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(118,630 posts) Fri Jan 9, 2015, 07:41 PM Jan 2015

Elizabeth Warren Delivers Scathing Speech On Trickle-Down Economics

Elizabeth Warren Delivers Scathing Speech On Trickle-Down Economics

By Daniel Strauss at Talking Points Memo

http://talkingpointsmemo.com/dc/elizabeth-warren-trickle-down-economics-afl-cio-raise-the-wages

"SNIP..................

"Since the 1980s, too many of the people running this country have followed one form or another of supply side — or trickle-down — economic theory. Many in Washington still support it," Warren said. "When all the varnish is removed, trickle-down just means helping the biggest corporations and the richest people in this country, and claiming that those big corporations and rich people could be counted to create an economy that would work for everyone else."

Warren continued that "trickle-down was popular with big corporations and their lobbyists, but it never really made much sense." She noted that the senior president Bush called it "voodoo economics."

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"Pretty much the whole Republican Party – and, if we’re going to be honest, too many Democrats – talked about the evils of 'big government' and called for deregulation," Warren continued. "It sounded good, but it was really about tying the hands of regulators and turning loose big banks and giant international corporations to do whatever they wanted to do—turning them loose to rig the markets and reduce competition, to outsource more jobs, to load up on more risks and hide behind taxpayer guarantees, to sell more mortgages and credit cards that cheated people. In short, to do whatever juiced short term profits even if it came at the expense of working families."

But in the end, this whole approach failed, Warren said.

"The trickle-down experiment that began in the Reagan years failed America's middle class," Warren said. "Sure, the rich are doing great. Giant corporations are doing great. Lobbyists are doing great. But we need an economy where everyone else who works hard gets a shot at doing great!"

..................SNIP"