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originally posted by: Grimpachi
I am not worried about moral high ground nor am I screaming for the poor or rich, but I am looking at Trumps Trickle down economics and thinking I can't believe people are falling for it again. Trickle down economics has been tried and it truly harmed our economy. I think it is all very short-sighted.
It does work.
Trump is our modern Reagan.
originally posted by: Edumakated
originally posted by: Grimpachi
I am not worried about moral high ground nor am I screaming for the poor or rich, but I am looking at Trumps Trickle down economics and thinking I can't believe people are falling for it again. Trickle down economics has been tried and it truly harmed our economy. I think it is all very short-sighted.
Trickle down economics is free market economics. It does work. You see it everyday if you are paying attention.
The problem is so many people are ignorant of basic economics and finance they are unable to connect the dots beyond their own little world.
A good example of trickle down is in NYC. The financial industry is obviously huge in NYC. Wall Street bankers get most of their income in a year end bonus based on their banking group's profitability. These bonuses can be $100k for someone fresh out of college to tens of millions for market making traders and deal makers.
A significant portion of the NYC economy depends on those bonuses. Every year around this time there are articles talking about Wall Street bonus payouts as a result because it is a bellwether for the broader city economy. Real estate. Restaurants. Construction. Travel. Fashion. Domestic Help. All kinds of industries benefit from money being spent. In bad years when bonuses aren't as high, even highly paid bankers cut back on frivolous spending.
Maybe that $100k kitchen renovation doesn't get done. So Joe Contractor see his business start to slow down. Now Joe can't hire Bob Plumber. Now Bob Plumber may put off buying a new f150. So now Bobby Carsalesman is losing a commission. It keeps going and going...
originally posted by: MOMof3
a reply to: Edumakated
That trickle down economics lesson says I have to live in some rich dude’s backyard to get some.