What Really Works to Create a Healthy Economy (You’ll Be Surprised)
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Since the 1980’s, “supply-side” and “trickle-down” theories of economics have driven policy under the Republicans. The idea is that as tax cuts for businesses and the wealthy are made, that money will be re-invested in the economy and drive growth.
Sound logical? Well, it doesn’t’ work.
At first, it looked like a success. Until you dug a little deeper and found that so-called economic gains were actually the result of increased government borrowing.
Here’s what did happen: The rich got richer, increasing their income at faster rates than average Americans, and their share of wealth has continuously grown all out of proportion to middle-and low-income earners. Since 1970, income for affluent households grew 64 percent while middle-income households grew 49 percent, and lower-income household income, only 43 percent. Wealthy households, which were already much better off than the rest of Americans, grew their income one and a half times as much as their less affluent counterparts.
This means that who owns the wealth of the country has shifted over the last 50 years:
- By 2018, 43 percent of aggregate income in the country was going to upper-income households, up from 29 percent in 1970.
- Meanwhile, middle-income households’ share of aggregate income decreased from 62 percent to 43 percent.
- Lower-income households also took a hit, seeing their share of aggregate income decrease from 10 percent to 9 percent.
Clearly, this economic philosophy has NOT benefited the well-being of the average American. Under the guise of creating a healthy economy, the economic health of the average American has plunged, while the very wealthy hold even more money and more power.
Even when Republicans are not in power, these policies still form the bedrock of many ways our economy continues to work. It’s time we took the blinders off and called this shell game for what it is: a scam to deceive the public, and to make Americans a pawn for the one-percenters.
What we need is a renewal of practices that DO work to be fair to all Americans, and don’t just benefit the wealthy. The Democratic platform offers the solutions to a healthy economy, through investment in jobs, productivity and an equitable society. If we support middle- and low-income citizens and fight income inequality, the economy grows – and there is a larger pie to share for everyone.
Twitter post: Find out the secret to a healthy economy – it will surprise you. #economy. https://bit.ly/3QAJtjN
Another Twitter post: Why Americans are getting poorer – and what to do about income inequality. Surprising news about what makes a #strong economy, #income inequality. https://bit.ly/3QAJtjN
Facebook post: #Income equality is not just a moral issue, it harms our #economy. If we stop catering to the wealthy, and support middle and low income earners, we all benefit. Here’s how. https://bit.ly/3QAJtjN