I have a confession. I used to believe in trickle-down economics. I realize now that 1 billionaire who needs pants might spent a couple hundred dollars. But 1 million regular guys who need pants might spend 100 million dollars. Thus $ in the hands of regular people moves thru the economy faster than $ in the hands of plutocrats creating more economic activity. I know it seems obvious now. But Ronald Reagans charm made Arthur Laffers idea seem plausible at the time.
Posted on: Sat, 20 Dec 2014 11:47:35 +0000