"I want to piss on you," said your boss. A criticism of trickle-down economics.

[Selatius]

...

It’s true, as the Bushies never tire of reminding us, that the U.S. economy has added eight million jobs since that 2003 tax cut. That sounds impressive, unless you happen to know that a good part of that gain was simply a recovery from large job losses earlier in the administration’s tenure — and that the United States added no fewer than 21 million jobs after Bill Clinton raised taxes on the rich, a move that had conservative pundits predicting economic disaster.

What’s really remarkable, however, is that four years of economic growth have produced essentially no gains for ordinary American workers.

Wages, adjusted for inflation, have stagnated: the real hourly earnings of nonsupervisory workers, the most widely used measure of how typical workers are faring, were no higher in July 2007 than they were in July 2003.

Meanwhile, benefits have deteriorated: the percentage of Americans receiving health insurance through employers, which plunged along with employment during the early years of the Bush administration, continued to decline even as the economy finally began creating some jobs.

And one of the few seeming bright spots of the Bush-era economy, rising homeownership, is now revealed as the result of a bubble inflated in part by financial flim-flam, which deceived both borrowers and investors.

...

http://welcome-to-pottersville.blogspot.com/2007/09/paul-krugman-wheres-my-trickle.html

Keep working...

[Greyhound]

1. 8 million doesn't even cover the number needed to come up to zero.

We have and continue to lose jobs and the new jobs are overwhelmingly low-pay, no benefit, no advancement, work-til-you drop and are replaced, jobs.

[AX10]

2. It's the legacy of Reagan.

:puke:

[Selatius]

4. When we come to a new country to open "business relations" with, we scream, "Reaganomics!"

And then that country must privatize its public utilities and deregulate the markets.

[stillcool]

3. in the meantime...

reality is creeping into the public consciousness. The price of gas, the price of groceries, the dwindling pay check, the lack of choices, and the pervasive fear is taking it's toll. Iraq may be a blind spot in the side view mirror, but the consequences are becoming unavoidable.

[superkia]

7. Too bad we will probably vote another typical politician in again.

And then complain after its too late.

[stillcool]

10. you mean like the Supreme Court...

did in 2000?..Or like our electronic voting, and purging of the voter rolls did in 2004? And yeah, I've been complaining...and yeah...it is too late. It's been too late for the last fifty years or so.

[hfojvt]

5. 8 million seems high

I thought I just read 5.1 million in April of 2006, and the economy just lost about 90,000 in the last report.

But it is not true that nobody has gained. I just read an editorial from the Wall Street Journal on 24 Aug 2007

"In 2003, about 182,000 Americans declared gross income of $1 million or more. In 2005, the number of millionaire households leapt to 300,000. The number of Americans with declared income of $10 million or more doubled to 13,000 from 6,000 in the years after the tax rate cuts. This is a 'problem' only if Democrats have come to believe that earning money is an ignoble pursuit."

The irony, of course, is in their use of the word 'EARNING' because the 2003 tax cuts were about reducing the taxes on dividends, otherwise known as UNearned income. What I would like to see is a comparison of the rate of dividend payment for the S & P 500 between 2003 and today. I found this little gem about Microsoft, a company primarily owned by billionaires:

http://news.bbc.co.uk/1/hi/business/3912159.stm

21 Jul 2004 - Microsoft dividend of $32 billion

"The company, which also wants to replace its annual dividend of 16 cents per share with a quarterly dividend of 8 cents, will now seek shareholder approval for its plan at an annual general meeting in November."

Microsoft started giving dividends right after the tax cut on dividends was passed. The $32 billion dividend brought $3 billion to Bill Gates. Instead of having to pay taxes at the 33% rate, he only paid at the 15% rate. A tax savings for Gates of $540 million dollars. Increases in dividends mean that instead of reinvesting, corporations are transfering money, almost tax free, to some of the richest people in America.

[Schema Thing]

6. Trickle Down = Golden Shower

is a framing I've used in a few debates.

[Swamp Rat]

8. Who are you to question the status quo?

albeit macht frei

[FormerDittoHead]

9. I don't mind them fucking me over as much as them trying to get me to think it's a good thing.. n/t

[Romulox]

11. "trickle down" is also the basis of "free trade" support

Reagonomics is not really any worse than Rubinomics.

The difference is, Reagan is dead, and Robert Rubin is making plans for 8 more years in the Cabinet...