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Papantonio: Americans Aren't Buying Trickle Down Theory

Nothing Flows from the Top

Friday October 30, 2009 12:43 p.m.

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10 years ago, 40% of Americans actually believed that they were part of the 1% of top wage earners in the US.  Today, that number has fallen dramatically. People are now living in reality and have abandoned the idea that trickle down economics will benefit all of us.  Mike Papantonio appears on Fox Business's Cavuto to explain the issue.



There are 8 comments

7.
unionst

I remember the signs listing the national debt years ago but has anyone made a list of the amount of money flowing out of the U.S.A. ? We buy foreign goods , foreign oil , and now that some good corporatist has figured out how to export our service industry we are buying that also . If we do not use our own resources to make and export goods we will never get out of this hole . At the rate the GOP(political arm of Wall Street) is gnawing at the foundation of our nation they may prove our 16th President to be wrong when he said "government of the people , by the people , for the people , shall not perish from the earth" .

6.
unionst

@wrenchboy:
At this time the GOP noise makers are very mad at the President because he is still standing after all the mud they throw at him during the campaign and now . If or when the GOP regains control the pain Americans feel now is nothing compared to what will be dished out with all the pent up animosity the GOP has for Americans .

5.
wrenchboy

@4 unionst,

Maybe not. There was a lot of context to RWR's win.

1.) Carter had been portrayed as a bumbling oaf. (not true, but he didn't know how to deal with congresscritters.)
2.) The Oil Crisis left a lot of people feeling down.
3.) We lost Vietnam, and were hurting over it.
4.) Nixon pissed in the trust pool. RWR simply rode his "aw shucks" persona into office.
5.) A lot of people who should have known better bought into dog whistle political issues ("tough on crime" comes to mind.)

Combine the midwestern and southern fear of rising ethnic and social minority's rising Economic, social, and political awareness, and the decrease of basic livable blue collar jobs. Add in the fear of the Soviet Union, the angst over Vietnam, and a little pining for the '50s, and you've got a hit.

Problems with a repeat:
1.) The "ethnic minorities" are now becoming a massed majority (to the point that my favorite condiment - salsa - beats out catsup as the best selling item.)
2.) the "social minorities" are no longer willing to get fired/lose custody of kids/not allowed to marry/get beat/get killed, and be quiet about it. For that matter, being GBLT no longer has anywhere near the same stigma as it did in the '80s.
3.) While there is a definite need for our having a military, there's no way we need to have a standing armed force that takes up some 1/3 of our national budget. People are asking questions like "why did that kid down the block have to die in Iraq?"

I could see the GOP winning a few more elections (maybe even some national ones) in the next 12 years or so, but I figure their days are numbered.

the Greedy Old Perverts are running out of time. The Big Tent is on fire, and collapsing.

Too bad we have to fix the damage those twisted freaks have done to this country.

4.
unionst

THE WORLD'S MOST DANGEROUS VOTER : We Americans as voter seldom scrutinize the people we vote for . We step over to one side of a line and will go down with the ship defending our position even after realizing we made a big mistake . In our recent history RWR destroyed our most populous State yet we in over whelming numbers voted him in as our President . Then as President he destroyed our health care system , our labor unions , expanded the GOP's initiation of "buy foreign goods rather than American goods" , which was started by our 37th President , put millions of mentally ill Americans out on the streets homeless and unable to support themselves , and destroyed every other domestic program he could get his hands on . After RWR we elected his VP . What a disaster that was . Thousands of Americans roaming the streets out of work and thousands of stores closing . And the continuation of the GOP "buy foreign goods" program . When GWB came along we really closed our eyes and checked the wrong place on the voting ballot again . We were really voting for GHWB who has been pulling the strings since he left office , but we had signed up for the team so we were going all the way . When it comes to flim flam , hook line and sinker , and all the other cliches we Americans put on our blinders an swallow what ever we are fed . The sad part is , if given the chance we'd do it again .

3.
keedo

Another reason to tax the rich--to help them reduce their huge footprint. "there’s a strong correlation between global warming and wealth" says George Monbiot upon reading a new report, in "The Population Myth" (Sep 29, 09 www.monbiot.com ) .. a millionaire with a super yacht is a larger strain on resources than 100s of peasant families. So how 'bout some serious global warming reversal with a tax of say, 60-70% on "earnings" over $1mil (I don't think they EARN that, especially with shovels and bloddy fingers)

2.
f u bush2

Trickle down was a lie.

Remember that stupid Laffer curve? The g0p always say we are to one side of the peak. They don't know.

1.
chris505

How much do you make???
" taxpayers with an AGI of $153,542 or more in 2006 constituted the nation's top 5 percent of earners. To break into the top 1 percent, a tax return had to have an AGI of $388,806 or more"- taxfoundation.org
I am sorry, but i can't seem to find any tears for people that are able to attach their names, identities, existence, etc... to these kinds of dollar amounts. I say, "let them eat cake- fancy, rich cake.".

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