Investors Business Daily Op-Ed: To deflect attention from ObamaCare’s failures, the president this month trotted out his income inequality chestnut. “A dangerous and growing inequality,” he intoned, “has jeopardized middle-class America’s basic bargain.”
He argued, “as a trickle-down ideology became more prominent, taxes were slashed for the wealthiest, while investments in things that make us all richer, like schools and infrastructure, were allowed to wither.”
Apparently, nobody bothered to brief the president before he delivered this speech. Fact is, federal transportation spending has climbed 39% in real terms since 1980, and spending on education has more than doubled.
Opinion: The term trickle-down economics has been attributed to humorist Will Rogers, who said during the Great Depression that “money was all appropriated for the top in hopes that it would trickle down to the needy.”
Today the term is currently used by the progressive left to slam capitalism while failing to provide an alternative that doesn’t eventually lead to tyranny.
Pope Francis, the newly announced Time Magazine Person of the Year for 2013, recently disparaged trickle down economics:
“Some people continue to defend trickle-down theories which assume that economic growth, encouraged by a free market, will inevitably succeed in bringing about greater justice and inclusiveness in the world,” Francis wrote in the papal statement. “This opinion, which has never been confirmed by the facts, expresses a crude and naive trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system.”
Critics of capitalism refuse to acknowledge the good it has done — lifting people out of poverty like no other economic system in history.