"The empirical evidence, which was in dispute for a long time, is now
clear-cut, at least for the United States. Decades of pro-rich policies
have, unsurprisingly, made the rich much richer."
It's pretty clear that "trickle down" theory is nonsense, and that
greater income redistribution (including higher taxes on the wealthy) is
essential to reduce inequality, retain a functional economy, and reduce
the unrest caused by the failure of the poor and middle-class to make
any economic progress. The difficult part is gaining the political power
required to implement solutions. The wealthy and powerful, with a few
enlightened exceptions, are often willing to fight dirty to retain their
wealth and power - right up to or beyond the point of national collapse.
Hopefully not to the point of global collapse.
Via John Hardy.
*** Xanni ***
Chief Scientist, Xanadu
Partner, Glass Wings
Manager, Serious Cybernetics