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| Permalink View Article Stats The Revenge of Trickle-down Economics Quicklink submitted by Margaret Bassett (Add your own quicklinks easily with the OpEdNews Quick Link Browser bookmark) |
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| Richard Wolff: In the 1930s, capitalism's last major global breakdown, then President Roosevelt eventually pursued the alternative 'bubble up' theory. Between 1934 and 1940, he created and filled 11m federal jobs with unemployed workers. Their incomes enabled them to maintain mortgage payments and buy goods and services that provided jobs to millions of others and profits to many US businesses. That alternative to trickle-down economics did not suffice to overcome the Great Depression. However, it certainly alleviated more of the economic damage and individual suffering of that breakdown than Bush's and Obama's trickle-down economics have achieved in this one. |
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