Thursday, December 2, 2021

Trickle Down Entitlement


John Maynard Keynes(1933)

“Trickle Down Entitlement” is what may save the Biden presidency. You, of course, remember “trickle down economics,” the brainchild of the Chicago School, taken up as the mantra of conservative politicians like Ronald Reagan and eventually the tea party. The result is the massive income inequality that American society suffers from today. The rich may be given all kinds of tax incentives but these flow less into investment in new industry and products than in "wealth preservation", a favorite offering of banks that cater to high worth individuals (monetary that is). If Biden’s $1.75 trillion social safety net bill ever gets past Joe Manchin then it'll be the first  most significant test of Keynesian economics and the notion of “effective demand” since the Great Depression. Biden’s approval numbers are low now, but putting "a chicken in every pot" to quote a famous Republican can modify practically anyone’s political appetite and mollify their discontent.

read "The Wealth of People" by Francis Levy, HuffPost

and listen to "I Only Have Eyes For You" (1959) by The Flamingos

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