"trickle down theory" seems obviously correct to me. Like, if a person has lots of money, it's stupid to sit on it - they invest it, found businesses, hire people, buy things - all of which are putting money back into lower tiers of the economy to me. Am I missing something big?
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No, they’re not. Even if they just put it in the bank, it then gets loaned out and invested by someone into something. People with money don’t tend to hide it under their mattress.
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But when it's in the bank they're also gaining interest. And the bank loans have to be paid back. The rich are literally making money just by having it sit in a bank.
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The recent tax cuts that promised trickle down lead to enormous stock buybacks instead of investing in the economy https://www.forbes.com/sites/annemarieknott/2019/02/21/why-the-tax-cuts-and-jobs-act-tcja-led-to-buybacks-rather-than-investment/ …
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The investor who have money now will invest in other companies in the same stock market. That is the role of the stock market. If companies do not know where to invest, they will give back the investors do it.
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I don’t know if this is exactly a source, but it’s a pretty well-renowned person saying it.https://www.cnbc.com/2018/01/04/warren-buffett-on-the-failure-of-trickle-down-economics.html …
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He should fund a research institute dedicated to locating which plane of existence all the Scrooge McDuck vaults are at
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The fact that there are literally billionares is source enough. No one ever needs that much money to just live off of.
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Billionaire generally means "net worth >1B" not "I have 1B sitting around in my chequing account"
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Too lazy to look up myself, but if money weren’t being sat on unused I doubt there would be such a thing as negative interest rates to compel folks/corporations to take money out of bank their accounts.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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I think a lot of rich people spend their money on yachts, mansions, fancy cars, political lobbying, expensive vacations, gifts for family & friends, etc That all sound like it’s “trickling down” any? ...
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Nope, can't possibly be trickling down because we all know that all those goods and services beam down from outer space.
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