"During speech in Florida on Tuesday, President Barack Obama said that “trickle down” economics never worked and called for Congress to pass the so-called “Buffett Rule.”

“This is not about a few people doing well, we want people to do well, that’s great,” Obama said. “But it is about giving everybody the chance to do well. That’s the essence of America. That’s what the American dream is about… In this country, prosperity has never trickled down from the wealthy few. Prosperity has always come from the bottom up, from a strong and growing middle-class.”

Trickle-down economics is closely associated with former President Ronald Reagan and the Republican Party. According to the theory, if the wealthy are taxed less, then they will invest more into businesses, creating jobs for middle-class Americans." - The Raw Story


b_b: Haha. What a fucking joke. They had a nice analysis on NPR this morning. Passing this "Buffett Rule" would recoup for the federal government about 6% of what rolling back the Bush tax cut for the top tax bracket would recoup. And they didn't even go into what rolling back all of the Bush tax cuts would do.

This rule is a drop in the bucket, a token; claiming that passing it is a rebuke of trickle down economics is laughable. The only thing keeping Obama from looking like a complete Fascist is that the GOP is beating him in the race to the bottom.


posted by cynthianews: 2407 days ago