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Trans Pacific Trickle-Down Economics – Robert Reich

Have we learned nothing from thirty years of failed trickle-down economics?

By now we should know that when big corporations, Wall Street, and the wealthy get special goodies, the rest of us get shafted.

The Reagan and George W. Bush tax cuts of 1981, 2001, and 2003, respectively, were sold to America as ways to boost the economy and create jobs.

They ended up boosting the take-home pay of those at the top. Most Americans saw no gains.

In fact, the long stagnation of American wages began with Reaganomics. Wages rose a bit under Bill Clinton, and then started plummeting again under George W. Bush.

Trickle-down economics proved a cruel hoax. The new jobs created under Reagan and George W. Bush paid lousy wages, the old jobs paid even less, and we ended up with whopping federal budget deficits.

Then came the bailout of Wall Street in 2008. It was sold as the means of preserving the economy.

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