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My friend and I are currently in a debate regarding economic policies and taxes.

Sure. But the problem is that as productivity increases, there is no trickle down. It all goes to the employer. That's why, since the 1980s and Reaganomics, all of the increases in GDP have gone to the top 1%, and the rest of the country has had no real growth in wages/income. That's not sustainable for very long.


Yup. The reasoning/excuse was the fiduciary responsibility to the stockholders. The corps were leaving money on the table. Instead of giving it to the stockholders, and themselves, they were giving it away in wages. It's their job to squeeze pennies out of everywhere that add up to the $ given to themselves and ownership. It's the corps job to be "subsidized" in every way, shape and form possible (tax breaks, direct subsidies, bailouts, dereg).

It absolutely amazes that corps can simply use the "it's business" reasoning as an excuse for everything they do that is just plain wrong and only self-serving, which the politicians L and R buy whole hog. "You did wrong". "It's business".
 
My friend gave me an essay defending trickle down and cutting taxes on the rich, i myself hold a more liberal view . So I would like y'all to fact check his essay and possibly share your own opinions. Cheers
I've got a good joke about trickle down economics, but 99% of you won't get it.
 
This kind of worship of the 1% is really not healthy- and I am telling you that as someone who is reasonably well off currently, thank God. I am not sure if I would count in the top 1%, but I would guess I'm pretty close. I have my own business which is thankfully doing very well.

But I have also been in some really bad situations. When people see me now, they get this attitude like I'm some kind of superhuman being. But I remember back when I wasn't doing so hot people would look at me like some kind of subhuman being. Having seen it from both perspectives, I find that kinda funny- because I am the same person: same beliefs, work ethic, etc.... It's just that I have come to see how contingent success can be. Certainly intelligence, initiative, and hard work have a lot to do with it. But there's so much more: opportunities since childhood, connections, education, who your parents are, the political and economic stability of the country you happen to live in, etc, etc... To ascribe someone's success entirely to their individual self is very naive.

Wouldn't it be nice to have policies in place that increase and maximize everyone's opportunities to reach their full potential, rather than just those lucky enough to be born into it or stumble across it?



You're not hurting me by having policies in place to create a more stable and just society with more opportunities for everyone. In fact, that's helping me in the long run. I think Warren Buffett expressed this sentiment best:

""OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places."
-Warren Buffett

______________
Recently, Obama, who is thought to have a personal fortune of around $70 mil, expressed the same sentiment:

““I think they can afford it. We can afford it. I put myself in this category now.

You’re talking about us stepping up and spending money on providing childcare tax credits. Making those permanent to help families, who for a long time, have needed help.

You’re looking at making our infrastructure function more efficiently ... you’re talking about rebuilding a lot of buildings, roads, bridges, ports so that they are fortified against climate change. And also, that we start investing in the kinds of energy efficiency that’s going to be required to battle climate change.”
-Barack Obama
____________________
And here is JFK expressing the same sentiment decades ago:

"If a free society cannot help the many who are poor, it cannot save the few who are rich."
______________________

Stop worshipping the rich. We're not THAT special.
That can't be repeated enough. While not in the 1%*, I'm certainly in the top 10% wealth-wise. I have the same sentiments. The concept has been known for over a century by the phrase "a rising tide lifts all boats", although Reagan horribly bastardized it to justify its opposite.

*The top one percent of household net worth starts at $11,099,166. (This net worth threshold is as of 2019, with a few surveys in 2020).
Household Income: $200,968.00
Percentile Threshold: 10.00%
Individual Income: $125,105.00
 
My friend gave me an essay defending trickle down and cutting taxes on the rich, i myself hold a more liberal view . So I would like y'all to fact check his essay and possibly share your own opinions. Cheers
Trickle down is a total failure.

Objectively.



 
The easiest answer to give trickle down supporters is "show me when it worked in the US without increasing debt levels". Conceptually, trickle down can make sense. In practice though, no US fed administration has been able to make it work without more borrowing.
 
National debt is up because of high spending. That’s disconnected from tax policy. If we rolled back government to 1930s levels the debt would disappear overnight.
Lol.

And Republicans are the biggest spenders.
 
The easiest answer to give trickle down supporters is "show me when it worked in the US without increasing debt levels". Conceptually, trickle down can make sense. In practice though, no US fed administration has been able to make it work without more borrowing.
In fact, even conceptually it doesn't work. There is no set of facts in the real world where it would work.
 
This kind of worship of the 1% is really not healthy- and I am telling you that as someone who is reasonably well off currently, thank God. I am not sure if I would count in the top 1%, but I would guess I'm pretty close. I have my own business which is thankfully doing very well.

But I have also been in some really bad situations. When people see me now, they get this attitude like I'm some kind of superhuman being. But I remember back when I wasn't doing so hot people would look at me like some kind of subhuman being. Having seen it from both perspectives, I find that kinda funny- because I am the same person: same beliefs, work ethic, etc.... It's just that I have come to see how contingent success can be. Certainly intelligence, initiative, and hard work have a lot to do with it. But there's so much more: opportunities since childhood, connections, education, who your parents are, the political and economic stability of the country you happen to live in, etc, etc... To ascribe someone's success entirely to their individual self is very naive.

Wouldn't it be nice to have policies in place that increase and maximize everyone's opportunities to reach their full potential, rather than just those lucky enough to be born into it or stumble across it?



You're not hurting me by having policies in place to create a more stable and just society with more opportunities for everyone. In fact, that's helping me in the long run. I think Warren Buffett expressed this sentiment best:

""OUR leaders have asked for “shared sacrifice.” But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.

While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as “carried interest,” thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they’d been long-term investors.

These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It’s nice to have friends in high places."
-Warren Buffett

______________
Recently, Obama, who is thought to have a personal fortune of around $70 mil, expressed the same sentiment:

““I think they can afford it. We can afford it. I put myself in this category now.

You’re talking about us stepping up and spending money on providing childcare tax credits. Making those permanent to help families, who for a long time, have needed help.

You’re looking at making our infrastructure function more efficiently ... you’re talking about rebuilding a lot of buildings, roads, bridges, ports so that they are fortified against climate change. And also, that we start investing in the kinds of energy efficiency that’s going to be required to battle climate change.”
-Barack Obama
____________________
And here is JFK expressing the same sentiment decades ago:

"If a free society cannot help the many who are poor, it cannot save the few who are rich."
______________________

Stop worshipping the rich. We're not THAT special.

Congratulations on the rewards of your hard work!

I have a very healthy regard for ANYONE who is able to achieve any success in their life.

In the Bible a woman is commended for having little, but giving it all. The key for the very successful is usually both that they have gifts and that they work hard and don't quit.

Your self described history seems to say this as well. I watched a lecture series on the history of the successes of the Imperial Roman military. The nugget was that they simply would not accept defeat. If they lost, they came back.

Again and again.

The Taliban demonstrate this as well. So did Ho Chi Minh.

I have had the pleasure to discuss life efforts with many successful folks who established a business and paid themselves last if at all, and lived on a pretty spare diet for several periods in their start up years.

Regardless of all that, though, today, now that they have more and receive more, they DO pay a much greater share of tax received by the government(s) than do the "little people".

Worship? No. However, the rich are rich because the are or do something better to gain the wealth. That's the very simple fact of the matter. I think AOC is an idiot, but I can see that she's pretty. Recognizing reality is not worship.

I don't need to worship LeBron James to know that he's a pretty good basketball player. I don't begrudge him his income. I certainly don't worship him.
 
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