The Reason I Read Reich
You will want to read Robert Reich’s blog today.
”The basic idea of Reaganomics was that the economy grows from the top down. Lower taxes on the wealthy make them work harder and invest more, and the benefits trickle down to everyone else. Rarely in economic history has a theory been more tested in the real world and proven so wrong. “
”In 1980, just before the Reagan revolution, the richest 1 percent took home 9 percent of total national income. But by 2007, the richest 1 percent was taking home 22 percent. “
There is more. As I’ve said before, no one is better at grasping the grand scheme of things and boiling it down to a few words that are easily understood. Go read it.
March 12, 2009