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Considering that no one actually thinks that, i would agree that's not how it works either. Great job btw, at creating an argument over something no one is advocating for. The irony in your post is that you are the one who doesn't understand trickle down economics. There's no misconception. It's been proven over the last 40 years that it doesn't work.
The Left apparently does think that
Otherwise there is no reason to be opposed or critical of trickle down besides jealousy and envy of those who have more because they're willing to work more for it.
As others have said, I've never been offered a job from a poor man.
But trickle down doesn't offer the guaranteed equality of outcome that the Left wants, so they will always be critical of it.
Yang would be better off as Mayor of NYC to get UBI in place before he runs for prez in 2024 or 2028. Also , he won't be lumped in as a Biden clan in the future.
The problem with trickle-down economics is that the top keeps shrinking so there's ever fewer people willing to supply money to the masses. We've long since passed the point where it was an optimal arrangement economically. The wealth distribution has become too skewed.
Yang would be better off as Mayor of NYC to get UBI in place before he runs for prez in 2024 or 2028. Also , he won't be lumped in as a Biden clan in the future.
Yang would be better off as the party secretary in the Communist party.
The problem with trickle-down economics is that the top keeps shrinking so there's ever fewer people willing to supply money to the masses. We've long since passed the point where it was an optimal arrangement economically. The wealth distribution has become too skewed.
For top 1%, average income has risen by $800,000 since 1970.
For top 0.1%, it has risen by $4 million.
For top .01%, it has risen $20 million.
Bottom 50%? $8,000.
All this is *after taxes and transfers.*
______________________________________
The number of billionaires in the US reached 788 by the end of 2019,
below the top 24, from Forbes Richest list of 391 in 2020 (minimum 2.1 B to make the list)
Of course wealth goes from business owners to their employees. But trickle-down economics is the idea that the government should tax businesses/owners less, because the owners and businesses will then spend that money on things that stimulate the economy.
Trickle-down doesn't work because few percentage points of tax expense is almost never what's stopping a business from expanding or hiring. It's a drop in the bucket to what they earn from ventures. So companies take the millions and give it to shareholders and executives, or the owner takes it and buys a yacht in the Mediterranean.
There is Universal Basic Income, but it is administered by the Federal Reserve and other central banks. Since financial assets are the conduit for the income, it's limited to those who have substantial financial assets or receive compensation in publicly traded stock. The top 10 percent of incomes is dependent on selling financial assets to realize 40 percent of their income.
In the past when the Federal Reserve printed money to finance wars, such as WW2 and Vietnam, a surcharge of 10 percent was applied to the income for the top brackets.
This only works if the mogul hasn't structured his business to pay himself a wage that put him in the 15 percent tax bracket. Warren Buffett is one such billionaire. He receives a very low salary and doesn't have to pay income tax on long-term capital gains on stocks he sells. Still others won't have to pay the tax if they don't sell.
LeBron James had nothing until it was given to him to people more wealthy than himself - because they wanted him to perform a service of entertaining people with a ball. That's money trickling downward.
Not sure why Van Gundy doesn't understand that aspect....
But you could say people that don't make a lot of money, give money to rich people to be entertained by people (who work for the rich guy) dribbling a ball. So you could say money trickles upwards.
Maybe it's not trickle down alone... or "trickle up" alone. Maybe it's a continual cycle of money moving up and down. And we should understand that we all need each other to provide services in order to succeed. Kinda like the water cycle where the atmosphere heats up, and water evaporates, and clouds are created, rain falls and the water returns to the earth. It's a circular system.
Quote:
Originally Posted by jonbenson
@DRob4JC they are talking the whole national economy in general not the economy of basketball teams though Stan Van Gundy is a coach , unless you are joking here
Of course wealth goes from business owners to their employees. But trickle-down economics is the idea that the government should tax businesses/owners less, because the owners and businesses will then spend that money on things that stimulate the economy.
Trickle-down doesn't work because few percentage points of tax expense is almost never what's stopping a business from expanding or hiring. It's a drop in the bucket to what they earn from ventures. So companies take the millions and give it to shareholders and executives, or the owner takes it and buys a yacht in the Mediterranean.
So, who builds the yachts, their houses, their cars? There's a reason why the fewest # of small businesses are run by Democrats, behind Republicans and Indepedants. Y'all are out to rob us blind in the name of Socialism. Oh, I forgot "Democratic Socialism"
For top 1%, average income has risen by $800,000 since 1970.
For top 0.1%, it has risen by $4 million.
For top .01%, it has risen $20 million.
Bottom 50%? $8,000.
All this is *after taxes and transfers.*
______________________________________
The number of billionaires in the US reached 788 by the end of 2019,
below the top 24, from Forbes Richest list of 391 in 2020 (minimum 2.1 B to make the list)
Forbes
Richest People in America 2020
1. Jeff Bezos
$179 B
2.Bill Gates
$111 B
3. Mark Zuckerberg
$85 B
4. Warren Buffett
$73.5 B
5. Larry Ellison
$ 72 B
6.Steve Ballmer
$69 B
7.
Elon Musk
$68 B
8. Larry Page
$67.5 B
9.
Sergey Brin
$65.7 B
10.Alice Walton
$62.3 B
11. Jim Walton
$62.1 B
12.Rob Walton
$61.8 B
13.MacKenzie Scott
$57 B
14. Michael Bloomberg
$55 B
15. Charles Koch
$45 B
15.
Julia Koch & family
$45 B
17. Phil Knight & family
$39.2 B
18. Michael Dell
$35.6 B
19. Sheldon Adelson
$29.8 B
20.Jacqueline Mars
$29 B
20. John Mars
$29 B
22. Len Blavatnik
$25 B
23. Jim Simons
$23.5 B
24. Stephen Schwarzman
$19.1 B
25.
Leonard Lauder
$17.4 B
26.Pierre Omidyar
$17.2 B
26.Thomas Peterffy
$17.2 B
Rupert Murdoch & family
$17.1 B
29.Ray Dalio
$16.9 B
30.Laurene Powell Jobs & family
$16 B
31.Lukas Walton
$15.4 B
32. Donald Bren
$15.3 B
33. Eric Schmidt
$15.1 B
34. Ken Griffin
$15 B
34.Abigail Johnson
$ 15 B
Your jealousy is oozing out.
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