Who could have ever figured that freeing up the disposable income of the working and middle class could boost the economy through increased consumption? I mean, besides 2nd year Econ majors
This clip from Variufakis is a good place to finish this conversation: putting money into the hands of the consumers is always the best stimulus 1. Because our money actually circulates through the economy and 2. Because our economy is 75% consumer driven
We’ve always known that money and wealth trickles up. For instance, the bailout to banks could have been given to homeowners in foreclosure and the money would have ended in the hands of the banks anyways. But that’s never good enough. Banks got the homes and the bailout
It never ceases to amaze me how many backward economic policies conservatives and other adherents of neoliberalism have inculcated into Americans. We believe wealth in the hands of billionaires is more valuable to the economy than in the hands of consumers. This is simply untrue
And we simply do not have a political party that offers the counter argument to this economic propaganda. And now we even have billionaires like Bloomberg trying to make sure the Democrats never become the party that finally eradicates trickle down, voodoo economic theory
Warren and Sanders’ wealth tax and loan cancellation will generate more wealth for billionaires because consumers will consume.
But this isn’t how the rich have grown accustomed to accumulating wealth over the last generation. They’re used to generating wealth by bankrupting us
But this isn’t how the rich have grown accustomed to accumulating wealth over the last generation. They’re used to generating wealth by bankrupting us
