Does trickle down economics destroy the economy?

Meme: The Repube Tax Plan

Way back in 2017, Ye Olde Blogge wondered if there were some kind of sick plan to the Repube’s tax-cut-for-billionaires-and-spend legislation. I’ve always figured that even Laffer didn’t believe that trickle down worked. Reagan, probably did, and all those dickheads that eventually got elected to Congress like Paul Ryan did because they grew up hearing the endless rhetoric around it did. But, it was pretty clear that this was the fastest way they could transfer the most money from the middle class to the landed gentry:

  • Every eight years, they would smash the economy with massive tax cuts to billionaires.
  • Grab every thing they could in the four to eight years that followed.
  • Wait out the inevitable eight years of the Democratic presidency that fixed and grew the economy.
  • Run on trickle down economics being the answer to everyone’s prayers and the Democrats didn’t know nothin’ ’bout no economy, no way, no how, not like fat cat Republicans did! How’d you think they got all theys moneys, anyway?
What psychological tendencies are Republicans cynically exploiting to radicalize their MAGA supporters?

Unraveling the Psychology Behind Political Polarization

Now we’re stuck with the conventional wisdom that Republicans are good for the economy and Democrats are bad being reified in all of our minds. Just another thing to think about when you’re transferring planes in Ronald Wilson Reagan International Airport.

For sure, the Biden economy hasn’t been all spindles and roses, but it’s been pretty damn good as far as economies go, and we faired much better than most of the other developed nations since the #COVID-19

Let’s review what the definitely real definitely alive definitely voting voters and economists that NBCNews featured in it’s recent article, Clarity? In this economy? and see what YOU think.

“If you look at purchasing power, it is actually increasing,” said Kayla Bruun, senior economist for Morning Consult. Average weekly wages are up around $200 since 2019 and are now rising faster than overall inflation — as they’ve done for roughly the past year.

“I am starting to feel it [cancelled student debt] now with my finances,” she [Christina Cantu-McKay] said, with what used to be her student loan payments going into her 401(k). “Retirement can be a reality, and that’s pretty amazing.”

“It looks like I fit in the middle class now,” she said.

The Biden campaign… has been ramping up its economic messaging all year. It notes that the country dodged a much-forecast 2023 recession and weathered the Federal Reserve’s 11 interest rate hikes while continuing to add more jobs and small businesses.

[M]any homeowners remain locked into low-rate mortgages in a market with fewer homes for sale than usual. For contractors like LaPointe, that has meant a steady stream of repairs and upgrades among those unable or unwilling to move. “They can’t go anywhere,” he said.

In nearly every major U.S. city, restaurants have seen surging weekend and evening traffic more than compensate for lunchtime declines, the payment processor Square said this month. Airlines and cruise operators are bracing for another summer of record travel demand, including for high-end packages.

The funny thing is that Republican Congress folks across the country are taking credit for “delivering” the benefits of Biden’s economy while expressing dissatisfaction for his economy and as soon as a Republican is in office, no matter what the state of the economy is, they will be praising it as one of the strongest in American history.

So, what do you think? Is the Biden economy bad? Is there a reason that he’s not getting credit for how good the economy actually is? I’d love to discuss it with you in the comments.