VOTER POWER
Trickle-Down Economics
Myth: Nearly a third of Americans still believe the discredited “trickle-down” theory that tax cuts for the wealthy results in greater wealth for everyone.
Fact: Even David Stockman, the chief architect of trickle-down and supply-side economics admits it didn’t work.
It’s pretty universal that no one likes taxes, and everyone loves a tax cut. But many have come to believe that taxes are higher than ever–even though they’re not. Most puzzling of all, many Americans believe that tax cuts for the wealthy spur both job creation and increased tax revenues through trickle-down and supply-side economics. Yet experiences in Iowa, Louisiana, Kansas, Wisconsin, and Oklahoma have all shown the failure of supply-side and “trickle-down” theory.
What do the facts say about trickle-down economics and its effect on the middle class? Can regulation help, or is it just a burden? And where do government programs fit in?
Steel is Booming, But the Profits Aren’t Trickling Down
When President Trump announced that he would be imposing heavy tariffs on steel imports, thousands of steel workers across the U.S. rejoiced. However, the initial fervor is slowly coming to a halt, as workers realize they won’t be sharing the profits.
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What Unions Achieved for Teachers This Year
Teachers across the country finally decided they’d had enough, and they have been protesting to let the world know. From increasing student funding to providing current textbooks and securing a living wage for themselves, unions have been instrumental in achieving their goals.
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Thomas Jefferson Invented Progressive Taxation
Progressive taxation is a concept first introduced in the 1780s by Thomas Jefferson. And until the 1980s, it was still seen as the best way to tighten the income gap between the wealthiest and poorest Americans. Looking back, Jefferson understood something important that we’ve lost track of today.
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The Wealth Gap Hurts Families the Most
The wealth gap is stark. Forty percent of the nation’s financial wealth is owned by the top one percent of earners, while only seven percent of the nation’s wealth is owned by the bottom 60 percent of earners. Over the last 30 years, the bottom 60 percent of the population has seen their wealth decline, while the top five percent has grown increasingly richer.
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How Race Shaped America’s Suburbs
Ever notice that many of America’s suburbs are predominantly white? There’s a reason for that. It began in the 1930s with home loan programs that separated “good” neighborhoods from “bad” through a practice called redlining, which made it nearly impossible for minorities to get home loans.
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US Businesses Are Pocketing Tax Cuts
When President Trump gave massive tax cuts to businesses, he did so under the premise that it would create more jobs and result in higher wages for workers. But that’s not what’s happening. Data shows that hourly average earnings for American workers are only up 67 cents, while corporate stock buybacks hit a record $178 billion in the first three months of 2018.
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Does President Trump Deserve Credit for Low Unemployment?
You’ve probably heard the news: unemployment is down to 3.9 percent and the economy added 164,000 jobs. That sounds great—and our president is more than happy to take credit for the fact that the unemployment rate hasn’t been this low since 2000. The problem is, all is not what it seems when it comes to unemployment numbers.
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Unions Allowed the US Economy to Grow from the ‘Middle Out’
The 99 percent seem to have forgotten that their strength is in their numbers. Here’s what needs to happen in order for the middle class to thrive again.
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A Response to Milton Friedman’s ‘The Free Lunch Myth’
Civics Nation Guest Blogger Eric Koonitsky provides a point-by-point analysis and response to Milton Friedman’s popular video, “The Free Lunch Myth.” His post showcases exactly why this type of widely-spread media is problematic–it sounds logical and fact-based, but it’s not.
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The Myth of Job Creators and Key Benefits of Regulation
Are the highest earners really “job creators,” or do they still seek the cheapest way to produce goods regardless of how much money they save on their taxes? Are regulations strangling industrial growth? Guest author Eric Koonitsky explores these ideas in this Voices of Civics Nation post.
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