On: Statement of SEC Regarding Recent Market Volatility

[mjburgess]

Indeed. Even then, as a term, it refers to a specific regan-era tax policy.

What many on the left assume it means, is a sincere description of growth "raising the tide"; and how ridiculous an idea that is.

Of course the tide has risen to an unprecedented degree in human history both since the term "trickle down" was invented; and moreso, over the last 40 years.

[mikestew → mjburgess]

Even then, as a term, it refers to a specific regan-era tax policy.

The term was coined by Will Rogers about 90 years ago.

[opo → mikestew]

The usage goes further back then that. The first use was in 1896 by William Jennings Bryan in his Cross of Gold speech:

https://en.wikipedia.org/wiki/Trickle-down_economics

[stonogo → mjburgess]

Except the tide you're describing is global, and the policy in question was domestic, and wages and assets within the middle and lower economic classes have indeed stagnated in relation to almost every other economic indicator within the country, which is why "many on the left" consider this argument to be invalid.

[mjburgess → stonogo]

This just isn't the case. And it dramatically isn't the case.

This is a side effect of using the same category terms, but not talking about the underlying distributions.

Eg., in the UK, 80% of the country were industrial working class or poorer until 1980s; and middle class only started at top 5%.

Today, the "industrial working class" level of wealth, is the bottom 20% at the very most.

So if you hold the class terms fixed, "middle class" it seems the 80s top 5% has "stagnated", only to fail to mention, it now 60% of the country.

If you hold the distributions constant, the wealth level acheived in the top 5% in 1980s is now a majority of the population.