The most insidious thing about trickle-down economics isn’t believing that if the rich get richer, it’s good for the economy. It’s believing that if the poor get richer, it’s bad for the economy Yes. Hanauer gets so many things right here. Economics is about the interaction of many forces. Raising the minimum wage, for example, may put a downward force on employment, but it also puts an upward force on consumer spending, which puts an upward force on employment. How the balance works out exactly is difficult to model but empirical data tells us its very close to even for moderate changes.
Posted on: Fri, 27 Jun 2014 21:29:42 +0000
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