The Pope Is On A Tear
Charlie Pierce reports that Pope Francis has denounced ‘trickle down’ economics, saying the facts don’t correspond to the claims of supporters.
A lot of supporters of ‘trickle down’ are fond of saying that ‘a rising tide raises all boats’. That is true, but the benefits depend on the individual’s ability to have a boat. If you don’t have a boat, the rising tide forces you to tread water until you are too tired, and then you drown.
The 401K was the new solution for the ‘old-fashioned’ defined-benefits plans that corporation once offered. People now know they traded in a dependable Mae West life vest, for something that was supposed to inflate when needed, only to find out the gas cylinders had been emptied by Wall Street. The back-up was home-equity, but that too went underwater thanks to Wall Street.
The people at the top having been seeing triple-digit increases in their wealth, while everyone else is sinking lower in the water.
The only thing that trickles down is sewage.
Susie Madrak has more on the Pope’s document.
6 comments
According to U.S. Coast Guard statistics, there are 16,824,000 boats in America. According to the U.S. Census Bureau, there are 114,761,359 households in America. What that means is that 14.7% of households benefit from a rising tide.
Hmm, yeah, “a rising tide lifts all boats” pretty much corresponds with reality :).
– Badtux the Boat-ridin’ Penguin
Keep riding, because when you get grey they will throw you over the side to ‘maximize share-holder value’.
“… Pope Francis has denounced ‘trickle down’ economics…”
Sen. Tom Harkin has said something to the effect that trickle‑down economics is the process of feeding the birds by giving more oats to the horse. I believe it’s Jim Hightower who occasionally refers to “trickle‑on economics”. They and the Pope are incontestably correct.
It was never logically supportable by anyone who had ever been in an actual business. Businesses hire the number of people required to meet their demand. Making larger profits by lowering taxes on the wealthy is not going to get more people hired, and, unless there is a profit-sharing agreement in place, the workers will never see any of the additional money.
How stupid is a system that claims that the closer tax rates come to zero the higher tax revenue will be? It is total nonsense on its face, but we keep trying it. George H.W. Bush was right – it is voodoo economics.
As a lapsed Catholic (because I have a very good moral compass, and can’t abide hypocrites), I must say that Pope Francis is a refreshing change! Now, *if* he can actually change the
CorporationChurch and fix it’s rampant problems… I may even consider (I said *consider*) having another look at Catholicism. Though… They have a pretty bad history and I don’t envy him a bit! I hope he has a large contingent of Swiss Guard! I suspect he’ll need it, given the history of Catholics and their hate for radicals (those that want to *fix* things and actually *help* people and believe that Jesus preached Love, tolerance, fairness, equality etc, etc. and not the *You are all sinners and gonna burn in Hell* type!). Gee… Sounds like theWhoreWhite-house! 😉 😛Yeah… good luck with that! Blind faith is the hardest human condition to change. Just look at the Repugs! Good Christians, one and all! 😈
With all of the attacks on the document the Pope released, you would expect the slavering hoard that always had hissy fits when anyone questioned the last two Popes to say something, but they are silent. I don’t expect Donawho, the leader of the pack of jackals, to appear on any talk shows supporting this Pope. They want a Church that gives religious cover to their hatreds and bias, not one interested in the Beatitude.