A presidentās budget proposal is seldom passed into law. Instead, itās an expression of the priorities the president promises to fight for, often coming on the heels of an agenda laid out in the State of the Union address.
In his recentĀ State of the Union speech,Ā President BidenĀ previewed his economically populist priorities when he said āthe days of trickle-down economics are over.ā
Trickle-down refers to the idea that tax cuts for the wealthiest ātrickle downā to the rest of us. Itās long been a popular idea in Washington, but itās just not true. A few years ago, the London School of Economics studiedĀ 50 years of such ātrickle-downā policies in 18 industrialized nations, including the U.S., and found that their only result was increasing the wealth of the already wealthy.
So how do we get prosperity for the rest of us? ByĀ taxing extreme wealthĀ and investing those revenues in social goods like education, housing, food and health care. President Bidenās recently released federal budget planĀ follows that blueprint, putting the value of investing in American families and communities ahead of slashing taxes for the rich.
I love how we need studies to know that a corporations are greedy and giving them more money means theyāre just getting more money to give to their shareholdes, no one else š
I hate it too. Its obvious but having the hard facts proven over and over again is a method for beating it into the brains of the populace. Its good that theyāre doing these studies, its better when theyāre loud as fuck about the results each time. Iām sure there is plenty overlap between teaching adults and teaching children.
Maybe Iām cynical but I just donāt think any amount of facts are going to change the fact that next quarterās earnings report needs to be higher than last quarter.
Itās always worth it to have scientific data backing information that āeveryoneā already knows.