Joe Biden: Trickle Down Economics
on Wednesday, July 28, 2021Joe Biden Money Quote saying that history shows that ‘trickle-down’ economics fails those at the bottom. The middle class must do well first. Joe Biden said:
“Trickle-down economics has never worked, but when working families do well — everybody does well. That’s what the economy we’re building is all about” — Joe Biden
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Biden argues that trickle-down economics, also known as supply-side economics, has failed to deliver promised benefits to the middle and lower classes. The core idea of trickle-down economics is that tax cuts for corporations and wealthy individuals will cause them to invest and spend more, creating jobs and economic growth that benefits everyone.
However, Biden and other critics say there is little evidence this effect trickles down significantly. They argue the economy performs better when the middle class has more disposable income to spend, driving broader consumer demand and growth from the middle-out rather than the top-down.
Trickle-down economics has never worked, but when working families do well — everybody does well.
That’s what the economy we’re building is all about.
— President Biden (@POTUS) July 28, 2021