Nick Hanauer: Trickle-Down Scam
on Tuesday, January 25, 2022Nick Hanauer Money Quote saying trickle down is a scam perpetrated by the rich and taking advantage of the everyman. Nick Hanauer said:
“Americans are right to be pissed. Trickle downers have screwed people over for decades by lowering taxes on the rich, deregulating banks and other powerful corporations, and by convincing people that lower wages are good for the economy. here’s the thing: trickle down is a scam that benefits rich guys like me while screwing everyone else. Don’t buy it” — Nick Hanauer
In this quote, Nick Hanauer is strongly criticizing “trickle down” economic policies that aim to stimulate the economy by giving tax cuts and other benefits primarily to wealthy individuals and large corporations.
Specifically, Hanauer argues that for decades such approaches have had negative impacts by lowering taxes on the rich, deregulating banks and companies, and promoting the idea that reducing wages is good overall.
He contends that trickle down theory is essentially a “scam” that mainly advantages people like himself who are already very wealthy, while disadvantaging average Americans.
Hanauer also acknowledges the justified anger (“Americans are right to be pissed”) that such policies have generated among the public.
Overall, the best interpretation is that Hanauer vehemently believes trickle down economics is a flawed concept that is falsely marketed as helping the broader economy but is actually just another way to further concentrate wealth and power among the richest members of society to the detriment of others. He warns the public not to accept its claims at face value.