48. Morning Joe “Trickles Up”

8 Mar

I was about to totally condemn Joe S. when I did some research and now I have to mitigate the criticism. I am retired and often stay up late at night. So late, that I often watch the early political show “Morning Joe”. This morning I decided to denounce Joe for his advocacy of torture and for his overly aggressive interaction with a female guest. His badgering reminded me of O’Reilly who is a master at suppressing his guests with fast, loud talk.  [Added later:  I changed my mind about Joe’s badgering, when on March 15, he made a gallant defense of Hilary Clinton’s record.]

That would be that, but as I did some research on Joe S., I discovered to my amazement that he condemned “trickle-down” economy, which is advocated (in a subtle way) by the vast majority of Republican leaders. This approach, also called “supply side” economics, says that the way to support non-rich citizens is to give more money to rich people and corporations. This extra money to the rich will make stronger corporations and promote hiring and better wages for the workers. In actual practice, however, this does not happen, and the rich simply enjoy the extra money. Instead of supply-side economics, Democrats tend to advocate a “demand-side” economy. If wages are raised, there will be more spending and the “demand” for goods will increase. Increased demand will promote production and hence economic growth.

For a few decades, now, we have had “supply-side” economics because more and more money has been diverted to the rich.  And everyone accepts the finding that income has substantially increased for rich folks, while for others, income has been stagnant. Every published budget by the GOP candidates has included lower taxes for rich people. In previous blogs I have presented more details.

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