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this post was submitted on 23 Oct 2024
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Is this going to be like UBI studies, where the news pretends every one of hundreds of studies is the one that is breaking this news for the first time? My economics professor was taking the piss out of supply side economics over a decade ago.
Some people are either unaware or like being trickled upon. Somehow there still seems to be widespread support for tax cuts to the wealthy. Somehow people seem to remember “tax cut” while either being unaware or not remembering whose taxes were cut. Somehow they already forgot when Warren Buffet made a big deal of his tax rate being lower than his secretary’s and that we should fix that. As recently as this summer I found someone surprised that the Trump tax “cuts” increased my taxes
The goldfish memory of news organizations doesn't help. If they reported this accurately it would be, "Another Study Confirms Trickle Down Doesn't Work"
"Trickle-Upon Economics" really does capture the vibe and the reality of the experience.
Endorsement of trickle-down is usually made for the same reason as criticisms of UBI... Conservative voters are ignorant of the concept of elasticity in economics, and their politicians know it.
Not to mention that economics education is even worse than civics education. At best someone who went to college might have gotten a 100 level microeconomics course as part of their degree. But I don't know of any school that teaches about money beyond maybe how to set a budget. If you're lucky.
When normal people talk about "the economy" it's largely based on their own bank account and how they feel other people are doing in comparison to some subjective standard, not anything to do with actual economics. This is why we keep having to raise the debt ceiling and politicians talk about it like it's getting another credit card.
No. It doesn't seem to me that the article pretends this one study is breaking any news for the first time. It cites other studies and individuals that have expressed the same idea for a long time. Possibly this is the first rigorous study of the 50 years from 1965 to 2015, I dunno.
This is what's before the fold. Combined with the headline, most people are not going to come away with the sense that this is a long known thing.
When it does get into it below the fold it talks about the pandemic. When it could talk about how we've known this for literal decades. (I love the second one. It's six years after Reagan is elected and written by a pro-trickle down economist whose having to move the goal posts to keep defending it.)