Economic Theory

Daily Herald (Arlington Heights, IL), September 7, 2008 | Go to article overview

Economic Theory


Economic theory

is full of holes

Thank you, Donald Totten, for your tutorial on Supply Side Economics, aka Trickle Down Economics, on Aug. 30.

Lets take Donalds simplistic theory and tweak it. Which is better one man building one mansion employing 10 laborers or 50 people having 50 modest homes built employing 100 laborers?

What percentage of their income do the rich spend versus the percentage of their income that the middle class spend? Give a billionaire an extra million dollars do we think hes really going to spend all of it to have it "trickle down?"

Or if we give 1,000 people an extra $1,000 how many of them are rushing out to buy a new car, TV or vacation?

Conspicuous consumption describes the middle class and is what drives our economy.

The Bush administration tried to give tax cuts to the rich and at the same time deregulated the banking industry and we found the rich didnt spend their money to further the economy long term they gambled on subprime lending.

We see how well that worked!

Bushs response to this debacle? Rebate checks to the masses to stimulate the economy.

Additionally, you cant further enrich the already bloated corporations through tax breaks; they have nothing better to do with that money than squash the small businesses that will prove to be competition.

Give those small businesses that money they do have room to grow and will welcome the help. Those small companies that grow are who will strengthen our economy.

Just because you dont understand economics beyond simplistic theory, dont mistake an opposing view as economic nonsense promulgated by the economic illiterate.

Remember, we had a robust economy and a $2 billion surplus under that liberal democrat President Clinton. …

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