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border-top-right-radius: 50%; border-bottom-right-radius: 50%; border-bottom-left-radius: 50%; margin: 5px;"></span></a></div></div></div></div><div class="story-column" style="box-sizing: border-box; float: right; width: 660px;"><div class="story-intro story-content" style="box-sizing: border-box; word-wrap: break-word;"><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">—</p><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">Ever since the days of Reagan, the Republican Party has been trotting out this tired-old work-horse of a “<a href="https://en.wikipedia.org/wiki/Trickle-down_economics" target="_blank" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">Theory</a>”, to justify their Windfall Tax Cuts to the Rich.</p><blockquote style="box-sizing: border-box; padding: 30px 60px; margin: 20px 0px; border: none; width: 660px; line-height: 24px; background-color: rgb(247, 247, 247); z-index: -1;" class=""><p style="box-sizing: border-box; margin: 10px 0px 0px;" class=""><strong style="box-sizing: border-box;" class="">Trickle-down economics</strong>, also referred to as <em style="box-sizing: border-box;" class=""><strong style="box-sizing: border-box;" class="">trickle-down theory</strong></em>, is an economic principle that advocates reducing taxes on businesses and the wealthy in society as a means to stimulate business investment in the short term and benefit society at large in the long term.</p></blockquote><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">One gigantic problem though, Trickle-down <strong style="box-sizing: border-box;" class="">doesn’t work</strong>, not in the Real World — where the Rich tend to stash their extra cash, and NOT run out and spend it, <em style="box-sizing: border-box;" class="">as middle and lower income brackets tend to do.</em> It is this extra spending that “spurs” the economy (not burying it in a lockbox). Economists refer to this as the “Multiplier Effect” — the economic growth, that comes <strong style="box-sizing: border-box;" class="">from spending</strong> “unexpected” money — and it is explained quite well by <a href="https://www.dailykos.com/story/2017/11/25/1718537/-The-Negative-Multiplier-Effect-and-the-New-Tax-Bill-Tanking-the-Economy" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">Im a frayed knot</a>.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">Giving $32K in “<a href="https://www.dailykos.com/story/2017/11/24/1718291/-If-the-Trump-Tax-Plan-is-so-Good-Why-is-it-being-Scored-SO-Bad" target="_blank" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">found money</a>” to Millionaires — <em style="box-sizing: border-box;" class=""><strong style="box-sizing: border-box;" class="">does not spur the Economy</strong></em>, at least according to the <u style="box-sizing: border-box;" class="">overwhelming majority of top Economists</u>, surveyed by the University of Chicago’s Booth School of Business:</p><div style="box-sizing: border-box;" class=""><h3 style="box-sizing: border-box; font-family: "Open Sans Condensed"; font-weight: 500; line-height: 30pt; color: inherit; margin-top: 20px; margin-bottom: 10px; font-size: 24px;" class="">Out of 42 top economists, only 1 believes the GOP tax bills <a href="https://www.vox.com/policy-and-politics/2017/11/22/16691016/economists-gop-tax-plan-igm-poll" target="_blank" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">would help the economy</a></h3></div><p style="box-sizing: border-box; margin: 0px 0px 10px;" class=""><em style="box-sizing: border-box;" class="">But all of them think it will <strong style="box-sizing: border-box;" class="">increase the debt</strong>.</em></p><div style="box-sizing: border-box;" class="">by <span style="box-sizing: border-box;" class=""><a href="https://www.vox.com/authors/ezra-klein" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">Ezra Klein</a><span style="box-sizing: border-box;" class=""><a href="https://www.twitter.com/ezraklein" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class=""> @ezraklein</a></span></span>, <a href="http://vox.com" class="">Vox.com</a> — Nov 22, 2017,</div><blockquote style="box-sizing: border-box; padding: 30px 60px; margin: 20px 0px; border: none; width: 660px; line-height: 24px; background-color: rgb(247, 247, 247); z-index: -1;" class=""><p style="box-sizing: border-box; margin: 10px 0px;" class="">[...]</p><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">The first question was straightforward. Would they agree that if the US passed a tax bill “similar to those currently moving through the House and Senate,” GDP would be “substantially higher a decade from now”? Of the 42 economists polled, <strong style="box-sizing: border-box;" class="">only one thought the Republican bill would boost the economy</strong>.</p><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">[...]</p><div style="box-sizing: border-box; margin: 0px;" class="">The second question asked whether passage of the Republican tax bills would mean “the US debt-to-GDP ratio will be substantially higher a decade from now than under the status quo.” Here, too, the news was grim from Republicans. In this case, <strong style="box-sizing: border-box;" class="">all but one economist agreed that the bills would blow up the deficit</strong>, and the outlier, Stanford's Liran Einav, <a href="https://www.washingtonpost.com/news/wonk/wp/2017/11/22/37-of-38-economists-said-the-gop-tax-plans-would-grow-the-debt-the-38th-misread-the-question/?utm_term=.5c1ab0fe5b72" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">turned out </a>to <em style="box-sizing: border-box;" class="">have misread the question</em> — he later clarified that he also agrees the bill would add to the debt. </div></blockquote><h4 style="box-sizing: border-box; font-family: "Open Sans Condensed"; font-weight: 500; line-height: 20pt; color: inherit; margin-top: 10px; margin-bottom: 10px; font-size: 18px; text-transform: uppercase;" class=""><em style="box-sizing: border-box;" class="">42 OUT OF 42 TOP ECONOMISTS AGREE</em> — THE CURRENT GOP TAX PLAN, IF PASSED, WOULD “<strong style="box-sizing: border-box;" class="">BLOW UP THE DEFICIT</strong>”. </h4><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">And we can all predict what that means in a year or two, when these “so-called” <em style="box-sizing: border-box;" class="">Deficit Hawks </em>get their second wind:</p><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">Bye-bye <strong style="box-sizing: border-box;" class=""><a href="https://www.washingtonpost.com/news/posteverything/wp/2017/11/16/first-republicans-want-tax-cuts-next-theyll-try-gutting-medicare-and-social-security/" target="_blank" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">Social Security</a></strong>, bye-bye <strong style="box-sizing: border-box;" class=""><a href="https://www.salon.com/2017/11/22/the-gops-tax-cut-bonanza-is-a-major-attack-on-medicare_partner/" target="_blank" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">Medicare</a></strong>, Medicaid; Bye-bye <strong style="box-sizing: border-box;" class=""><a href="https://www.cbo.gov/publication/53300" target="_blank" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">Health Care</a></strong>. Because Republicans <em style="box-sizing: border-box;" class="">are “looking out for you!”</em></p><p style="box-sizing: border-box; margin: 0px 0px 10px;" class=""><em style="box-sizing: border-box;" class=""><strong style="box-sizing: border-box;" class="">Trickle-down theory</strong> should be official dead — </em>but the GOP keeps retelling that bad “<a href="https://en.wikipedia.org/wiki/Trickle-down_economics" target="_blank" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">joke</a>” — because how else are they going to pay-back “<a href="https://www.dailykos.com/story/2017/11/19/1717083/-Disgruntled-Gophers-are-letting-it-slip-About-WHO-they-really-work-for" target="_blank" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">Billions to their Benefactors</a>”, without anybody noticing ...</p><blockquote style="box-sizing: border-box; padding: 30px 60px; margin: 20px 0px; border: none; width: 660px; line-height: 24px; background-color: rgb(247, 247, 247); z-index: -1;" class=""><p style="box-sizing: border-box; margin: 10px 0px 0px;" class="">The term <em style="box-sizing: border-box;" class="">trickle-down</em> originated <strong style="box-sizing: border-box;" class="">as a joke</strong> by humorist <a href="https://en.wikipedia.org/wiki/Will_Rogers" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">Will Rogers</a>and today is often used to criticize economic policies which favor the wealthy or privileged, while being framed as good for the average citizen.</p></blockquote><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">So much for the “very sound under-pinnings” of the GOP’s self-serving Trickle-Down claims:</p><p style="box-sizing: border-box; margin: 0px 0px 10px;" class=""><em style="box-sizing: border-box;" class="">Whoops!</em></p><div class="align-center" style="box-sizing: border-box; text-align: center; clear: both;"><figure class="image-captioned" style="box-sizing: border-box; display: table; margin-top: 7px; margin-right: auto !important; margin-bottom: 26px; margin-left: auto !important; float: initial !important;"><img alt="Will_Rogers_inventor_of_Trickle-down_Theory.png" src="https://images.dailykos.com/images/477185/large/Will_Rogers_inventor_of_Trickle-down_Theory.png?1511732812" title="Will_Rogers_inventor_of_Trickle-down_Theory.png" style="box-sizing: border-box; border: 0px; vertical-align: baseline; width: 550px; height: auto; max-width: 100%;" class=""><figcaption data-image-attribution="attribution: http://wiredpen.com" title="attribution: http://wiredpen.com" style="box-sizing: border-box; display: table-caption; caption-side: bottom; word-break: break-word; border-bottom: 1px solid rgb(226, 117, 39); padding-bottom: 10px; font-family: "Open Sans Condensed"; font-size: 13px; line-height: 20px; position: relative; padding-top: 13px;" class="">Will Rogers: “Inventor” of Trickle-down Theory. </figcaption></figure></div><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">Origins of the term:</p><blockquote style="box-sizing: border-box; padding: 30px 60px; margin: 20px 0px; border: none; width: 660px; line-height: 24px; background-color: rgb(247, 247, 247); z-index: -1;" class=""><p style="box-sizing: border-box; margin: 10px 0px;" class="">The money was all appropriated <a href="http://wiredpen.com/2015/01/30/will-rogers-trickle-economics/" target="_blank" title="" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">for the top</a> in the hopes that it would <strong style="box-sizing: border-box;" class="">trickle down</strong> to the needy. Mr. Hoover <em style="box-sizing: border-box;" class="">didn’t know that <strong style="box-sizing: border-box;" class="">money trickled up</strong></em>. Give it to the people at the bottom and <em style="box-sizing: border-box;" class="">the people at the top will have it before night, anyhow</em>. But it will at least have passed through the poor fellows hands.</p><div style="box-sizing: border-box; margin: 0px;" class=""><em style="box-sizing: border-box;" class="">— Will Rogers, humorist, satirist</em></div></blockquote><p style="box-sizing: border-box; margin: 0px 0px 10px;" class=""> — — — — — — — — — </p><p style="box-sizing: border-box; margin: 0px 0px 10px;" class="">To call your <a href="http://www.americantrails.org/resources/feds/FEDcontactCongress.html" target="_blank" style="box-sizing: border-box; background: transparent; color: rgb(153, 107, 61) !important; text-decoration: none;" class="">Member of Congress</a>: US Capitol Switchboard (202) 224-3121</p></div></div></div></div></div></div></div></div></div></div></body></html>