Trickle up has not worked

Considering the last time trickle down was tried was 2003 and it resulted in a record number of quarters of economic growth, job growth, increased tax revenues, and low unemployment, I really don’t see how people can argue that trickle down doesn’t work.

On the other hand, we have been trying trickle up since 2007.  We raised the minimum wage, we reduced requirements for poor people to get loans, we handed out stimulus checks with AGI limits, we poured a trillion dollars into shovel ready jobs for middle class and union workers (that Obama lied about, and has since admitted that those jobs never existed in the first place), we passed healthcare legislation that taxes the healthcare industry and insurance companies and gives breaks to tiny companies who can’t afford to pay their employees a living wage, and we had the government buy and steal ownership in failed companies.  No aspect of trickle up has worked.

We have a record number of Americans on food stamps.  We extended unemployment benefits until it became a type of unregulated welfare.  We had cash for clunkers.  We had the making work pay tax credit.  We made credit for poor people and failing businesses even easier to come by.  We gave tax credits for hiring unemployed people and all the people the minimum wage squeezed out of the market.  But poor people with subsidized incomes don’t hire people.  Employers and companies do.  And not just failing companies with subsidized loose credit; companies that are successful and are growing hire people.

What have we gotten from trickle up?  When Pelosi gave her inaugural speech as Speaker of the House, she promised no new deficit spending.  Since then US debt has increased by $5 trillion dollars.  The entire 8 years of George W. Bush’s Presidency saw our debt increase by less than that, even with 9/11, the tech bubble, two wars, and two years of Pelosi/Reid. Companies are getting ready to drop insurance coverage as rates continue to spiral out of control and Obama’s penalty taxes become far cheaper than Obama’s healthcare taxes. Official unemployment (those still looking) is steady at 9.5% while real unemployment is around 17%.  Tax revenues have fallen, wages have fallen, and the only economic recovery we have in the stock market is 2/3rds Fed injections as the government has continued to buy bad debt-backed securities.

The scariest thing about the left today is that they think the Obama/Pelosi/Reid economic plan of trickle up worked.

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