldier’ for US economic fundamentalists, #Truss and her cabinet appear to be applying policy from an American right-wing playbook and lurching the country towards ‘#Reaganomics.’ /1
#RightWingWrong
/2 For the most part, since 1980, #Republican economic policy has revolved around a single policy - hefty tax cuts heavily tilted towards the rich with enormous budgetary deficits as a consequence. Under the Reagan Presidency (1980-1988), income tax was cut across the board
/3 and the top rate of income tax reduced from 70% to 28%. Both Reagan and Bush ran up enormous deficits via huge tax cuts. When Clinton came to power in 1993, he had an awful mess to clean up.

Apart from leading to higher income inequality and punishing the poor –
Read 14 tweets
#PostTruthEconomics aka Trussonomics or Trumponomics is the economics being followed by #PostTruth governments that ignore economic expertise and formal forecasting & scenario analyses in favour of evidence-free policies based on ideology or populism - a thread
In the UK, the #budget2022 is a prime example: no @OBR_UK costings with scenarios based on alternative assumptions; policy changes based on wishes & hopes, rather than evidence; facile & ad hoc justifications (trickle-down economics); bluster & mis-speaking arrogance; and lies.
One feature of #PostTruthEconomics is the co-option of non-mainstream, outlier, ideological, or dead economists to provide confident justification, at least of aspects of the policies, e.g. for #budget2022 Prof Patrick Minford @JamesVa72538332
Read 60 tweets
Reflections on the morning after - and especially the markets… 🧵

It may well take some time for the dust to settle on #KwasiKwarteng’s first #Budget (yes, 'Budget’: if it looks like a duck, walks like a duck and quacks like a duck, then it’s fair to call it a duck)...
The initial reaction from most economic commentators and in the financial markets has been a loud boo! There are some things I would have done differently. But the overall strategy is sound, and sentiment should recover as the economic benefits become clearer...
There are two aspects I particularly liked. One is the emphasis on breaking the ‘doom loop’ of weak economic growth and rising taxes, both with tax cuts and – at least as importantly – structural reforms on the supply-side...
Read 16 tweets
Trickle down economy is a joke. Modern monetary theory with central banks have made a complete joke out it. Those close to the money source get richer, while those farthest earn pennies.

#TrickleDownEconomics

A Thread 🧵 for your awareness 👇
Read 20 tweets
What's really funny is that the person who coined "trickle down" meant it as mockery. Do you know who that is? "Fifty Years of Tax Cuts for Rich Didn’t Trickle Down, Study Says" bloomberg.com/news/articles/… #capitalism
..Will Rogers coined "trickle-down." Yes, that's right, the humourist Will Rogers. He was criticizing Hoover's stimulus package in the 30s Depression because (like so much Covid stimulus) it was going to powerful entities that didn't need it: en.wikipedia.org/wiki/Trickle-d…
..Meanwhile, another expression for a capitalist article of faith - "pull yourself up by your own bootstraps" - also started off as a joke. It's a 19th C expression to describe the impossibility of pulling yourself up alone. Yet some take it at face value. en.wikipedia.org/wiki/Bootstrap…
Read 5 tweets
LISTENING TO @HealthyFla is a #foolstep - FACT: They have #liedandmisled about numbers every day. In context with ONLY 5% of symptomatic allowed to test — they lulled you with numbers that masked the catastrophe. Real #? 95% higher likely - exponentially #thisiscriminal
THIS IS WHY SCIENCE MATTERS. THIS IS A PARADIGM SHIFT. THE BULLSHIT STOPS NOW. THIS PIVOT #WILLCHANGEOURNATIONFORALLTIME LETS MAKE SURE THE WORLD WE REBUILD IS BASED ON FACTS. WE CANNOT FORGET OR PLAN FOR THE FURURE UNTIL WE ACCPET THAT WHAT WE DID CANNOT EVER BE
REPEATED. #TRICKLEDOWNECONOMICS IS AN ABJECT FAILURE. GOVERNMENT HAS BEEN ONLY FOR THE #CORPORATE NOT #FORTHEPEOPLE. THAT ENDS NOW.

#AmericaISBACK our values are basic #humanrights #heathcare is not a luxury item #incomeinequality is addressed immediately. #thegapends
Read 5 tweets

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