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Response to Agnosticsherbet (Original post)

Mon Dec 14, 2015, 03:31 PM

2. "leftists decided instead that the true opposition wasn’t a right-wing economics—but "neoliberalism"

Why did living standards begin to stagnate in the 70s — and then continue for nearly half a century? Here is the explanation. The US became, uniquely amongst advanced economies, consumed almost totally with an extremist right wing economic ideology. Trickle-down economics, for short. The idea, simply, was that prosperity at the top would rain down on those at the bottom. Hence, crucially, income was redistributed from the bottom to the top — in the belief that it would benefit those at the bottom tomorrow. How was that redistribution accomplished? Simple: by cutting taxes at the top severely, by slashing bargaining power for those at the bottom just as severely, by financializing the economy, that is, deregulating Wall Street, so that those at the top could invest the gains they were reaping.

While the right was not just promulgating an unproven extremist economic faith, the left didn’t even understand what it was fighting. A generation of leftists decided instead that the true opposition wasn’t a right-wing economics locally — but a global politics they called “neoliberalism”. But much of neoliberalism, in stark opposition to trickle-down economics did in fact lift millions across the globe out of poverty, misery, and despair. Why? Because liberalism, however you choose to define it, is not trickle-down economics: it is precisely the opposite — investing in institutions, people, and societies, so that gluts do not pile up at the top.


Yet, the left began targeting and protesting the very institutions that were defending the globe from trickle-down economics — the World Bank, the IMF, the UN. Of course, I’m sure that those of you who are leftists will quibble with me vehemently here, and call me a Terrible Person. But the simple fact is that the IMF and World Bank were created by Keynes precisely to prevent wealth piling up at the top — and that is precisely what they did. So you are only really proving your own dire and profound ignorance of economic history. I’m sorry to be harsh, but we must speak in blunt realities now.

Interesting article. Thanks for posting, Agnosticsherbet.

And that tragic, historic, colossally stupid mistake — to confuse trickle-down economics with liberalism, left with right — damned the left to a path of total irrelevance. Instead of fighting the right, the left began fighting…itself.

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Agnosticsherbet Dec 2015 OP
KamaAina Dec 2015 #1
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