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The Suck-Up Theory of Economics

31 Oct

“The trickle-down theory claims that money given to the rich will eventually trickle down to the poor and middle class. That theory has failed spectacularly:

1. Money given to the rich circulates among the rich.

2. Any money that trickles away trickles to offshore banks and outsourced jobs.

3. The only local jobs generated by the rich are dead-end, low-paying service jobs.

4. The only good jobs created by large corporations were created by poor entrepreneurs who became rich, despite the nearly insuperable barriers set up by the rich.

The more realistic alternative is the suck-up theory: a dollar given to the poor or middle class will be sucked up by the rich within a week. Therefore, the best stimulus to the economy as a whole comes from money pumped in at the bottom, not the top.

Another metaphor promulgated by the rich is ?A rising tide raises all boats.? That may be true, but the tide comes up from the bottom, not the top.”

Not my words but I just couldn’t resist the urge to quote from one of the pioneers of computers science: John F. Sowa. The original writing is at http://www.jfsowa.com/misc/suckup.htm

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1 Comment

Posted by on October 31, 2008 in business

 

One response to “The Suck-Up Theory of Economics

  1. deneme

    November 1, 2008 at 13:50

    “Sneakers” filminden Cosmo’nun para ile ilgili teorisi:

    ?Pollution. Crime. Drugs, poverty, disease, hunger, despair?we throw gobs of
    money at them and problems only get worse. Why is that? Because money?s
    most powerful ability is to allow bad people to continue doing bad things at
    the expense of those who don?t have it.?
    – Cosmo (sneakers)

    Bu konu hakkında, paranın dolanımı hakkında yazılacak fikirlerlerimiz mevcut olabilir.

     

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