"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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It wasn't the billionaires it was the governments which started Neoliberal policies which gave the conditions for economic changes that have led to the weakening of unions, looser labor regulations, etc
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Read David Harvey's a Short History of Neoliberalism
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They didn't get evil. But Reagan's "trickle down" plus union busting enabled an era of billionaire power in way that had been actively fought against in decades prior. So they suppressed wage growth, rather than letting it trickle down.
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That's amazing
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They didn't. It was the deregulation of the financial systems which enabled this.https://en.wikipedia.org/wiki/Deregulation#Deregulation_1970%E2%80%932000 …
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No, the Fed engineered a recession to stop inflation. High unemployment stopped wage growth at the bottom, and it helped to destroy the labor unions.
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