So His Majesties glorious new Tory government, which is COMPLETELY different from the previous Tory government, is a firm believer in supply side theory and is cutting income tax.
Nevermind that all the benefit of this goes to the richest while the rest have to struggle in a cost of living crisis, the immediate effect is a good, old fashioned run on the pound.
Interest rates are going to have to go up sharply.
Hope this all blows over by the time my fixed rate mortage expires next year.
Brexit is just fantastic. I am particularly excited by the trade deal with the US that Johnson along with the likes of Farage touted as a key benefit of Brexit. Oh yes thats right Truss had to admit that was dead in the water.
And this morning just learnt that Doncaster airport is closing. But Truss said they were on the case and committed to saving the airport.
I suspect Truss will not be PM for long. Already hearing that letters of no confidence albeit by just a few MPs right now are circulating.
Trickle down economics is term first coined by vaudeville humorist Will Rogers.
He used it in opposition to bank bailouts.
Its natural successor therefore is things like PPP loans and green energy subsidies, but somehow the term got twisted and is now used to refer to tax cuts.
âThe money was all appropriated for the top in the hopes that it would trickle down to the needy.â Will continues, âMr. Hoover was an engineer. He knew that water trickled down. Put it uphill and let it go and it will reach the driest little spot. But he didnât know that money trickled up. Give it to the people at the bottom and the people at the top will have it before night anyhow. But it will at least have passed through the poor fellowâs hands.â
Hoovers bailouts were the same as the Bush-Obama bailouts. They were each efforts to keep the system from crashing. No real difference between the two sets of bailouts
Words get co-opted all the time but âtrickle downâ was originally coined to oppose bailouts of big banks and (and other industries.)
Helping the little guy was incidental to propping up the system. The little guy didnât receive any additional benefit from the bail out, only the maintenance of the status quo.