Elizabeth Warren

eridani

(51,907 posts) Wed Jan 21, 2015, 10:07 PM Jan 2015

Warren: Trickle-Down Was Nothing More Than the Politics of Helping the Rich and Powerful Get Richer

http://readersupportednews.org/opinion2/277-75/28173-focus-trickle-down-was-nothing-more-than-the-politics-of-helping-the-rich-and-powerful-get-richer-and-more-powerful

I recently read an article in Politico called "Everything is Awesome." The article detailed the good news about the economy: 5% GDP growth in the third quarter of 2014, unemployment under 6%, a new all-time high for the Dow, low inflation.(i)

Despite the headline, the author recognized that not everything is awesome, but his point has been repeated several times: On many different statistical measures, the economy has improved and is continuing to improve. I think the President and his team deserve credit for the steps they've taken to get us here. In particular, job growth is a big deal, and we celebrate it.

I've spent most of my career studying what's happening to America's middle class, and I know that these four widely-cited statistics give an important snapshot of the success of the overall economy. But the overall picture doesn't tell us much about what's happening at ground level to tens of millions of Americans. Despite these cheery numbers, America's middle class is in deep trouble.

Think about it this way: The stock market is soaring, and that's great if you have a pension or money in a mutual fund. But if you and your husband or wife are both working full time, with kids in school, and you are among the half or so of all Americans who don't have any money in stocks,(ii) how does a booming stock market help you?

Corporate profits(iii) and GDP are up. But if you work at Walmart, and you are paid so little that you still need food stamps to put groceries on the table, what does more money in stockholders

12 replies

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Warren: Trickle-Down Was Nothing More Than the Politics of Helping the Rich and Powerful Get Richer (Original Post) eridani Jan 2015 OP

Trickle was never going to work, Reagan pushed his program and he had the GOP praising him Thinkingabout Jan 2015 #1

Trickle Down Was A Huge Success. It Made The Rich Filthy Rich As Intended. TheMastersNemesis Jan 2015 #2

And we have not recovered, Reagan busted the Air Traffic Controllers and union membership Thinkingabout Jan 2015 #3

Did Warren fall for it? ALBliberal Jan 2015 #4

She doesn't support trickle down. Read her new book "A Fighting Chance." CTyankee Jan 2015 #5

Thanks ALBliberal Jan 2015 #6

it always sounded like bullshit to me + i was a KID. pansypoo53219 Jan 2015 #7

Ya it was BS ALBliberal Jan 2015 #8

But look at the policies she's supporting in the Senate... CTyankee Jan 2015 #11

People change their minds AndreaCG Jan 2015 #9

good points ALBliberal Jan 2015 #10

If we get a more progressive Dem in the 2016 presidential election it will be because CTyankee Jan 2015 #12

Thinkingabout

(30,058 posts)

1. Trickle was never going to work, Reagan pushed his program and he had the GOP praising him

Reply to eridani (Original post)

Wed Jan 21, 2015, 10:13 PM

Jan 2015

for years. They still do not admit it was and is a failure. Actually it was the beginning of the failing of working Americans though many wants it blamed on other problems.

TheMastersNemesis

(10,602 posts)

2. Trickle Down Was A Huge Success. It Made The Rich Filthy Rich As Intended.

Reply to eridani (Original post)

Wed Jan 21, 2015, 10:17 PM

Jan 2015

The belief is that TD has been a failure. It has failed for the average worker by reducing wages and giving that money to the rich along with rich tax reduction subsidies.

Thinkingabout

(30,058 posts)

3. And we have not recovered, Reagan busted the Air Traffic Controllers and union membership

Reply to TheMastersNemesis (Reply #2)

Wed Jan 21, 2015, 11:30 PM

Jan 2015

continued to fall. I never fell for this crap but lots of people did.

ALBliberal

(2,884 posts)

4. Did Warren fall for it?

Reply to Thinkingabout (Reply #3)

Thu Jan 22, 2015, 12:42 AM

Jan 2015

As an Economics professor how did she not see the faulty logic of trickle down? My professors at UNM i the early 80s were roaring to the roof tops about trickle down economics being a sham. But Warren supported Reagan and HWB. When did she have her epiphany? I like Warren but I can't understand this one thing. An economics professor supporting trickle down.

CTyankee

(65,436 posts)

5. She doesn't support trickle down. Read her new book "A Fighting Chance."

Reply to ALBliberal (Reply #4)

Thu Jan 22, 2015, 12:54 AM

Jan 2015

She's the real deal. Please read it (probably in your local library). It's all laid out there.

ALBliberal

(2,884 posts)

6. Thanks

Reply to CTyankee (Reply #5)

Thu Jan 22, 2015, 01:13 AM

Jan 2015

So in the book she explains why she supported two administrations that supported trickle down? I will read her book and I look forward to answers.

pansypoo53219

(21,829 posts)

7. it always sounded like bullshit to me + i was a KID.

Reply to ALBliberal (Reply #6)

Thu Jan 22, 2015, 02:47 AM

Jan 2015

ALBliberal

(2,884 posts)

8. Ya it was BS

Reply to pansypoo53219 (Reply #7)

Thu Jan 22, 2015, 05:32 AM

Jan 2015

I was a college student and had my firsr job in a large CPA firm. I saw trickle down for the sham it was as it was sold to us and implemented. Someone as smart as Liz Wsrren an economics professor? Voting for those policies? And now she is clearly against those economic policies. I hope to find answers in her book. I think she is terrific.

CTyankee

(65,436 posts)

11. But look at the policies she's supporting in the Senate...

Reply to ALBliberal (Reply #6)

Thu Jan 22, 2015, 10:09 AM

Jan 2015

and she opposed Romney in 2014. I think she is serious about moving Hillary further to the left on economic policy so that we can get a more progressive economy overall and she's gaining traction among Dems. She's doing just fine, IMO.

AndreaCG

(2,331 posts)

9. People change their minds

Reply to ALBliberal (Reply #4)

Thu Jan 22, 2015, 05:42 AM

Jan 2015

Robert Byrd renounced his KKK background. Barry Goldwater denounced the radical right before he died.

ALBliberal

(2,884 posts)

10. good points

Reply to AndreaCG (Reply #9)

Thu Jan 22, 2015, 09:38 AM

Jan 2015

I am curious about her thought process. I hope she explains in her book which I plan to read. I think she's great and passionate about the average American's financial plight.

CTyankee

(65,436 posts)

12. If we get a more progressive Dem in the 2016 presidential election it will be because

Reply to ALBliberal (Reply #10)

Thu Jan 22, 2015, 10:12 AM

Jan 2015

of Elizabeth Warren in large part. In her own fashion, she's out there raising hell...

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