The “trickle-down” economics theory has been tested again and has failed again. According to Think Progress:
“In a time of slack economic growth and high unemployment around the country, Kansas lawmakers thought they had the solution: massive tax cuts for the wealthy would lure economic activity and jump-start the state’s economy. But after Gov. Sam Brownback (R) signed $1.1 billion worth of tax cuts into law over the past two years, the state is behind the national average for economic growth.
“A new forecast from Kansas’s budget officials projects that “personal income in Kansas will grow more slowly than U.S. personal income in 2014 and 2015,” the Center on Budget and Policy Priorities (CBPP) writes. The projections come from Brownback’s own Division of the Budget, which expects personal income growth of 3.8 percent this year and 4.2 percent next year. The state’s overall economic growth is now projected to fall behind the nation’s after two decades of keeping pace, the think tank adds.”
“Another treasured GOP theory is that “free markets” will solve all of our economic problems. Markets, to be “free” must be unregulated, that is no government regulation. And, as the false meme goes: “we haven’t tried that yet.”
In my next post “Milton Friedman and America’s Shame” you will see that we did indeed try implementing a completely free market ideology, of course, not in our own country (NIOOC, a relative of NIMBY). The result: failed state after failed state.