There is a lot of truth to this- but we also have to remember that most people are suckling the test of rich people yacht money. When an Elon Musk type loses yacht money, they aren’t usually apt to cut their own budgets, they tend to instead do things like lay off workers and force the rest to work harder or cut salaries and benefits going forward etc.
so “trickle down economics” is a joke- it doesn’t work the way it is advertised- but it is to some degree real in that what we are really talking about is “crumb economics-“ most of us get the crumbs that the rich drop off their tables because they feel like it.
Now, when you have people making a billion dollars a year paying workers $30 an hour, if they suddenly make $500 million a year they probably are going to feel like dropping less crumbs.
To be clear I’m not saying that we need to avoid reductions to the lifestyle of the wealthy in order to ensure that they feel like maybe dropping slightly bigger crumbs, that’s what trickledown economics basically proposes. What I am saying is that we need to change the system and the rules and laws to help ensure that the majority of the wealth can’t be hoarded by a small number of individuals, and that instead of relying on rich people crumbs and their whims on dropping them, that perhaps we need a system where there are more seats at the table.
so “trickle down economics” is a joke- it doesn’t work the way it is advertised- but it is to some degree real in that what we are really talking about is “crumb economics-“ most of us get the crumbs that the rich drop off their tables because they feel like it.
Now, when you have people making a billion dollars a year paying workers $30 an hour, if they suddenly make $500 million a year they probably are going to feel like dropping less crumbs.