Trickle Down Economics ‘Doesn’t Work,’ Obama Asserts In Economic Speech

[jefferson_dem]

Run time: 01:54 https://www.youtube.com/watch?v=udxbkaLt_As   Posted on YouTube: December 06, 2011 By YouTube Member: ThinkProgress6 Views on YouTube: 0   Posted on DU: December 06, 2011 By DU Member: jefferson_dem Views on DU: 1796

 
In 1910, former President Theodore Roosevelt gave his rousing “New Nationalism” speech in Osawatomie, Kansas, where he called for new approaches to dealing with the problems the nation faced. President Obama visited Osawatomie today, and in his own speech — his first major economic speech since Occupy Wall Street protests began highlighting income inequality and corporate greed — Obama called for a new approach to addressing America’s current economic challenges.

In the process, Obama fired a shot across the bow of 30 years of conservative economic theory, a shot that was sorely needed but has been left in the chamber by Democratic presidents and political leaders, Obama included, far too often. Trickle down economics, the conservative theory embraced by Ronald Reagan and virtually every conservative since, “doesn’t work,” Obama declared. And even as conservatives have clung to the idea in the face of overwhelming evidence against it, “it has never worked,” Obama added:


Now, just as there was in Teddy Roosevelt’s time, there’s been a certain crowd in Washington for the last few decades who respond to this economic challenge with the same old tune. “The market will take care of everything,” they tell us. If only we cut more regulations and cut more taxes – especially for the wealthy – our economy will grow stronger. Sure, there will be winners and losers. But if the winners do really well, jobs and prosperity will eventually trickle down to everyone else. And even if prosperity doesn’t trickle down, they argue, that’s the price of liberty.

It’s a simple theory – one that speaks to our rugged individualism and healthy skepticism of too much government. And that theory fits well on a bumper sticker. Here’s the problem: It doesn’t work. It has never worked. It didn’t work when it was tried in the decade before the Great Depression. It’s not what led to the incredible post-war boom of the 50s and 60s. And it didn’t work when we tried it during the last decade.

Watch it:http://thinkprogress.org/economy/2011/12/06/383348/trickle-down-economics-doesnt-work-obama-asserts-in-economic-speech/

Watch entire speech here: http://www.c-spanvideo.org/program/PresidentialRemarksontheEconomy7

[yourout]

1. To quote another Duer....."Tinkledown Economics". That is a far better description.

Everyone but the rich gets pissed on.

[spicegal]

2. It really is about time we all started debunking the

"trickle down" nonsense. He's right in saying it's never worked, at least not for the majority of Americans.

[DaveJ]

3. I do not think Republicans look at it that way. This is to rile up swing voters maybe.

Republicans are insane and fearful, viewing economics as "I'm sooo scared to bite the hand of the rich master who takes care of me."

In reality, employers only keep people who earn them money. It has nothing to do with taxes.

[matmar]

4. Awesome! ......So why did you push for NAFTA style trade deals...

...like the recent deal with Columbia, Panama and South Korea?

Does this mean you're going to go back to the Trade Policies that were in place during those boom decades of the 50's and 60's?

Or is this the start of campaign season?

[jefferson_dem]

5. Welcome to DU!

:hi:

[Xicano]

6. +100..... Also, if he thought that way, then, why did he extend Bush's tax cuts for the rich.

Can't have it both ways Obama. But I understand what you're doing. You're just lying again which is the reason why I don't listen or believe anything that comes out of your mouth.

---



And welcome to DU matmar.

:hi:

[phantom power]

7. One wonders, then, why so much money thrown at banksters, and so little at citizens?