this post was submitted on 23 Oct 2024
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[–] [email protected] 11 points 8 hours ago* (last edited 8 hours ago) (1 children)

It's by design. But in a serious country, serious world, or amongst serious people, we would've been laughing at the "Laffer curve" the moment Laffer ejaculated it into the napkin he first wet dreamed it upon.

But instead because we're both as laughable as the curve itself and because the rich, industrial asshats in this country were foaming at the mouth for a thin, arguably objective, seemingly mathematical piece of horseshit to cover their "steal from the poor and give to the rich" policy preferences, reproductions of Arthur's ejaculate were disseminated like it was the fucking Mona Lisa.

It should never be said that conservatives are conservative in the normal, adjective sense of the word. For the last fifty years, they've been tearing at the fraying seams of society and have been using "trickle down economics" as their seam ripper, while simultaneously blaming anything and everything other than their objectively horrific policies for the havoc wreaked.

[–] [email protected] 3 points 4 hours ago

Oh, the laffer curve is just fine. The issue is, the people who choose to missuse it deliberately or through utter ignorance never mention that the X value is about 90%. As I always say to those types whenever they bring it up:

"Theh all want to talk about the laffer curve, right up until you have to explain to them how hight the X value is. Then, as if by magic, they suddenly don't want to talk about it anymore and never agreed with it in the first place."

The real problem with economics, imo, is that they always presume inequality to not exist, in order to make the calculations work. The reason being that, if you accept that inequality exists and add it to the pot, as it were, the answer always comes out as "the problem is inequality."

However, that doesn't justify tax breaks for the rich or their rampant greed and exploitation. So, we pretend its non-existent and, tbf, in a wold with no inequality what so ever, where only the best rise to the top and anyone could be rich, if they worked for it and it wasn't a closed shop, most of neoliberalism would be absolute genius.

Of course, the problem is that, in the real world, inequality not only exists but is the definining feature of our economy.

[–] [email protected] 5 points 9 hours ago

Lol. Put entertainment people in charge of the economy again. Has the public even seen how they cook the books in that industry?

[–] [email protected] 5 points 10 hours ago

There had to be a study?

[–] [email protected] 1 points 10 hours ago
[–] [email protected] 10 points 10 hours ago

I'll never understand how this image wasn't ridiculed from the start. I mean if you are talking about "trickling down", wouldn't the bottom be the place where the thing that is trickling down collects?

Of course money trickles down, it trickles down from the poor to rich.

[–] [email protected] 11 points 11 hours ago

Indeed, Ronnie was and still is a big POS in my book. The USA should bring the tax brackets from the 1960's back.

[–] [email protected] 1 points 13 hours ago

Shit I didn’t need an economist to tell me that.

[–] [email protected] 5 points 13 hours ago (1 children)

I have two words: Fuck Reagan.

[–] [email protected] 8 points 13 hours ago

Reagan, both Bush's, Clinton, Obama, Trump, and even to some extent Carter. It's been a long dirty project. President Biden is the first to even start the project of reversing the wealth transfer, though it's worth mentioning that Senator Biden was as bad as any president on this score.

[–] [email protected] 14 points 14 hours ago

It's almost like every word a conservative (and neoliberal) says is deception or manipulation.

This cannot be solved peacefully.

[–] [email protected] 2 points 16 hours ago

I am Jacks complete and utter disbelief. I lead him to depression, and he dies of malnutrition and liver failure.

[–] [email protected] 4 points 16 hours ago

XKCD: Todays 10000 is just as relevant for this topic as it is for mentos and diet pop.

we should not stop bringing this up until it isnt relevant anymore. Which isnt going to be in my life time, likely, so you people everywhere who are either just reaching a point in your life where this IS news to you, or you have people in your circles that havent got the message yet, this seems like a good report to reference.

It's not enough to know or believe a thing.

It's being able to get that info the heads of people who don't know or haven't accepted it yet, by hook or crook, that we must be diligent for and this article, helps us do that.

Don't be only be bitter and cynical, if you are, also be part of the needed majority of people who will champion the bed to take down this flawed policy. Even if you only carry the torch to pass on to those that come after us.

It's s fight with fighting. Spread the knowledge don't make people feel bad for not already knowing this or believing it. Maybe this is the straw that breaks the supply side camels back

[–] [email protected] 31 points 16 hours ago (2 children)

Economists have written the same article for years.

This is like that Onion school shooting article that just changes the location except they count how many years it's been since Reagan

[–] [email protected] 2 points 14 hours ago* (last edited 14 hours ago) (1 children)

Well, not the same article. They have to find/replace the name every couple years. Horse and sparrow, supply side, trickle down, ...

[–] [email protected] 1 points 8 hours ago

I like horse and sparrow. It openly admits it's horseshit.

[–] [email protected] 23 points 16 hours ago (1 children)

Because the plan all along is generational theft.

[–] [email protected] 5 points 11 hours ago

It's all the generations getting robbed, it's just that each successive generation gets shafted worse than the one before. Grandma didn't steal your retirement, the oligarchs did.

[–] [email protected] 13 points 16 hours ago

Shocked. I am shocked to the core.

[–] [email protected] 1 points 17 hours ago

This, and other thought provoking commentary in this month's upcoming edition of "DUH!!!".

[–] [email protected] 6 points 17 hours ago

How about now?

[–] [email protected] 1 points 17 hours ago

Quells surprise

[–] [email protected] 13 points 17 hours ago (1 children)

That just sounds like regular corruption ?

[–] [email protected] 5 points 17 hours ago

with extra steps

[–] [email protected] 2 points 18 hours ago* (last edited 18 hours ago)

I remember Ross Perot talking about the lack of trickle-down back in the 90s, but he was old, had funny big ears, showed a lot of confusing charts and was a billionaire, so why listen to him.

[–] [email protected] 3 points 18 hours ago* (last edited 18 hours ago)

I will never get why it is the most well off of us that they give the tax cuts too. I mean, other than bribery of course. Even if it did work, how long were they supposed to wait? "I know little Timmy needs braces, and you can't afford to feed them them, but just wait a little longer! Musk is almost done with dicking around with the election. I'm sure it'll trickle down then!"

[–] [email protected] 17 points 18 hours ago (3 children)

Is this going to be like UBI studies, where the news pretends every one of hundreds of studies is the one that is breaking this news for the first time? My economics professor was taking the piss out of supply side economics over a decade ago.

[–] [email protected] 3 points 16 hours ago

Endorsement of trickle-down is usually made for the same reason as criticisms of UBI... Conservative voters are ignorant of the concept of elasticity in economics, and their politicians know it.

[–] [email protected] 4 points 17 hours ago (2 children)

Some people are either unaware or like being trickled upon. Somehow there still seems to be widespread support for tax cuts to the wealthy. Somehow people seem to remember “tax cut” while either being unaware or not remembering whose taxes were cut. Somehow they already forgot when Warren Buffet made a big deal of his tax rate being lower than his secretary’s and that we should fix that. As recently as this summer I found someone surprised that the Trump tax “cuts” increased my taxes

[–] [email protected] 2 points 14 hours ago

"Trickle-Upon Economics" really does capture the vibe and the reality of the experience.

[–] [email protected] 3 points 17 hours ago

The goldfish memory of news organizations doesn't help. If they reported this accurately it would be, "Another Study Confirms Trickle Down Doesn't Work"

[–] [email protected] 1 points 18 hours ago (1 children)

No. It doesn't seem to me that the article pretends this one study is breaking any news for the first time. It cites other studies and individuals that have expressed the same idea for a long time. Possibly this is the first rigorous study of the 50 years from 1965 to 2015, I dunno.

[–] [email protected] 1 points 17 hours ago

This is what's before the fold. Combined with the headline, most people are not going to come away with the sense that this is a long known thing.

Tax cuts for the wealthy have long drawn support from conservative lawmakers and economists who argue that such measures will "trickle down" and eventually boost jobs and incomes for everyone else. But a new study from the London School of Economics says 50 years of such tax cuts have only helped one group — the rich.

The new paper, by David Hope of the London School of Economics and Julian Limberg of King's College London, examines 18 developed countries — from Australia to the United States — over a 50-year period from 1965 to 2015. The study compared countries that passed tax cuts in a specific year, such as the U.S. in 1982 when President Ronald Reagan slashed taxes on the wealthy, with those that didn't, and then examined their economic outcomes.

When it does get into it below the fold it talks about the pandemic. When it could talk about how we've known this for literal decades. (I love the second one. It's six years after Reagan is elected and written by a pro-trickle down economist whose having to move the goal posts to keep defending it.)

[–] [email protected] 3 points 18 hours ago

Also: water is wet

[–] [email protected] 14 points 19 hours ago* (last edited 19 hours ago)

Yeah, no shit. Something anyone remotely educated on the topic has known since the policies went into place. The problem isn't that the information wasn't there, it's that no one with enough power to benefit from it is willing to do anything about it.

[–] [email protected] 7 points 19 hours ago
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