this post was submitted on 06 Aug 2024
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820
Thoughts? (i.imgur.com)
submitted 3 months ago by [email protected] to c/[email protected]
51 comments fedilink hide all child comments
 

cross-posted from: https://lemmy.world/post/18200056

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[–] [email protected] 65 points 3 months ago (2 children)

So-called Trickle Down Economics omits, which were made popular back in the 1980s by Ronald Reagan. For anybody who is too young to remember, the idea was that if you gave the top-earners the tax breaks, then they would be inclined to turn around and reinvest it in their workers (so the top would then send money down to the bottom). Sure, sounds great in theory (as most things do), but in practice that did t happen. In fact, if anything, what we have today is a direct result of trickle down economics, and we know (we already knew) that it ain’t working.

[–] [email protected] 39 points 3 months ago* (last edited 3 months ago) (2 children)

AKA Supply-Side Economics, AKA

REAGANOMICS 🤘🍕🐢

[–] [email protected] 30 points 3 months ago* (last edited 3 months ago) (2 children)

Yup. And he was the model for politicians to this day. Even Obama made efforts to emulate that twat.

Everyone points to Nixon as the catalyst for today’s political climate, and maybe they’re right. But I personally rank Reagan as the top-dog for fucking this country up. After all, if it weren’t for Raegan‘s dirty tricks, we’d have had Carter for a second term. Who knows what kind of Utopia we’d be in today if Carter had won.

[–] [email protected] 21 points 3 months ago

I love that one of the first things Reagan did was remove the solar panels from the roof of the white house. What a pointless twat move.

[–] [email protected] 3 points 3 months ago

Like 50% of the current american political, social, and economic downfalls can be attributed back in some way to Reagan. He really was a scourge on the world

[–] [email protected] 1 points 3 months ago (2 children)

I'm curious, is there a consensus that Reaganomics was faulty entirely?

Intuitively I feel like a little bit of both is true.

If a business owner is taxed out the yin yang then he just has less capital to spend on growing his business. If he wants to grow his business by hiring more people, or other local spending, perhaps that is an undesired effect (If you believe a small business in growth mode is a more powerful engine than a government allocating spending to low bid contractors somehow)

On the other hand if he doesn't want to grow his business by hiring people, for example by buying AI powered robots to do the jobs instead, and then laying off all the staff, then I say tax away.

[–] [email protected] 16 points 3 months ago

Your fundamental mistake here is assuming any SMEs have the scale and creative accountants to truly take advantage of this. In practice, SMEs have their lunch eaten while the mega corps really take advantage. Those large companies don't even buy robots with these handouts, generally. They use it for stock buy-backs to enrich shareholders.

[–] [email protected] 7 points 3 months ago* (last edited 3 months ago)

First of all, I want to address those who are downvoting you: this poster asked a genuine question in good faith. It’s okay to disagree with them, but downvoting seems a bit harsh.

Ok, I feel better. 😊

Now, they have done extensive research into the failures of TDE. Also it should be pointed out that high-income earners ($216k at the time) were taxed at a marginal rate of 70%, but was drastically reduced to 38% in 1986, and of course it’s gone down since then (albeit nominally).

[–] [email protected] 30 points 3 months ago (1 children)

Because it's the rich who set the narrative

[–] [email protected] 14 points 3 months ago (4 children)

Time to sharpen the guillotines.

[–] [email protected] 10 points 3 months ago (3 children)

If you just deploy the guillotines, then new rich people will crop right back up. You gotta change the underlying system so that the situation where rich people rule over others is impossible.

[–] [email protected] 12 points 3 months ago

The guillotines are to remove the obstacles preventing change to the system

[–] [email protected] 6 points 3 months ago

Or just build guillotines exponentially.

[–] [email protected] 3 points 3 months ago

Still, it's a start...

[–] [email protected] 4 points 3 months ago (2 children)

Don't bother it's better if they make more noise

[–] [email protected] 3 points 3 months ago (2 children)

Axes are more portable, just saying.

[–] [email protected] 1 points 3 months ago

My other comment was about reliability please ignore

[–] [email protected] 2 points 3 months ago

They make noise on the way to the guillotine. Because we've collected them, and dragging them to their fate.

[–] [email protected] 3 points 3 months ago (1 children)

I've wanted to start a "guillotine society" for years... Just make little guillotines and leave them outside the corrupt rich people's homes and businesses... Not necessarily a threat, just a reminder.

Also for shills that support the corrupt super rich... Spray then with watered down honey and then blow feathers all over them... Good old tar and feathering but without burning their skin off

[–] [email protected] 3 points 3 months ago (1 children)

Please, continue.

I'm so close...

[–] [email protected] 2 points 3 months ago

Just picture the memes of feather covered shillbags

[–] [email protected] 27 points 3 months ago (1 children)

In practice, cancelling student debt would be a great stimulus since people would have more money to spend, whereas tax cut money is pretty much gone.

[–] [email protected] 4 points 3 months ago

Yeah I've been trying to figure out why republicans want to cancel student debt forgiveness so bad as it literally taking money out of the economy. Even worse, that money is already spent. I guess they assume people just hold onto all that extra money, now the government wants it back... Like what the duck. My credits already shot because of this mess.

[–] [email protected] 26 points 3 months ago (3 children)

I was waiting for student loan forgiveness to buy a house. Now my down payment goes to debt.

I'm sure there are many like me.

Overall I side with debt forgiveness, not because I am in student debt, but because I saw first hand how school admins abuse the money for lavish paychecks and nice things.

Subsidies for universities should transparently be enriching the universities or reducing tuition.

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[–] [email protected] 26 points 3 months ago (3 children)

Its all about who received it, man.

[–] [email protected] 6 points 3 months ago

And how much they paid off the relevant (conservative) lawmakers.

[–] [email protected] 2 points 3 months ago

"When the government wants to incentivize rich people, it gives them money. When it wants to incentivize poor people, it stops giving them money."

[–] [email protected] 24 points 3 months ago (1 children)

Tax cuts for big companies helps regular people and students in debt too, as they're now able to create more jobs and innovate further! They're definitely not going to use the money to enrich themselves further and buy new yachts while still exploiting their workers and laying them off when it suits them, that would NEVER happen.

[–] [email protected] 3 points 3 months ago (1 children)

Also, even when it does work "like it should", it's not like the company is giving away free money to its workers and the community. That money is used to pay for goods or labour.

Or maybe it is given for free as a bonus, but if any is given to the grunts, I'd assume much more is given to the execs.

Businesses shouldn't be given bailouts. If the government is providing money to support a business that is "too big to fail" but incapable of keeping itself going, that money should be compensated with shares of the business that remain in public holdings. That should be what late stage capitalism looks like, not this "as business fail due to perpetual growth hitting a ceiling, whichever survives the longest gets to enshitify its market due to lack of viable competition and rent seeking, gets bought by someone else who thinks they can do better (often via tyranny), or just fails with current investors and employees left holding the bag. Or the government gives them free money instead of or in addition to this."

[–] [email protected] 2 points 3 months ago

As an addition any company that's 'too big to fail is also to big to exist and needs to be broken up. Where thats not practicle then it needs to be nationalized and operated as a non-profit/crown corporation.

[–] [email protected] 12 points 3 months ago (1 children)

They still somehow think trickle-down economics is a thing that works, while also thinking that more educated people don't produce more economic growth. I can't imagine thinking like these people do.

[–] [email protected] 5 points 3 months ago

That's just it, they don't think. They just regurgitate what fox "news" tells them.

[–] [email protected] 7 points 3 months ago

Because regular people don't have the means to control the narrative.

[–] [email protected] 7 points 3 months ago

Because it's the same rich people that own the media.

[–] [email protected] 7 points 3 months ago

Well one helps the general population, and the other helps rich people.

[–] [email protected] 7 points 3 months ago

Because thoughts and prayers.

[–] [email protected] 4 points 3 months ago

Something something... "job creators"

[–] [email protected] 1 points 3 months ago (1 children)

Why? Because we're headed here.

[–] [email protected] 3 points 3 months ago (1 children)

You overestimate the capacity for our planet's resources to put up with this shit.

[–] [email protected] 1 points 3 months ago (1 children)

I mean, clearly a scifi, but I'm talking about the premise in the movie. It's not as farfetched as you may think. Some countries already operate under the premise.

[–] [email protected] 1 points 3 months ago (1 children)

Why go to scifi when you can go to the past? Ancient empires have risen and fallen that were more advanced than what followed them, time isn't always progress.

[–] [email protected] 1 points 3 months ago

Mainly because scifi hasn't yet happened, but we see the signs of getting there; while the past may already be over, and we may not see the signs of it happening again now.

[–] [email protected] -2 points 3 months ago

My thought is this is the twentieth time I'm seeing this on lemmy

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