mheslep said:
Yes the Bush family, where members of the family has been in the White House in 20 of the last 35 years. I'm sure you recognise one or two:
mheslep said:
Trickle down economics? The year is 2016.
If Martin Luther King, Jane Fonda and Reagan Democrats is referred to as a plausible explanation for the 2016 Trump success, I really don't see a problem to account for a (global) paradigm shift like Trickle-down/Reaganomics, that affects billions of people to this day (ask the Greeks).
Short recap:
After WWII, between 1945-1970, the Bretton Woods monetary system (aka Keynesianism) established the rules for financial relations among the U.S., Canada, Western Europe, Australia and Japan, which included fixed exchange rates and the U.S. dollar as a reserve currency. Bretton Woods resulted in high growth, low unemployment, price stability and levelled income inequality — and is known as the Golden Age of Capitalism.
On 15 August 1971 — without consulting IMF or his own State Department — Nixon presented what was soon dubbed the Nixon Shock:
Of course, this 'temporarily' suspension of the convertibility of the US$ to gold was soon permanent (as a direct result of the costly Vietnam War), which led to the collapse of the Bretton Woods monetary system, and then the 1973 oil crisis, and the 1973–1974 stock market crash, led to the full-blown 1970s recession.
In the 1970s recession there was low growth, high unemployment + high inflation, which according to the experts was an 'impossible' combination, and some claimed there was something fundamentally wrong in Keynesian theory.
Now in the early 1980s, this troika entered the political/economical stage:
Milton Friedman, Margaret Thatcher and Ronald Reagan ordered the resurgence of 19th century ideas associated with laissez-faire economic liberalism (as a remedy to to the 'faulty' Keynesianism), which became know as Neoliberalism aka Thatcherism aka Reaganomics aka Trickle-down economics. However different names, the fundamental pillars where all the same: Extensive economic liberalization policies such as privatization, fiscal austerity, deregulation, free trade, reductions in government spending in order to enhance the private sector in the economy — with the promise that it would benefit all.
And the result after 35 years is this:
Source:
When a Rising Tide Sinks Most Boats - Trends in US Income Inequality (Levy Economics Institute)
I.e. Charles Murray's central truth of Trumpism refined...If you still think that Trickle-down/Reaganomics is obsolete today, pleas read this 2015 IMF paper:
https://www.imf.org/external/pubs/cat/longres.aspx?sk=42986.0
Causes and Consequences of Income Inequality : A Global Perspective said:
We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits do not trickle down.
Or, listen to Marco Rubio on the South Carolina Primary Results:
Marco Rubio said:
Ronald Reagan! [Yeaaaaaaah-clap-clap-clap] Ronald Reagan made us believe that it was Morning in America again, and it was. [Yeaah] Well, now the children of the Reagan Revolution are ready assume the mantel of leadership! [Yeaaaaaaah-clap-clap-clap] Now, those of us who grow up when it was Morning in America, and Ronald Reagan was in the White House, are ready to do for our* generation... for ah.. are ready to do for the next generation, what Ronald Reagan did for ours! [Woooooo-Yeaaaaaaah-clap-clap-clap-clap-clap-clap]
*Interesting Freudian slip :)
(Looks like Rubio is going to take Reaganomics 2.0 into the 21st century... poor kid, roaring Thwomp will crush him before he ever gets the chance...)
Trickle-down has failed, and at least in the UK young conservatives has the decency to admit there's a problem:
Trickle-down economics is dead, let’s build prosperity from the middle-out instead | Conservative Home
This is the only way to save the Republican Party — fluff smoke screens like civil rights etc, will only boost Trumpism and other roaring creatures.