Pope Francis: Wielding Economic Power
on Saturday, October 3, 2015Pope Francis Money Quotation saying that “trickle-down theory” has no proof of viability or examples of successfully benefiting low-wage workers. Pope Francis said:
“This opinion, [trickle-down-theory] which has never been confirmed by the facts, expresses a crude and naïve trust in the goodness of those wielding economic power and in the sacralized workings of the prevailing economic system” — Pope Francis
Pope Francis criticized the “trickle-down theory” because there is little evidence that it effectively helps low-income workers. The trickle-down theory suggests that tax breaks and other economic benefits provided to large businesses and wealthy individuals will benefit the overall economy as they invest in business growth and creation.
However, Pope Francis argued that there are no concrete examples that show this theory has actually improved conditions for low-wage workers. He believes the economic system should prioritize the poor and vulnerable instead of assuming the benefits will naturally trickle down to them.
The theory is that the wealthy will invest their additional funds, create jobs, and improve the economy in a way that positively impacts lower-income and middle-class citizens as well. Pope Francis criticized this theory by saying there is no evidence it has actually helped low-wage workers or that the current economic system works in their favor. He expressed skepticism of placing too much trust in those wielding significant economic power.
The tweet was trying to convey that the economic theory of “trickle down economics” did not work out as intended in the 1980s.