Essentially, the OECD report reveals the immensity of the trickle-down scam, which the report shows has not only failed to foster economic growth as promised, but has proved to be an overall killer of economic growth. And the report puts actual numbers on how much growth has been reduced as a result of trickle-down. In the case of Canada, the reduced economic growth amounts to about $62 billion a year -- which economist Toby Sanger notes is almost three times more than the estimated annual loss to the Canadian economy of lower oil prices. [...] First, a little background. As the dominant economic theory for the past 30 years, trickle-down economics -- also known as Thatcherism, Reaganomics, neoliberalism or even just the austerity agenda -- has led to a set of economic policies that have concentrated income and wealth at the top. From the outset, critics charged that, despite its intellectual pretensions, neoliberalism was simply a confidence game aimed at redistributing resources to the rich.
Posted on: Mon, 22 Dec 2014 12:28:59 +0000
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