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Does Biden Really Understand That Trickle-Down Economics Is a Cruel Hoax?

Originally published at http://www.commondreams.org/views/2020/12/21/does-biden-really-understand-trickle-down-economics-cruel-hoax

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Dr. Reich you of all people should know whether or not Biden believes in Horse and Sparrow Economics. You know that answer.

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He doesn’t care as long as he is doing the work of his corporate masters.

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It doesn’t matter what Biden or any other addict “really understands”, the addiction controls their behavior.

As long as Biden and the rest of the DNC crowd are addicted to corporate money, don’t expect much positive change.

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Memo to Robert Reich: Dopey Joey doesn’t really understand anything.

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Like all rich people in the DNC, Biden knows because it is part of their plan to keep workers desperate. Desperate and poor workers have no power to challenge the wealthy. What I want to know is, doesn’t Robert Reich know this better than I do?

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So, in your case Robert, you were just following orders?

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Yes. Biden understands that trickle down economics — supply side economics — is a cruel hoax. Biden is a cruel little ratfuckers, like rumpface. He has no moral compass. He is content to inflict suffering on the masses.

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He seems to understand that the Corps that sign the only checks he’s interested in, will be clear and concise in what he needs to understand, …and what he needs to ignore.

Biden has spent 40+ years NOT understanding it. Why would that magically change now?

“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

― Upton Sinclair

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The fundamental doctrine of neo-liberalism is in line with what the Adam Smith long ago called the vile maxim of the masters of mankind – all for ourselves and nothing for anybody else.

~https://www.nakedcapitalism.com/2013/09/robert-reich-inequalitys-intellectual-fraudster.html

A critique of Robert Reich who was deemed one of the first “neo-liberals” to gain influence in the US Government. He was all for NAFTA and suggested that people just had to get better educations to gain a higher income (A trope right out of the Chicago School Economics). As he suggests more education he speaks to conventions of groups that are intent on off-shoring jobs to cheaper jurisdictions.

So how can it be both? A person gets a higher education to do a higher end job which warrants more pay while Mr Reich encourages businesses to off shore those same jobs?

I am not as smitten by this guy as some seem to be. NAFTA destroyed unions in the USA just as the Union members claimed it would yet he claims he for more unions.

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A “K” shaped recovery you say? For those of us on the bottom, it looks more like a middle finger shaped recovery.

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“Not only should the rich pay for today’s devastating crisis but they should also invest in the public’s long-term well-being.”

Robert Reich, an economics professor, is actually that ignorant.

The ‘rich’ pay essentially all the taxes. The top 1% pay 39% of income taxes, versus the bottom 90%, which pay 30%. The bottom 50% pay effectively no income taxes - in fact many actually receive money in various forms of welfare. Covid relief is paid by the government out of taxes.
So aren’t the rich already “paying for today’s devastating crisis”?

The wealth of “the rich” is mostly invested in businesses. Businesses are where jobs are, remember? So aren’t they already “invest[ing] in the public’s long-term well-being”?

“Trickle-down economics” is nonsense - demagoguery created by the left. When ‘the rich’ invest in a company, the money goes to everyone else - employees, suppliers, taxes (government). If the business fails (80% do), the investors LOSE their money. If it succeeds, it is generally not for some years - at which point investors may start to see some returns. They get paid LAST and late - if at all. Reality is trickle-UP profits - if there are any.

What Reich is actually upset about (obviously) isn’t the issues he points to. He is outraged because he thinks the country should be run by the ‘right’ people, liberal social engineers like himself, whose exclusive knowledge will fix all social injustice. He has no grasp whatever that elitism and authoritarianism, breeding places for evil, are the foundation of such beliefs.

Elitism and Authoritarianism comes from wealth/power inequality. I have yet to see an Elitist who was poor while there not a single billionaire I can name that is not an elitist.

With money comes power and power uses force to subjugate. This top down hierarchy is what causes Authoritarianism. Poor people never gain the power to be in charge of anything because power rests with the monied interests.

The rest of your post is drivel, the typical Chicago School of Economics crap which has bankrupted Countries the world over and driven millions into poverty. The rich do not invest their wealth in workers. What ever gave you that idea? The rich get their money by skimming away the excess value the worker creates with their labor as profit. They then take part of those profits to pay the worker for that work.

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The US is full of people who fall outside your description - in fact most of the left does. They. are driven by the desire to feel superior, though they often lack the insight to see it. The are not generally money driven but are very interested in power - a combination they regard as idealism.
Chicago - workers who are being ‘cheated’ of their share of profits are also being cheated of their share of losses.
Capitalist countries don’t always succeed, but socialist ones always fail.

of course he does just the way you did when you helped slick willie pass NAFTA

~~https://www.chicagotribune.com/news/ct-xpm-1993-07-14-9307140084-story.html

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this is one of those fantasies conservatives use … like a unicorn … the US has one of the most if not THE most regressive tax systems in the world. When Warren Buffett says his secretary pays a higher tax rate than he does and that there is a class war and that his class has won i believe him

Your post is like reading bumper stickers on the back of some car. I suggest you do something other then read Trump tweets. The guy is a bozo , an elitist, Authoritarian and a Capitalist.

And he writes worthless fluff articles like this. Which take up the space that articles about the Green Party, Instant Runoff, etc. could have.