doctor paradox

Showing all posts tagged reaganomics:

Some people like to argue that more economic inequality is a good thing, because it is a "natural" byproduct of capitalism in a world of "makers and takers," "winners and losers," "wolves and sheep," [insert your favorite Manichaean metaphor here]. However, too much inequality is deleterious for both economics and politics -- for reasons that are intertwined. Those who amass exorbitant wealth often increasingly use a portion of their gains to capture politics. While the mythological promise of trickle-down economics is that we must not have progressive taxation, because giving more money to the already wealthy is the only way to spur economic investment and innovation and create jobs -- in actual fact the majority of tax cut windfalls go to stock buybacks, offshore tax havens, regulatory capture, political lobbying, and campaign donations. All this is a runaway amplifying feedback loop that tilts the playing field further away from equal opportunity, social mobility, and democratic...